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-81150 -50890 -1159418 -919752 2597848 3517600 1438430 2597848 78511 326838 3250 <p id="xdx_803_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zR6JjLOESEf8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82D_ztREWQUryuRe">ORGANIZATION AND BUSINESS BACKGROUND</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP Corporation operates through its subsidiaries, namely, Agape ATP Corporation (“AATP LB”), a company incorporated in Labuan, Malaysia, and Agape Superior Living Sdn. Bhd. (“ASL”), a company incorporated in Malaysia. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP Corporation, incorporated in Labuan, Malaysia, is an investment holding company with <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AgapeATPInternationalHoldingLimitedMember_zc7eTvCZ2HD5" title="Ownership interest percentage">100</span>% equity interest in Agape ATP International Holding Limited (“AATP HK”), a company incorporated in Hong Kong.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 8, 2020, the Company entered into a Share Exchange Agreement with Mr. How Kok Choong, CEO and director of the Company to acquire <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20200507__20200508__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--TitleOfIndividualAxis__custom--MrHowKokChoongMember_z802G6v5C9f9" title="Stock issued during period acquisitions, shares">9,590,596</span> ordinary shares, no par value, equivalent to approximately <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20200508__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zfnUebdMNK4j" title="Ownership interest percentage">99.99</span>% of the equity interest in Agape Superior Living Sdn. Bhd., a network marketing entity incorporated in Malaysia.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape Superior Living Sdn. Bhd. is a limited company incorporated on August 8, 2003, under the laws of Malaysia.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 11, 2020, the Company incorporated Wellness ATP International Holdings Sdn, Bhd. (“WATP”), a wholly owned subsidiary under the laws of Malaysia, to pursue the business of promoting wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns on how to achieve positive wellness and lifestyle.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On November 11, 2021, Agape ATP Corporation (Labuan) formed a joint-venture entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which Agape ATP Corporation (Labuan) owns <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20211111__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zqShoCpWyng9" title="Ownership interest percentage">60</span>% of the equity interest, to pursue the business of providing complementary health therapies</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and its subsidiaries are principally engaged in the Health and Wellness Industry. The principal activity of the Company is to supply high-quality health and wellness products, including supplements to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system of the human body and various wellness programs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements reflect the activities of the Company, AATP LB, AATP HK, WATP, ASL and its variable interest entity (“VIE”), Agape S.E.A. Sdn. Bhd. (“SEA”) (See Note 3), and DSY Wellness.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_z6jBKz43mij3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details of the Company’s subsidiaries:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_z4U5U8Q2bO8b" style="display: none">SCHEDULE OF SUBSIDIARIES AND ASSOCIATES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Subsidiary company name</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Place and date of incorporation</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Particulars of issued capital</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Principal activities</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Proportional of ownership interest and voting power held</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 4%; vertical-align: top">1.</td> <td id="xdx_98F_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_z2wgyn1Dpdoi" style="vertical-align: top; width: 16%; text-align: center" title="Subsidiary company name">Agape ATP Corporation</td><td style="width: 2%"> </td> <td id="xdx_98A_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zOH5MKL1PLkj" style="vertical-align: top; width: 16%; text-align: center" title="Place and date of incorporation">Labuan, <br/> March 6, 2017</td><td style="width: 2%"> </td> <td id="xdx_98C_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zU2TJAdQCsg1" style="vertical-align: top; width: 20%; text-align: center" title="Particulars of issued capital">100 shares of ordinary share of US$1 each</td><td style="width: 2%"> </td> <td id="xdx_984_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_z0yc20sqe4e5" style="vertical-align: top; width: 18%; text-align: center" title="Principal activities">Investment holding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zlXDpPQbfo4c" style="width: 16%; text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">2.</td> <td id="xdx_988_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zwISC4Dfxule" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape ATP International Holding Limited</td><td> </td> <td id="xdx_980_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zKZuiXDJIJO9" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Hong Kong,<br/> June 1, 2017</td><td> </td> <td id="xdx_987_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_z1C2yO2Krxjf" style="vertical-align: top; text-align: center" title="Particulars of issued capital">1,000,000 shares of ordinary share of HK$1 each</td><td> </td> <td id="xdx_98A_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_ztkuR8UgE2Ga" style="vertical-align: top; text-align: center" title="Principal activities">Wholesaling of health and wellness products; and health solution advisory services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zhrHuElxQgUb" style="text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">3.</td> <td id="xdx_986_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zWPZEeulGIaj" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape Superior Living Sdn. Bhd.</td><td> </td> <td id="xdx_989_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_z2vG4JESWMse" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> August 8, 2003</td><td> </td> <td id="xdx_98F_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zlxQ0wCJyced" style="vertical-align: top; text-align: center" title="Particulars of issued capital">9,590,598 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_98F_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zaWmlnQpMVlk" style="vertical-align: top; text-align: center" title="Principal activities">Health and wellness products and health solution advisory services via network marketing</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zRDu6wC8Y65g" style="text-align: right" title="Proportional of ownership interest and voting power held">99.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">4.</td> <td id="xdx_983_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zCQSxQOdMDV6" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape S.E.A. Sdn. Bhd.</td><td> </td> <td id="xdx_989_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zJkdhPBAnCx6" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> March 4, 2004</td><td> </td> <td id="xdx_981_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zQVikuygSc68" style="vertical-align: top; text-align: center" title="Particulars of issued capital">2 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_98B_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zx9nzdHshE9" style="vertical-align: top; text-align: center" title="Principal activities">VIE of Agape Superior Living Sdn. Bhd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">5.</td> <td id="xdx_988_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zVyxdcbNtEw4" style="vertical-align: top; text-align: center" title="Subsidiary company name">Wellness ATP International Holdings Sdn, Bhd</td><td> </td> <td id="xdx_98A_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zQzORBPslp6b" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> September 11, 2020</td><td> </td> <td id="xdx_98F_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zzCN2vTm0Nrj" style="vertical-align: top; text-align: center" title="Particulars of issued capital">100 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_980_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_z4w9BFgkjcaf" style="vertical-align: top; text-align: center" title="Principal activities">The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zrwhNipqlX5h" style="text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">6.</td> <td id="xdx_981_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zPNDKJMYKVCf" style="vertical-align: top; text-align: center" title="Subsidiary company name">DSY Wellness International Sdn Bhd.</td><td> </td> <td id="xdx_987_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zkpqjGWY6Im9" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> November 11, 2021</td><td> </td> <td id="xdx_989_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zSsNZhMC3uab" style="vertical-align: top; text-align: center" title="Particulars of issued capital">1,000 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_982_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_z5jZwgR6At6a" style="vertical-align: top; text-align: center" title="Principal activities">Provision of complementary health therapies</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zWZ4bln97jE8" style="text-align: right" title="Proportional of ownership interest and voting power held">60</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A0_zodYUjrS2ead" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND BUSINESS BACKGROUND (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Overview</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP Corporation is a company that provides health and wellness products and health solution advisory services to our clients. The Company primarily focus its efforts on attracting customers in Malaysia. Its advisory services center on the “ATP Zeta Health Program”, which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles, and promotion of health. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled nutritionists and/or dieticians.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to strengthen the Company’s supply chain, on May 8, 2020, the Company successfully acquired approximately <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20200508__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zjKx2EN3wSFh">99.99</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of ASL, with the goal of securing an established network marketing sales channel that has been established in Malaysia for the past 15 years. ASL has been offering the Company’s ATP Zeta Health Program as part of its product lineup. As such, the acquisition creates synergy in the Company’s operation by boosting the Company’s retail and marketing capabilities. The newly acquired subsidiary allows the Company to fulfill its mission of “helping people to create health and wealth” by providing a financially rewarding business opportunity to distributors and quality products to distributors and customers who seek a healthy lifestyle.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Via ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and BEAUNIQUE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATP Zeta Health Program is a health program designed to promote health and general wellbeing designed to prevent health diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition and advice from skilled dieticians as well as trained members and distributors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from the cellular level. The series is comprised of the Energy Mask series, Hyaluronic Acid Serum and Mousse Facial Cleanser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BEAUNIQUE product series focuses on the research of our diet’s impact on modifying gene expressions in order to address genetic variations and deliver a nutrigenomic solution for every individual.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company deems creating public awareness on wellness and wellbeing lifestyle as essential to enhance the provision of its health solution advisory services; and therefore, incorporated WATP. Upon its establishment, WATP started collaborating with ASL to carry out various wellness programs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">To further its reach in the Health and Wellness Industry, on November 11, 2021, Agape ATP Corporation (Labuan) formed a joint-venture entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which Agape ATP Corporation (Labuan) owns <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20211111__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zwAGvqoA2HP9" title="Ownership interest percentage">60</span>% of the equity interest, to pursue the business of providing complementary health therapies</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 9590596 0.9999 0.60 <p id="xdx_89B_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_z6jBKz43mij3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details of the Company’s subsidiaries:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_z4U5U8Q2bO8b" style="display: none">SCHEDULE OF SUBSIDIARIES AND ASSOCIATES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Subsidiary company name</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Place and date of incorporation</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Particulars of issued capital</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Principal activities</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Proportional of ownership interest and voting power held</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 4%; vertical-align: top">1.</td> <td id="xdx_98F_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_z2wgyn1Dpdoi" style="vertical-align: top; width: 16%; text-align: center" title="Subsidiary company name">Agape ATP Corporation</td><td style="width: 2%"> </td> <td id="xdx_98A_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zOH5MKL1PLkj" style="vertical-align: top; width: 16%; text-align: center" title="Place and date of incorporation">Labuan, <br/> March 6, 2017</td><td style="width: 2%"> </td> <td id="xdx_98C_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zU2TJAdQCsg1" style="vertical-align: top; width: 20%; text-align: center" title="Particulars of issued capital">100 shares of ordinary share of US$1 each</td><td style="width: 2%"> </td> <td id="xdx_984_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_z0yc20sqe4e5" style="vertical-align: top; width: 18%; text-align: center" title="Principal activities">Investment holding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyMember_zlXDpPQbfo4c" style="width: 16%; text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">2.</td> <td id="xdx_988_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zwISC4Dfxule" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape ATP International Holding Limited</td><td> </td> <td id="xdx_980_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zKZuiXDJIJO9" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Hong Kong,<br/> June 1, 2017</td><td> </td> <td id="xdx_987_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_z1C2yO2Krxjf" style="vertical-align: top; text-align: center" title="Particulars of issued capital">1,000,000 shares of ordinary share of HK$1 each</td><td> </td> <td id="xdx_98A_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_ztkuR8UgE2Ga" style="vertical-align: top; text-align: center" title="Principal activities">Wholesaling of health and wellness products; and health solution advisory services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyOneMember_zhrHuElxQgUb" style="text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">3.</td> <td id="xdx_986_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zWPZEeulGIaj" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape Superior Living Sdn. Bhd.</td><td> </td> <td id="xdx_989_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_z2vG4JESWMse" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> August 8, 2003</td><td> </td> <td id="xdx_98F_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zlxQ0wCJyced" style="vertical-align: top; text-align: center" title="Particulars of issued capital">9,590,598 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_98F_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zaWmlnQpMVlk" style="vertical-align: top; text-align: center" title="Principal activities">Health and wellness products and health solution advisory services via network marketing</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyTwoMember_zRDu6wC8Y65g" style="text-align: right" title="Proportional of ownership interest and voting power held">99.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">4.</td> <td id="xdx_983_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zCQSxQOdMDV6" style="vertical-align: top; text-align: center" title="Subsidiary company name">Agape S.E.A. Sdn. Bhd.</td><td> </td> <td id="xdx_989_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zJkdhPBAnCx6" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> March 4, 2004</td><td> </td> <td id="xdx_981_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zQVikuygSc68" style="vertical-align: top; text-align: center" title="Particulars of issued capital">2 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_98B_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zx9nzdHshE9" style="vertical-align: top; text-align: center" title="Principal activities">VIE of Agape Superior Living Sdn. Bhd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">5.</td> <td id="xdx_988_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zVyxdcbNtEw4" style="vertical-align: top; text-align: center" title="Subsidiary company name">Wellness ATP International Holdings Sdn, Bhd</td><td> </td> <td id="xdx_98A_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zQzORBPslp6b" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> September 11, 2020</td><td> </td> <td id="xdx_98F_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zzCN2vTm0Nrj" style="vertical-align: top; text-align: center" title="Particulars of issued capital">100 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_980_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_z4w9BFgkjcaf" style="vertical-align: top; text-align: center" title="Principal activities">The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFourMember_zrwhNipqlX5h" style="text-align: right" title="Proportional of ownership interest and voting power held">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">6.</td> <td id="xdx_981_ecustom--NameOftheCompany_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zPNDKJMYKVCf" style="vertical-align: top; text-align: center" title="Subsidiary company name">DSY Wellness International Sdn Bhd.</td><td> </td> <td id="xdx_987_ecustom--PlaceAndDateOfIncorporation_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zkpqjGWY6Im9" style="vertical-align: top; text-align: center" title="Place and date of incorporation">Malaysia, <br/> November 11, 2021</td><td> </td> <td id="xdx_989_ecustom--ParticularsOfIssuedCapital_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zSsNZhMC3uab" style="vertical-align: top; text-align: center" title="Particulars of issued capital">1,000 shares of ordinary share of RM1 each</td><td> </td> <td id="xdx_982_ecustom--PrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_z5jZwgR6At6a" style="vertical-align: top; text-align: center" title="Principal activities">Provision of complementary health therapies</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyFiveMember_zWZ4bln97jE8" style="text-align: right" title="Proportional of ownership interest and voting power held">60</td><td style="text-align: left">%</td></tr> </table> Agape ATP Corporation Labuan, March 6, 2017 100 shares of ordinary share of US$1 each Investment holding 1 Agape ATP International Holding Limited Hong Kong, June 1, 2017 1,000,000 shares of ordinary share of HK$1 each Wholesaling of health and wellness products; and health solution advisory services 1 Agape Superior Living Sdn. Bhd. Malaysia, August 8, 2003 9,590,598 shares of ordinary share of RM1 each Health and wellness products and health solution advisory services via network marketing 0.9999 Agape S.E.A. Sdn. Bhd. Malaysia, March 4, 2004 2 shares of ordinary share of RM1 each VIE of Agape Superior Living Sdn. Bhd. Wellness ATP International Holdings Sdn, Bhd Malaysia, September 11, 2020 100 shares of ordinary share of RM1 each The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns 1 DSY Wellness International Sdn Bhd. Malaysia, November 11, 2021 1,000 shares of ordinary share of RM1 each Provision of complementary health therapies 0.60 0.9999 0.60 <p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_z6WrXQERQkr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_823_zkfU5HXXyal3">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zNyP0JyAjBg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zswr0mP2xvua">Basis of presentation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIE over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zjSzSQwxiDdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zL3GCcj9fsy3">Principles of consolidation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the year ended December 31, 2022, SEA, the only VIE of the Company has no significant operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--UseOfEstimates_zkjAIul2wCT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zVJBrVh7U4Aj">Use of estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for inventories obsolescence, impairment of long-lived assets, allowance for deferred tax assets. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z6f6d91OK2Rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zsTXHABZLZv4">Cash and cash equivalents</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--TradeAndOtherAccountsReceivablePolicy_z3H4czMnpm65" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zzkCSgBX4RR5">Accounts receivable</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of December 31, 2022 and 2021, <span id="xdx_900_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20221231_zhiOqmrcPqr8" title="Accounts receivable, allowance for credit loss::XDX::-"><span id="xdx_901_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20221231_zIRpLQV9Lc8j" title="Accounts receivable, allowance for credit loss::XDX::-"><span id="xdx_90B_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20211231_zjYfB6tYQihl" title="Accounts receivable, allowance for credit loss::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0573"><span style="-sec-ix-hidden: xdx2ixbrl0575"><span style="-sec-ix-hidden: xdx2ixbrl0577">no</span></span></span></span></span></span> allowance of doubtful accounts was recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--InventoryPolicyTextBlock_zroHu3uZnh9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zb5B0Zq2D3Jc">Inventories</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2022 and 2021, the Company recognized $<span id="xdx_90F_ecustom--InventriesWriteDown_pp0p0_c20220101__20221231_zkXsJJfxpgR3" title="Inventories write-down">5,307</span> and $<span id="xdx_902_ecustom--InventriesWriteDown_pp0p0_c20210101__20211231_zViMsjV0vVu5" title="Inventories write-down">36,241</span> inventory write-down; and $<span id="xdx_902_ecustom--InventoryWriteOff_c20220101__20221231_z1Nv38Qn2qsf" title="Inventories write off">142,466</span> and $<span id="xdx_905_ecustom--InventoryWriteOff_dxL_c20210101__20211231_zGY4zxAPf0Q1" title="Inventories write off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0587">0</span></span> inventory write-off, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_ecustom--PrepaidTaxesPolicyTextBlock_z8UDeXO0uIVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zJcRJJhWLRv">Prepaid taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--PrepaymentsAndDepositsPolicyTextBlock_zvFkVXX4W746" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_z2uvTEKsIbGb">Prepayments and deposits</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. For the years ended December 31, 2022 and 2021, the Company wrote-off allowance for doubtful accounts of $<span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_c20220101__20221231_zW6bV9v1bfo2" title="Wrote-off allowance for doubtful accounts">120,372</span> and $<span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_dxL_c20210101__20211231_zFMULrNMoPne" title="Wrote-off allowance for doubtful accounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0595">0</span></span>, respectively. As of December 31, 2022 and 2021, there was $<span id="xdx_907_ecustom--AllowanceForDoubtfulAccountsReceivablesCurrent_iI_pp0p0_do_c20221231_zGvdFOudWL7c" title="Allowance for doubtful accounts">0</span> and $<span id="xdx_905_ecustom--AllowanceForDoubtfulAccountsReceivablesCurrent_iI_pp0p0_do_c20211231_zv10kvuHJ4n3" title="Allowance for doubtful accounts">121,514</span> allowance for the doubtful accounts recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zgg3hTGkHmZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zpVTMf0SNNfe">Property and equipment, net</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:</span></p> <p id="xdx_892_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock_zxSyuQKO7vsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zOyq8RivGFR9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and office equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zRaLyCBNVncf" title="Estimated Useful Life of Property and Equipment">5</span>-<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zKSowKihepnf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture &amp; fixtures</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zbVjqFcoASWf" title="Estimated Useful Life of Property and Equipment">6</span>-<span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0vZeH6V7xCf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziqFH0okZyU7" title="Property and equipment, useful lives">Lease Term</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zP2bWwILT46e" title="Property and equipment, estimated useful life">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zbgOBOvXHTH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zBv5uUAm31Fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zDVA3pZbA5M9">Intangible assets, net</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_ecustom--ScheduleOfEstimatedUsefulLivesOfIntangibleAssetsNetTableTextBlock_zaVytQwRId14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zDzRO3Dcan" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer software</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zRsBzurNO1nc" title="Estimated useful lives of intangible assets">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zLUo8k4t2rki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zTvfaNfOGHP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zuAN8gurejM7">Impairment for long-lived assets</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2022 and 2021, <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pp0p0_do_c20220101__20221231_zRooauhLHRQ6" title="Impairment of long-lived assets"><span id="xdx_90F_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pp0p0_do_c20210101__20211231_zlATP8y30Bn4" title="Impairment of long-lived assets">no</span></span> impairment of long-lived assets was recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--DeferredChargesPolicyTextBlock_zMw2aKdMtLE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zx7gkumGIB5b">Deferred offering costs</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred offering costs represents costs associated with the Company’s current offering which will be netted against the proceeds from the Company’s current offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--MarketableSecuritiesPolicy_z8aS297zZ9zi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zLchEfqtIIXg">Investment in marketable equity securities</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company follows the provisions of ASU 2016-01, <i>Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities</i>. Investments in marketable equity securities (non-current) are reported at fair value with changes in fair value recognized in the Company’s consolidated statements of operations and comprehensive income (loss) in the caption of “unrealized holding gain loss on marketable securities” in each reporting period</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--NonMarketableSecuritiesPolicyTextBlock_zYzL1EUXi7gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zhnw5Q0KKIYd">Investment in non-marketable equity securities</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the provisions of ASU 2016-01, <i>Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities</i>. Due to the Company’s non-marketable equity securities (non-current) does not qualify for the practical expedient to estimate fair value in accordance with ASC 820-10-35-59, the Company has selected to record its investments in non-marketable equity securities (non-current) at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At each reporting period, the Company will make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. The qualitative assessment indicators include, but are not limited to: (1) A significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) A significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) A significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; (iv) A bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and (v) Factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the qualitative assessment indicators indicated that the non-marketable equity securities (non-current) is deemed to be impaired, the Company would recognize the impairment loss equal to the difference between the fair value of the investment and its carrying amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z3SZaMEFApKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zgCWme2SuQRb">Customer deposits</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--RevenueRecognitionPolicyTextBlock_zl9XzPhLY6W4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zL1ebv1bxSTe">Revenue recognition</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of Health and Wellness products</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <i>Performance obligations satisfied at a point in time</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues. For the years ended December 31, 2022 and 2021, the Company recognized $<span id="xdx_905_ecustom--ForfeitedCouponIncome_pp0p0_c20220101__20221231_z1fGausFuaig" title="Value of coupons">7,543</span> and $<span id="xdx_90A_ecustom--ForfeitedCouponIncome_pp0p0_c20210101__20211231_zH33eqi84eae" title="Value of coupons">15,209</span> as forfeited coupon income, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had contracts for the sales of health and wellness products amounting to $<span id="xdx_909_eus-gaap--CostOfGoodsAndServicesSold_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zQlULzaPfKO" title="Cost of revenue">17,912</span> which it is expected to fulfill within 12 months from December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Sales of products for the provision of complementary health therapies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision of Health and Wellness services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <i>Performance obligations satisfied at a point in time</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company carries out its Wellness program, where the Company’s products are bundled with health screening test and a health camp program. The health screening test and the health camp programs are considered as separate performance obligations. The promises to deliver the health screening test report and the attendance at the health camp are separately identifiable, which are evidenced by the fact that the Company provides separate services of delivering the health screening test report and allowing admission of the customers to attend the health camp. The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation section in person.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also separately derives its revenues from sales contracts with its customers with revenues being recognized when the health camp program is completed in the final day of the health camp. For the years ended December 31, 2022 and 2021, revenues from providing health and wellness services are $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zC5UZ5MD7tQ" title="Revenues">145,510</span> and $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zOxTFwz9GRPe" title="Revenues">7,543</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--DisaggregationOfRevenueTableTextBlock_zL1STfYdysn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated information of revenues by products and services are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zSBL4CN1dXei" style="display: none">SCHEDULE OF DIS-AGGREGATED INFORMATION OF REVENUES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20220101__20221231_z21abgegsA4l" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20210101__20211231_z7xtVmlVkoNi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--SurvivorSelectMember_z5LWKevPxJmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Survivor Select</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">122,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">83,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergizedMineralConcentrateMember_zr0zkyHoLKi8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Energized Mineral Concentrate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0654">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IonizedCalMagMember_zcbfX7scUGK5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ionized Cal-Mag</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,219</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,527</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OmegaBlendMember_zslpoCg1cIPh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Omega Blend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">272,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,718</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--BetaMaxxMember_zFBHCEibRUgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BetaMaxx</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,043</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--VegeFruitFiberMember_zKD0P0DckIMb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vege Fruit Fiber</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IronMember_zqKvQRKr7jQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Iron</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,697</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,114</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--YoungFormulaMember_zwDXHSYIX4Rj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Young Formula</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,403</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--OrganicYouthCarCleansingBarMember_zhkQlF7fn2S8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Organic Youth Care Cleansing Bar</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,137</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ATPRMITOPlusMember_z3Dq7VueuIXa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">ATPR Mito+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,800</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--LipomaskMember_zHMa8egFj19d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lipomask</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,331</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergetiqueMember_zIfNeHxtjAlg" style="vertical-align: bottom; background-color: White"> <td>Energetique</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--TrimPlusMember_zkwcgP3YRps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Trim+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,042</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ProductHealthTherapiesMember_zCHcL6QqgpEh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Others – Products for the provision of complementary health therapies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OthersMember_zDHxgz4Dsps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,468</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0694">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zrDljTyzVArc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,711,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,009,419</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_z2YRBKYgeNg4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Health and Wellness services</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">145,510</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,543</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zUKQbvvSwePf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products and services</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,856,564</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,016,962</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AD_zE1GaDUQw54k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--CostOfSalesPolicyTextBlock_z6hmnXy5OW45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zskQLX6oS36d">Cost of revenue</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and products for the provision of complementary health therapies. <span style="background-color: white">Cost of revenue amounted to $<span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231_zJWOrBaL3rZb" title="Cost of revenue">666,042</span> (including inventory write-downs of $<span id="xdx_903_ecustom--InventriesWriteDown_pp0p0_c20220101__20221231_zRagiINTU2v3" title="Inventories write-down">5,307</span> and inventory written-off of $<span id="xdx_90A_ecustom--InventoryWriteOff_c20220101__20221231_zfIQAT5Y3WE9" title="Inventories write off">142,466</span>) and $<span id="xdx_901_eus-gaap--CostOfGoodsAndServicesSold_c20210101__20211231_zy3tBqIOa1G8" title="Cost of revenue">297,333</span> (including inventory write-downs of $<span id="xdx_906_ecustom--InventriesWriteDown_pp0p0_c20210101__20211231_zB1oBXGY34X2" title="Inventories write-down">36,241</span>) for the years ended December 31, 2022 and 2021, respectively</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--ShippingAndHandlingPolicyTextBlock_zvpO8NKxWZUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z0aGmeBeTpgc">Shipping and handling</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping and handling charges amounted to $<span id="xdx_90C_eus-gaap--SellingExpense_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__us-gaap--ShippingAndHandlingMember_z6kvkMl8C7zf" title="Selling expenses">16,585</span> and $<span id="xdx_906_eus-gaap--SellingExpense_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__us-gaap--ShippingAndHandlingMember_zlMEsfQKQ5A9" title="Selling expenses">11,054</span> for the years ended December 31, 2022 and 2021, respectively. Shipping and handling charges are expensed as incurred and included in selling expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--AdvertisingCostsPolicyTextBlock_zPT6muVeN732" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_z7Es73GdWP47">Advertising costs</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs amounted to $<span id="xdx_90F_eus-gaap--AdvertisingExpense_pp0p0_c20220101__20221231_zYDnt2NU8M2f" title="Advertising costs">4,688</span> and $<span id="xdx_90A_eus-gaap--AdvertisingExpense_pp0p0_c20210101__20211231_zuP4dGeRsy0c" title="Advertising costs">20,218</span> for the years ended December 31, 2022 and 2021, respectively. Advertising costs are expensed as incurred and included in selling expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--CommissionsExpensePolicyPolicyTextBlock_z9Mv3yTzzq3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zZMSQOUlDMA2">Commission expenses</span> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission expenses are the Company’s most significant expenses. As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $<span id="xdx_90B_eus-gaap--SalesCommissionsAndFees_pp0p0_c20220101__20221231_zX3h03VVO6v1" title="Commission expenses">405,351</span> and $<span id="xdx_903_eus-gaap--SalesCommissionsAndFees_pp0p0_c20210101__20211231_zp2dghig06Jl" title="Commission expenses">316,267</span> for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--DefinedContributionPlanPolicyTextBlock_zzTqGCuRJEU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_862_z5HFBg68sykk">Defined contribution plan</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Total expenses for the plans were $<span id="xdx_906_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pp0p0_c20220101__20221231_zVicH7EgFDLa" title="Defined contribution plan expense">133,489</span> and $<span id="xdx_909_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pp0p0_c20210101__20211231_zfGWX5OFpjta" title="Defined contribution plan expense">99,488</span> for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The related contribution plans include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social Security Organization (“SOSCO”) – <span id="xdx_90A_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--SocialSecurityOrganizationMember_zzZvs3dJCiji" title="Salary percentage">1.75</span>% based on employee’s monthly salary capped of RM <span id="xdx_908_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--SocialSecurityOrganizationMember_zDEQgdjEhYsi" title="Monthly salary">5,000</span>;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees Provident Fund (“EPF”) –based on employee’s monthly salary, <span id="xdx_90D_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember_zQriZXqhOcEf" title="Salary percentage">13</span>% for employee earning RM<span id="xdx_905_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember_zxGBxuKqNVzg" title="Monthly salary">5,000</span> and below; and <span id="xdx_90E_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember__srt--RangeAxis__srt--MaximumMember_z2esrfOwXpSb" title="Salary percentage">12</span>% for employee earning RM<span id="xdx_909_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MaximumMember_zP1LT7mHuVpi" title="Monthly salary">5,001</span> and above.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Insurance System (“EIS”) – <span id="xdx_90C_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmploymentInsuranceSystemMember_zRHbOFUNH1f1" title="Salary percentage">0.2</span>% based on employee’s monthly salary capped of RM <span id="xdx_902_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmploymentInsuranceSystemMember_zAdBPb3zRsCg" title="Monthly salary">5,000</span>;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resource Development Fund (“HRDF”) – <span id="xdx_907_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--HumanResourceDevelopmentFundMember_zZfEeTcMmTd6" title="Salary percentage">1</span>% based on employee’s monthly salary</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zZdZiC8AkEH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zCkcAvFtpGea">Income taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is <span id="xdx_90F_eus-gaap--IncomeTaxExaminationLikelihoodOfUnfavorableSettlement_c20220101__20221231_zridEaAy3q5d" title="Income tax description">greater than 50%</span> likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. $<span id="xdx_905_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_pp0p0_c20220101__20221231_zPKdG0hn2bma" title="Income tax examination, penalties and interest expense">0</span> and $<span id="xdx_904_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_pp0p0_c20210101__20211231_zSFYTL7JYgi1" title="Income tax examination, penalties and interest expense">395</span> penalties and interest incurred related to underpayment of income tax for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of their jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zAIQ7gf36Ghj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zwYFtkBQLvFa">Comprehensive income (loss)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--NoncontrollingInterestPolicyTextBlock_zUmxJoS2Nq6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z3pSSXQCI64h">Non-controlling interest</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20220101__20221231_z3bBup5MmeXk" title="Noncontrolling interest, description">Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (2 ordinary shares out of 9,590,598 shares) of the equity interests of ASL held by two individuals</span>. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statements of operations as an allocation of the total income or loss for the periods between non-controlling interest holders and the shareholders of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zYeCXifgtjIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_z17u0oqw1S65">Earnings (loss) per share</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. For the years ended December 31, 2022 and 2021, there were <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20220101__20221231_zZU9VYbmnxme" title="Potentially dilutive securities outstanding"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20210101__20211231_zTFE6S4QfcGg" title="Potentially dilutive securities outstanding">no</span></span> dilutive shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zpmvue0RnR04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zeX8FIyxsbb9">Foreign currencies translation and transaction</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 consolidated statements of operations and comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, “<i>Translation of Financial Statement”</i>, 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. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zTYA4P9FOinb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zdv4I7CXhGol" style="display: none">SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20221231_zgy5lSiaUnqg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20211231_zsVB6e9RZDpg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndMYRMember_zFRhCxqqi3Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-end MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.18</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_zLYf4zb3Voe5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-end HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_ziM6JpnK0o6" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate, translation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20220101__20221231_zu9ykfzTy0w3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20210101__20211231_zaKDMyylVgMj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_405_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageMYRMember_zqsIpHu1yyE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-average MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.14</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zecoVeo3Tg3a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-average HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zCDRKLJohb0b" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate period average</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A6_zR6kyPJj6KLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--RelatedPartiesPolicyTextBlock_zI7d5N4JYGed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zRTbziKHfAwb">Related parties</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zE82vognobm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zepRYIYYprik">Fair value of financial instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--LesseeLeasesPolicyTextBlock_z3UFyt6sece6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zibQIkWeu1wg">Leases</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zOEqo9L2pkTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zkQqYFp7vst4">Recent accounting pronouncements</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASUs 2016-13 and 2019-05 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows.</span></p> <p id="xdx_85D_zpd7CU8LeYd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zNyP0JyAjBg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zswr0mP2xvua">Basis of presentation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIE over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zjSzSQwxiDdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zL3GCcj9fsy3">Principles of consolidation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the year ended December 31, 2022, SEA, the only VIE of the Company has no significant operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--UseOfEstimates_zkjAIul2wCT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zVJBrVh7U4Aj">Use of estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for inventories obsolescence, impairment of long-lived assets, allowance for deferred tax assets. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z6f6d91OK2Rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zsTXHABZLZv4">Cash and cash equivalents</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--TradeAndOtherAccountsReceivablePolicy_z3H4czMnpm65" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zzkCSgBX4RR5">Accounts receivable</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of December 31, 2022 and 2021, <span id="xdx_900_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20221231_zhiOqmrcPqr8" title="Accounts receivable, allowance for credit loss::XDX::-"><span id="xdx_901_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20221231_zIRpLQV9Lc8j" title="Accounts receivable, allowance for credit loss::XDX::-"><span id="xdx_90B_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_doxL_c20211231_zjYfB6tYQihl" title="Accounts receivable, allowance for credit loss::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0573"><span style="-sec-ix-hidden: xdx2ixbrl0575"><span style="-sec-ix-hidden: xdx2ixbrl0577">no</span></span></span></span></span></span> allowance of doubtful accounts was recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--InventoryPolicyTextBlock_zroHu3uZnh9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zb5B0Zq2D3Jc">Inventories</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2022 and 2021, the Company recognized $<span id="xdx_90F_ecustom--InventriesWriteDown_pp0p0_c20220101__20221231_zkXsJJfxpgR3" title="Inventories write-down">5,307</span> and $<span id="xdx_902_ecustom--InventriesWriteDown_pp0p0_c20210101__20211231_zViMsjV0vVu5" title="Inventories write-down">36,241</span> inventory write-down; and $<span id="xdx_902_ecustom--InventoryWriteOff_c20220101__20221231_z1Nv38Qn2qsf" title="Inventories write off">142,466</span> and $<span id="xdx_905_ecustom--InventoryWriteOff_dxL_c20210101__20211231_zGY4zxAPf0Q1" title="Inventories write off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0587">0</span></span> inventory write-off, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 5307 36241 142466 <p id="xdx_84E_ecustom--PrepaidTaxesPolicyTextBlock_z8UDeXO0uIVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zJcRJJhWLRv">Prepaid taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--PrepaymentsAndDepositsPolicyTextBlock_zvFkVXX4W746" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_z2uvTEKsIbGb">Prepayments and deposits</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. For the years ended December 31, 2022 and 2021, the Company wrote-off allowance for doubtful accounts of $<span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_c20220101__20221231_zW6bV9v1bfo2" title="Wrote-off allowance for doubtful accounts">120,372</span> and $<span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_dxL_c20210101__20211231_zFMULrNMoPne" title="Wrote-off allowance for doubtful accounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0595">0</span></span>, respectively. As of December 31, 2022 and 2021, there was $<span id="xdx_907_ecustom--AllowanceForDoubtfulAccountsReceivablesCurrent_iI_pp0p0_do_c20221231_zGvdFOudWL7c" title="Allowance for doubtful accounts">0</span> and $<span id="xdx_905_ecustom--AllowanceForDoubtfulAccountsReceivablesCurrent_iI_pp0p0_do_c20211231_zv10kvuHJ4n3" title="Allowance for doubtful accounts">121,514</span> allowance for the doubtful accounts recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 120372 0 121514 <p id="xdx_84A_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zgg3hTGkHmZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zpVTMf0SNNfe">Property and equipment, net</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:</span></p> <p id="xdx_892_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock_zxSyuQKO7vsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zOyq8RivGFR9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and office equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zRaLyCBNVncf" title="Estimated Useful Life of Property and Equipment">5</span>-<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zKSowKihepnf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture &amp; fixtures</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zbVjqFcoASWf" title="Estimated Useful Life of Property and Equipment">6</span>-<span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0vZeH6V7xCf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziqFH0okZyU7" title="Property and equipment, useful lives">Lease Term</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zP2bWwILT46e" title="Property and equipment, estimated useful life">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zbgOBOvXHTH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock_zxSyuQKO7vsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zOyq8RivGFR9" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and office equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zRaLyCBNVncf" title="Estimated Useful Life of Property and Equipment">5</span>-<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zKSowKihepnf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture &amp; fixtures</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zbVjqFcoASWf" title="Estimated Useful Life of Property and Equipment">6</span>-<span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0vZeH6V7xCf" title="Estimated Useful Life of Property and Equipment">7</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziqFH0okZyU7" title="Property and equipment, useful lives">Lease Term</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zP2bWwILT46e" title="Property and equipment, estimated useful life">5</span> years</span></td></tr> </table> P5Y P7Y P6Y P7Y Lease Term P5Y <p id="xdx_84D_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zBv5uUAm31Fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zDVA3pZbA5M9">Intangible assets, net</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_ecustom--ScheduleOfEstimatedUsefulLivesOfIntangibleAssetsNetTableTextBlock_zaVytQwRId14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zDzRO3Dcan" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer software</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zRsBzurNO1nc" title="Estimated useful lives of intangible assets">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zLUo8k4t2rki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_ecustom--ScheduleOfEstimatedUsefulLivesOfIntangibleAssetsNetTableTextBlock_zaVytQwRId14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zDzRO3Dcan" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer software</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zRsBzurNO1nc" title="Estimated useful lives of intangible assets">5</span> years</span></td></tr> </table> P5Y <p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zTvfaNfOGHP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zuAN8gurejM7">Impairment for long-lived assets</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2022 and 2021, <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pp0p0_do_c20220101__20221231_zRooauhLHRQ6" title="Impairment of long-lived assets"><span id="xdx_90F_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pp0p0_do_c20210101__20211231_zlATP8y30Bn4" title="Impairment of long-lived assets">no</span></span> impairment of long-lived assets was recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_842_eus-gaap--DeferredChargesPolicyTextBlock_zMw2aKdMtLE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zx7gkumGIB5b">Deferred offering costs</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred offering costs represents costs associated with the Company’s current offering which will be netted against the proceeds from the Company’s current offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--MarketableSecuritiesPolicy_z8aS297zZ9zi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zLchEfqtIIXg">Investment in marketable equity securities</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company follows the provisions of ASU 2016-01, <i>Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities</i>. Investments in marketable equity securities (non-current) are reported at fair value with changes in fair value recognized in the Company’s consolidated statements of operations and comprehensive income (loss) in the caption of “unrealized holding gain loss on marketable securities” in each reporting period</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--NonMarketableSecuritiesPolicyTextBlock_zYzL1EUXi7gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zhnw5Q0KKIYd">Investment in non-marketable equity securities</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the provisions of ASU 2016-01, <i>Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities</i>. Due to the Company’s non-marketable equity securities (non-current) does not qualify for the practical expedient to estimate fair value in accordance with ASC 820-10-35-59, the Company has selected to record its investments in non-marketable equity securities (non-current) at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At each reporting period, the Company will make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. The qualitative assessment indicators include, but are not limited to: (1) A significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) A significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) A significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; (iv) A bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and (v) Factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the qualitative assessment indicators indicated that the non-marketable equity securities (non-current) is deemed to be impaired, the Company would recognize the impairment loss equal to the difference between the fair value of the investment and its carrying amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z3SZaMEFApKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zgCWme2SuQRb">Customer deposits</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--RevenueRecognitionPolicyTextBlock_zl9XzPhLY6W4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zL1ebv1bxSTe">Revenue recognition</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of Health and Wellness products</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <i>Performance obligations satisfied at a point in time</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues. For the years ended December 31, 2022 and 2021, the Company recognized $<span id="xdx_905_ecustom--ForfeitedCouponIncome_pp0p0_c20220101__20221231_z1fGausFuaig" title="Value of coupons">7,543</span> and $<span id="xdx_90A_ecustom--ForfeitedCouponIncome_pp0p0_c20210101__20211231_zH33eqi84eae" title="Value of coupons">15,209</span> as forfeited coupon income, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had contracts for the sales of health and wellness products amounting to $<span id="xdx_909_eus-gaap--CostOfGoodsAndServicesSold_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zQlULzaPfKO" title="Cost of revenue">17,912</span> which it is expected to fulfill within 12 months from December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Sales of products for the provision of complementary health therapies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision of Health and Wellness services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <i>Performance obligations satisfied at a point in time</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company carries out its Wellness program, where the Company’s products are bundled with health screening test and a health camp program. The health screening test and the health camp programs are considered as separate performance obligations. The promises to deliver the health screening test report and the attendance at the health camp are separately identifiable, which are evidenced by the fact that the Company provides separate services of delivering the health screening test report and allowing admission of the customers to attend the health camp. The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation section in person.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also separately derives its revenues from sales contracts with its customers with revenues being recognized when the health camp program is completed in the final day of the health camp. For the years ended December 31, 2022 and 2021, revenues from providing health and wellness services are $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zC5UZ5MD7tQ" title="Revenues">145,510</span> and $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_zOxTFwz9GRPe" title="Revenues">7,543</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--DisaggregationOfRevenueTableTextBlock_zL1STfYdysn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated information of revenues by products and services are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zSBL4CN1dXei" style="display: none">SCHEDULE OF DIS-AGGREGATED INFORMATION OF REVENUES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20220101__20221231_z21abgegsA4l" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20210101__20211231_z7xtVmlVkoNi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--SurvivorSelectMember_z5LWKevPxJmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Survivor Select</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">122,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">83,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergizedMineralConcentrateMember_zr0zkyHoLKi8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Energized Mineral Concentrate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0654">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IonizedCalMagMember_zcbfX7scUGK5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ionized Cal-Mag</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,219</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,527</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OmegaBlendMember_zslpoCg1cIPh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Omega Blend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">272,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,718</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--BetaMaxxMember_zFBHCEibRUgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BetaMaxx</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,043</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--VegeFruitFiberMember_zKD0P0DckIMb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vege Fruit Fiber</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IronMember_zqKvQRKr7jQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Iron</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,697</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,114</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--YoungFormulaMember_zwDXHSYIX4Rj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Young Formula</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,403</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--OrganicYouthCarCleansingBarMember_zhkQlF7fn2S8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Organic Youth Care Cleansing Bar</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,137</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ATPRMITOPlusMember_z3Dq7VueuIXa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">ATPR Mito+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,800</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--LipomaskMember_zHMa8egFj19d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lipomask</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,331</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergetiqueMember_zIfNeHxtjAlg" style="vertical-align: bottom; background-color: White"> <td>Energetique</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--TrimPlusMember_zkwcgP3YRps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Trim+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,042</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ProductHealthTherapiesMember_zCHcL6QqgpEh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Others – Products for the provision of complementary health therapies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OthersMember_zDHxgz4Dsps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,468</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0694">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zrDljTyzVArc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,711,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,009,419</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_z2YRBKYgeNg4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Health and Wellness services</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">145,510</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,543</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zUKQbvvSwePf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products and services</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,856,564</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,016,962</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AD_zE1GaDUQw54k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 7543 15209 17912 145510 7543 <p id="xdx_899_eus-gaap--DisaggregationOfRevenueTableTextBlock_zL1STfYdysn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated information of revenues by products and services are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zSBL4CN1dXei" style="display: none">SCHEDULE OF DIS-AGGREGATED INFORMATION OF REVENUES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20220101__20221231_z21abgegsA4l" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20210101__20211231_z7xtVmlVkoNi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--SurvivorSelectMember_z5LWKevPxJmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Survivor Select</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">122,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">83,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergizedMineralConcentrateMember_zr0zkyHoLKi8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Energized Mineral Concentrate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0654">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IonizedCalMagMember_zcbfX7scUGK5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ionized Cal-Mag</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,219</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,527</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OmegaBlendMember_zslpoCg1cIPh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Omega Blend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">272,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,718</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--BetaMaxxMember_zFBHCEibRUgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BetaMaxx</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,043</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--VegeFruitFiberMember_zKD0P0DckIMb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vege Fruit Fiber</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--IronMember_zqKvQRKr7jQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Iron</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,697</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,114</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--YoungFormulaMember_zwDXHSYIX4Rj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Young Formula</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,403</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--OrganicYouthCarCleansingBarMember_zhkQlF7fn2S8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Organic Youth Care Cleansing Bar</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,137</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ATPRMITOPlusMember_z3Dq7VueuIXa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">ATPR Mito+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,800</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--LipomaskMember_zHMa8egFj19d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lipomask</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,331</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--EnergetiqueMember_zIfNeHxtjAlg" style="vertical-align: bottom; background-color: White"> <td>Energetique</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pp0p0_hsrt--ProductOrServiceAxis__custom--TrimPlusMember_zkwcgP3YRps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Trim+</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,042</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--ProductHealthTherapiesMember_zCHcL6QqgpEh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Others – Products for the provision of complementary health therapies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">569,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--OthersMember_zDHxgz4Dsps5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,468</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0694">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zrDljTyzVArc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,711,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,009,419</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__custom--HealthAndWellnessServicesMember_z2YRBKYgeNg4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Health and Wellness services</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">145,510</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,543</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zUKQbvvSwePf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total revenues – products and services</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,856,564</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,016,962</td><td style="text-align: left"> </td></tr> </table> 122470 83904 52047 148219 39527 272332 222718 137447 208043 65757 16697 28114 31403 52425 5137 271493 183800 15331 49089 25574 88613 27042 569823 3468 1711054 1009419 145510 7543 1856564 1016962 <p id="xdx_843_eus-gaap--CostOfSalesPolicyTextBlock_z6hmnXy5OW45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zskQLX6oS36d">Cost of revenue</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and products for the provision of complementary health therapies. <span style="background-color: white">Cost of revenue amounted to $<span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231_zJWOrBaL3rZb" title="Cost of revenue">666,042</span> (including inventory write-downs of $<span id="xdx_903_ecustom--InventriesWriteDown_pp0p0_c20220101__20221231_zRagiINTU2v3" title="Inventories write-down">5,307</span> and inventory written-off of $<span id="xdx_90A_ecustom--InventoryWriteOff_c20220101__20221231_zfIQAT5Y3WE9" title="Inventories write off">142,466</span>) and $<span id="xdx_901_eus-gaap--CostOfGoodsAndServicesSold_c20210101__20211231_zy3tBqIOa1G8" title="Cost of revenue">297,333</span> (including inventory write-downs of $<span id="xdx_906_ecustom--InventriesWriteDown_pp0p0_c20210101__20211231_zB1oBXGY34X2" title="Inventories write-down">36,241</span>) for the years ended December 31, 2022 and 2021, respectively</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 666042 5307 142466 297333 36241 <p id="xdx_845_ecustom--ShippingAndHandlingPolicyTextBlock_zvpO8NKxWZUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z0aGmeBeTpgc">Shipping and handling</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping and handling charges amounted to $<span id="xdx_90C_eus-gaap--SellingExpense_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__us-gaap--ShippingAndHandlingMember_z6kvkMl8C7zf" title="Selling expenses">16,585</span> and $<span id="xdx_906_eus-gaap--SellingExpense_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__us-gaap--ShippingAndHandlingMember_zlMEsfQKQ5A9" title="Selling expenses">11,054</span> for the years ended December 31, 2022 and 2021, respectively. Shipping and handling charges are expensed as incurred and included in selling expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 16585 11054 <p id="xdx_84B_eus-gaap--AdvertisingCostsPolicyTextBlock_zPT6muVeN732" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_z7Es73GdWP47">Advertising costs</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs amounted to $<span id="xdx_90F_eus-gaap--AdvertisingExpense_pp0p0_c20220101__20221231_zYDnt2NU8M2f" title="Advertising costs">4,688</span> and $<span id="xdx_90A_eus-gaap--AdvertisingExpense_pp0p0_c20210101__20211231_zuP4dGeRsy0c" title="Advertising costs">20,218</span> for the years ended December 31, 2022 and 2021, respectively. Advertising costs are expensed as incurred and included in selling expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4688 20218 <p id="xdx_84F_eus-gaap--CommissionsExpensePolicyPolicyTextBlock_z9Mv3yTzzq3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zZMSQOUlDMA2">Commission expenses</span> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission expenses are the Company’s most significant expenses. As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $<span id="xdx_90B_eus-gaap--SalesCommissionsAndFees_pp0p0_c20220101__20221231_zX3h03VVO6v1" title="Commission expenses">405,351</span> and $<span id="xdx_903_eus-gaap--SalesCommissionsAndFees_pp0p0_c20210101__20211231_zp2dghig06Jl" title="Commission expenses">316,267</span> for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 405351 316267 <p id="xdx_84A_ecustom--DefinedContributionPlanPolicyTextBlock_zzTqGCuRJEU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_862_z5HFBg68sykk">Defined contribution plan</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Total expenses for the plans were $<span id="xdx_906_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pp0p0_c20220101__20221231_zVicH7EgFDLa" title="Defined contribution plan expense">133,489</span> and $<span id="xdx_909_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pp0p0_c20210101__20211231_zfGWX5OFpjta" title="Defined contribution plan expense">99,488</span> for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The related contribution plans include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social Security Organization (“SOSCO”) – <span id="xdx_90A_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--SocialSecurityOrganizationMember_zzZvs3dJCiji" title="Salary percentage">1.75</span>% based on employee’s monthly salary capped of RM <span id="xdx_908_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--SocialSecurityOrganizationMember_zDEQgdjEhYsi" title="Monthly salary">5,000</span>;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees Provident Fund (“EPF”) –based on employee’s monthly salary, <span id="xdx_90D_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember_zQriZXqhOcEf" title="Salary percentage">13</span>% for employee earning RM<span id="xdx_905_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember_zxGBxuKqNVzg" title="Monthly salary">5,000</span> and below; and <span id="xdx_90E_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MinimumMember__srt--RangeAxis__srt--MaximumMember_z2esrfOwXpSb" title="Salary percentage">12</span>% for employee earning RM<span id="xdx_909_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmployeesProvidentFundMember__srt--RangeAxis__srt--MaximumMember_zP1LT7mHuVpi" title="Monthly salary">5,001</span> and above.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Insurance System (“EIS”) – <span id="xdx_90C_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EmploymentInsuranceSystemMember_zRHbOFUNH1f1" title="Salary percentage">0.2</span>% based on employee’s monthly salary capped of RM <span id="xdx_902_ecustom--MonthlySalary_uMYR_c20220101__20221231__dei--LegalEntityAxis__custom--EmploymentInsuranceSystemMember_zAdBPb3zRsCg" title="Monthly salary">5,000</span>;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resource Development Fund (“HRDF”) – <span id="xdx_907_ecustom--SalaryPercentage_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--HumanResourceDevelopmentFundMember_zZfEeTcMmTd6" title="Salary percentage">1</span>% based on employee’s monthly salary</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 133489 99488 0.0175 5000 0.13 5000 0.12 5001 0.002 5000 0.01 <p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zZdZiC8AkEH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zCkcAvFtpGea">Income taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is <span id="xdx_90F_eus-gaap--IncomeTaxExaminationLikelihoodOfUnfavorableSettlement_c20220101__20221231_zridEaAy3q5d" title="Income tax description">greater than 50%</span> likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. $<span id="xdx_905_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_pp0p0_c20220101__20221231_zPKdG0hn2bma" title="Income tax examination, penalties and interest expense">0</span> and $<span id="xdx_904_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_pp0p0_c20210101__20211231_zSFYTL7JYgi1" title="Income tax examination, penalties and interest expense">395</span> penalties and interest incurred related to underpayment of income tax for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of their jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> greater than 50% 0 395 <p id="xdx_841_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zAIQ7gf36Ghj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zwYFtkBQLvFa">Comprehensive income (loss)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--NoncontrollingInterestPolicyTextBlock_zUmxJoS2Nq6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z3pSSXQCI64h">Non-controlling interest</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20220101__20221231_z3bBup5MmeXk" title="Noncontrolling interest, description">Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (2 ordinary shares out of 9,590,598 shares) of the equity interests of ASL held by two individuals</span>. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statements of operations as an allocation of the total income or loss for the periods between non-controlling interest holders and the shareholders of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (2 ordinary shares out of 9,590,598 shares) of the equity interests of ASL held by two individuals <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zYeCXifgtjIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_z17u0oqw1S65">Earnings (loss) per share</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. For the years ended December 31, 2022 and 2021, there were <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20220101__20221231_zZU9VYbmnxme" title="Potentially dilutive securities outstanding"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20210101__20211231_zTFE6S4QfcGg" title="Potentially dilutive securities outstanding">no</span></span> dilutive shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zpmvue0RnR04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zeX8FIyxsbb9">Foreign currencies translation and transaction</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 consolidated statements of operations and comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, “<i>Translation of Financial Statement”</i>, 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. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zTYA4P9FOinb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zdv4I7CXhGol" style="display: none">SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20221231_zgy5lSiaUnqg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20211231_zsVB6e9RZDpg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndMYRMember_zFRhCxqqi3Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-end MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.18</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_zLYf4zb3Voe5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-end HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_ziM6JpnK0o6" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate, translation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20220101__20221231_zu9ykfzTy0w3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20210101__20211231_zaKDMyylVgMj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_405_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageMYRMember_zqsIpHu1yyE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-average MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.14</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zecoVeo3Tg3a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-average HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zCDRKLJohb0b" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate period average</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A6_zR6kyPJj6KLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zTYA4P9FOinb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zdv4I7CXhGol" style="display: none">SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20221231_zgy5lSiaUnqg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20211231_zsVB6e9RZDpg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndMYRMember_zFRhCxqqi3Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-end MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.18</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_zLYf4zb3Voe5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-end HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_hus-gaap--VariableRateAxis__custom--PeriodEndHKDMember_ziM6JpnK0o6" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate, translation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.80</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20220101__20221231_zu9ykfzTy0w3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20210101__20211231_zaKDMyylVgMj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_405_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageMYRMember_zqsIpHu1yyE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Period-average MYR : US$1 exchange rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4.14</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zecoVeo3Tg3a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Period-average HKD : US$1 exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ForeignCurrencyExchangeRateAverage_hus-gaap--VariableRateAxis__custom--PeriodAverageHKDMember_zCDRKLJohb0b" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate period average</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.77</td><td style="text-align: left"> </td></tr> </table> 4.41 4.18 7.80 7.80 7.80 7.80 4.41 4.14 7.83 7.77 7.83 7.77 <p id="xdx_840_ecustom--RelatedPartiesPolicyTextBlock_zI7d5N4JYGed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zRTbziKHfAwb">Related parties</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zE82vognobm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zepRYIYYprik">Fair value of financial instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--LesseeLeasesPolicyTextBlock_z3UFyt6sece6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zibQIkWeu1wg">Leases</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zOEqo9L2pkTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zkQqYFp7vst4">Recent accounting pronouncements</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASUs 2016-13 and 2019-05 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows.</span></p> <p id="xdx_802_eus-gaap--VariableInterestEntityDisclosureTextBlock_zFRxQR1FO7hi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_824_zj2d1J3GbxTf">VARIABLE INTEREST ENTITY (“VIE”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided majority of ASL’s purchases. Its equity at risk was insufficient to finance its activities and <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryCompanyThreeMember_zBAHgxlBLbg4" title="Ownership interest percentage">100</span>% of its business is transacted with ASL. Therefore, it was considered to be a VIE and ASL is the primary beneficiary since it has both of the following characteristics:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, the accounts of SEA is consolidated in the accompanying financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. VARIABLE INTEREST ENTITY (“VIE”) (CONT’D)</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfVariableInterestEntitiesTextBlock_zNdRAR4wzbY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amount of the VIE’s assets and liabilities were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zQFexFWDKz4c" style="display: none">SCHEDULE OF VARIABLE INTEREST ENTITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_z5lVlw6Fn3tc" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zI4DBiW68nWg" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsCurrent_iI_zUmQYchAUCB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,350</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,850</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesCurrent_iNI_di_zZSjd8BHuSs8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(43,512</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51,272</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--StockholdersEquity_iI_z24RgFPig1Bj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net deficit</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,162</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,422</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zIZ5onYFsdw1" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zEYYv5IBQbTb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_ztcWNesxOZqa" style="vertical-align: bottom; background-color: White"> <td style="width: 64%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">17,493</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PrepaidTaxes_iI_z00YJcaIpYid" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid taxes</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,741</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsCurrent_iI_zUgacGYqQEni" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current assets</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,350</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_zSSpL7fZ4Wy3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable – intercompany</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">49,724</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--OtherPayablesRelatedPartyCurrent_iI_zCiPzH9XUjbi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other payables and accrued liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,090</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,548</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_iI_zRheyKpvRmF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,512</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,272</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--StockholdersEquity_iI_zKO7drUZdXNc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net deficit</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,162</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,422</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The summarized operating results of the VIE’s are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49D_20220101__20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zxKoIUlQxhh4" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_495_20210101__20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_z0QiRSbSOepl" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z2Fz4S6CfAZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating revenues</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0846">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--GrossProfit_zkzi7RwfRXOj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0848">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_ztX6z0oXxJq4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(9,432</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(21,966</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zV42ojDKQhxc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(9,432</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(27,966</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AA_zHMnheaZyNnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_892_eus-gaap--ScheduleOfVariableInterestEntitiesTextBlock_zNdRAR4wzbY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amount of the VIE’s assets and liabilities were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zQFexFWDKz4c" style="display: none">SCHEDULE OF VARIABLE INTEREST ENTITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_z5lVlw6Fn3tc" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zI4DBiW68nWg" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsCurrent_iI_zUmQYchAUCB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,350</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,850</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesCurrent_iNI_di_zZSjd8BHuSs8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(43,512</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51,272</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--StockholdersEquity_iI_z24RgFPig1Bj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net deficit</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,162</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,422</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zIZ5onYFsdw1" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zEYYv5IBQbTb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_ztcWNesxOZqa" style="vertical-align: bottom; background-color: White"> <td style="width: 64%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">17,493</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PrepaidTaxes_iI_z00YJcaIpYid" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid taxes</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,741</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsCurrent_iI_zUgacGYqQEni" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current assets</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,350</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_zSSpL7fZ4Wy3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable – intercompany</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">49,724</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--OtherPayablesRelatedPartyCurrent_iI_zCiPzH9XUjbi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other payables and accrued liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,090</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,548</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_iI_zRheyKpvRmF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,512</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,272</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--StockholdersEquity_iI_zKO7drUZdXNc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net deficit</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,162</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,422</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The summarized operating results of the VIE’s are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49D_20220101__20221231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_zxKoIUlQxhh4" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_495_20210101__20211231__us-gaap--TradingActivityByTypeAxis__us-gaap--VariableIncomeInterestRateMember_z0QiRSbSOepl" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z2Fz4S6CfAZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating revenues</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0846">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--GrossProfit_zkzi7RwfRXOj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0848">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_ztX6z0oXxJq4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(9,432</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(21,966</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zV42ojDKQhxc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(9,432</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(27,966</td><td style="text-align: left">)</td></tr> </table> 3350 18850 43512 51272 -40162 -32422 1609 17493 1741 1357 3350 18850 42422 49724 1090 1548 43512 51272 -40162 -32422 -9432 -21966 -9432 -27966 <p id="xdx_80C_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_zujFwGP2qic1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_821_z5dqFc3yMcj7">CASH AND CASH EQUIVALENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As of December 31, 2022 and 2021 the Company had $<span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20221231_zoEHWX9rirq" title="Cash and cash equivalents">1,438,430</span> and $<span id="xdx_90F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20211231_zVjM6SiekJTc" title="Cash and cash equivalents">2,597,848</span>, respectively, of cash and cash equivalents, which consisted of $<span id="xdx_90B_eus-gaap--Cash_iI_pp0p0_c20221231_z71GEdb78pQ8" title="Cash in bank">513,152</span> and $<span id="xdx_904_eus-gaap--Cash_iI_pp0p0_c20211231_zDOvVNzzIluj" title="Cash in bank">554,864</span>, respectively, of cash in banks and </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90A_eus-gaap--TimeDeposits_iI_pp0p0_c20221231_zW7yV59dKgF2" title="Time deposits">914,811</span> <span style="background-color: white">and $</span><span id="xdx_90B_eus-gaap--TimeDeposits_iI_pp0p0_c20211231_zYIsVeV1EV43" title="Time deposits">1,975,347</span><span style="background-color: white">, respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranges between <span id="xdx_90E_eus-gaap--PercentageOfInterestBearingDomesticDepositsToDepositsTimeDeposits_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MinimumMember_zR1NmRU1EC6l" title="Percentage of Interest rate for time deposits">1.10</span>% to <span id="xdx_902_eus-gaap--PercentageOfInterestBearingDomesticDepositsToDepositsTimeDeposits_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MaximumMember_zMZ80BAaKbdj" title="Percentage of Interest rate for time deposits">1.88</span>% per annum. As of December 31, 2022 and 2021, $<span id="xdx_90D_eus-gaap--TimeDepositLiabilityUninsured_iI_c20221231_zJ1saXAIpPp3" title="Time deposit uninsured">231,187</span> and $<span id="xdx_90C_eus-gaap--TimeDepositLiabilityUninsured_iI_c20211231_zbUkhuYIUSC4" title="Time deposit uninsured">295,761</span> of these balances are not covered by deposit insurance, respectively.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1438430 2597848 513152 554864 914811 1975347 0.0110 0.0188 231187 295761 <p id="xdx_800_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_z5Q2QJxfsYv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>5. <span id="xdx_82E_zelRnHFzaVRk">ACCOUNTS RECEIVABLE </span></b></span></p> <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zovZssHaUBh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B8_z2Lb6cEO3jPb" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLES - RELATED PARTY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20221231_zhuxswMdXScl" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20211231_z4sPQYFIQRLk" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableGrossCurrent_iI_pp0p0_maARAARzRRC_zWvEKK9iCda2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0884">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_msARAARzRRC_zGbqLTZYDSq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance for doubtful accounts</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0886">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_iTI_pp0p0_mtARAARzRRC_zbtUjgGqE52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,826</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0890">-</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AB_zGmGdYx9q2ai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zovZssHaUBh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B8_z2Lb6cEO3jPb" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLES - RELATED PARTY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20221231_zhuxswMdXScl" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20211231_z4sPQYFIQRLk" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableGrossCurrent_iI_pp0p0_maARAARzRRC_zWvEKK9iCda2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0884">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_msARAARzRRC_zGbqLTZYDSq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance for doubtful accounts</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0886">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_iTI_pp0p0_mtARAARzRRC_zbtUjgGqE52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,826</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0890">-</span></td><td style="text-align: left"> </td></tr> </table> 2826 2826 <p id="xdx_808_eus-gaap--InventoryDisclosureTextBlock_zr9utPAPg9zl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_82B_z3iOu7BmGgsd">INVENTORIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zotCKPgQXxv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zU8B3QydgPDg" style="display: none">SCHEDULE OF INVENTORIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td id="xdx_49A_20221231_zBaRxb2sOesg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td id="xdx_49E_20211231_zRW16l6SN7Ne" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; width: 64%"> </td><td style="text-align: center; width: 2%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; text-align: center">2022</td><td style="width: 1%; font-weight: bold; text-align: center"> </td><td style="text-align: center; width: 2%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; text-align: center">2021</td><td style="width: 1%; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryFinishedGoods_iI_zyTB0EwcnZd5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finished goods</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,277</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">375,535</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A1_zEjWgesrU6ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2022 and 2021, the Company recognized $<span id="xdx_907_ecustom--InventriesWriteDown_c20220101__20221231_z7U9hW7hyrbl" title="Inventory write-down">5,307</span> and $<span id="xdx_90A_ecustom--InventriesWriteDown_c20210101__20211231_zViZNDF5OAfg" title="Inventory write-down">36,241</span> inventory write-down; and $<span id="xdx_907_ecustom--InventoryWriteOff_pp0p0_c20220101__20221231_zsc1Be2WkdCl" title="Inventory write-off">142,466</span> and $<span id="xdx_907_ecustom--InventoryWriteOff_pp0p0_dxL_c20210101__20211231_zarA66562s99" title="Inventory write- off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0905">0</span></span> inventory write-off, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zotCKPgQXxv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zU8B3QydgPDg" style="display: none">SCHEDULE OF INVENTORIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td id="xdx_49A_20221231_zBaRxb2sOesg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td id="xdx_49E_20211231_zRW16l6SN7Ne" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; width: 64%"> </td><td style="text-align: center; width: 2%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; text-align: center">2022</td><td style="width: 1%; font-weight: bold; text-align: center"> </td><td style="text-align: center; width: 2%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; text-align: center">2021</td><td style="width: 1%; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryFinishedGoods_iI_zyTB0EwcnZd5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finished goods</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,277</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">375,535</td><td style="text-align: left"> </td></tr> </table> 46277 375535 5307 36241 142466 <p id="xdx_80E_ecustom--PrepaymentsAndDepositsTextBlock_zL7cdHSwwqG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>7. <span id="xdx_82B_zwdyY1bfdqs3">PREPAYMENTS AND DEPOSITS</span></b></span></p> <p id="xdx_89F_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zjdtaEGFgsBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_z5pL7RUdAnWe" style="display: none">SCHEDULE OF PREPAID EXPENSES AND DEPOSITS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49F_20221231_zR4XRYcqQTfj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20211231_znAMLzPN5TLh" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--ReceivablesFromSalesDistributors_iI_maCzFPV_zCUi5vUgbfJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Receivables from sales distributors</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">43,596</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">115,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DepositsToSupplier_iI_maCzFPV_zi1WAsQlc8J2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits to suppliers</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">147,504</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">301,233</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--PrepaidExpensesGross_iTI_maCzxAt_mtCzFPV_zx851PNPzPR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iNI_di_msCzxAt_ztK47EHkLdij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Provision for doubtful accounts</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(121,095</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtCzxAt_zh5aznB2iZWf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">191,100</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">295,517</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_z4IuqImDPMVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zRnLg89Y2iH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movements of allowance for doubtful accounts are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zIuXxCkXFkB3" style="display: none">SCHEDULE OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_499_20220101__20221231_zIMzlTah3pX8" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_494_20210101__20211231_zjYgUiIl1ba1" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_z8IiVjZTcvd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">121,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zjRhyxAeJhv8" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0931">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,514</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_di_zhkfGqoOLAC9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Write off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,372</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AllowanceForDoubtfulAccountsReceivableExchangeRateEffect_zkAodHvfNy97" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exchange rate effect</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(723</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(419</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_zXdLcLP2wUDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ending balance</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0940">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">121,095</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AD_zSoJ7RFXnWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zjdtaEGFgsBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_z5pL7RUdAnWe" style="display: none">SCHEDULE OF PREPAID EXPENSES AND DEPOSITS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49F_20221231_zR4XRYcqQTfj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20211231_znAMLzPN5TLh" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--ReceivablesFromSalesDistributors_iI_maCzFPV_zCUi5vUgbfJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Receivables from sales distributors</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">43,596</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">115,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DepositsToSupplier_iI_maCzFPV_zi1WAsQlc8J2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits to suppliers</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">147,504</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">301,233</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--PrepaidExpensesGross_iTI_maCzxAt_mtCzFPV_zx851PNPzPR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iNI_di_msCzxAt_ztK47EHkLdij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Provision for doubtful accounts</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(121,095</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtCzxAt_zh5aznB2iZWf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">191,100</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">295,517</td><td style="text-align: left"> </td></tr> </table> 43596 115379 147504 301233 191100 416612 121095 191100 295517 <p id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zRnLg89Y2iH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movements of allowance for doubtful accounts are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zIuXxCkXFkB3" style="display: none">SCHEDULE OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_499_20220101__20221231_zIMzlTah3pX8" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_494_20210101__20211231_zjYgUiIl1ba1" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_z8IiVjZTcvd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">121,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zjRhyxAeJhv8" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0931">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,514</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_di_zhkfGqoOLAC9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Write off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,372</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AllowanceForDoubtfulAccountsReceivableExchangeRateEffect_zkAodHvfNy97" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exchange rate effect</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(723</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(419</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_zXdLcLP2wUDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ending balance</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0940">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">121,095</td><td style="text-align: left"> </td></tr> </table> 121095 121514 120372 -723 -419 121095 <p id="xdx_802_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zrLPbDAFgTHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_820_ztxby9rdsA99">PROPERTY AND EQUIPMENT, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmRWPBeyI347" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B0_zJYY8Y96jaqi" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_490_20221231_zmnDw4egigNj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_494_20211231_zGSBwYf9jRr2" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zJTZVLonUMl7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computer and office equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">87,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">82,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zT3bDv62yQu" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture &amp; fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,185</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7Y6kVTFQ22b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202,570</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehicleMember_zP6q3kqDHDz3" style="vertical-align: bottom; background-color: White"> <td>Vehicle</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">93,535</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">98,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz5ZB_zuXLsaldfBp1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">488,717</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">505,755</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz5ZB_zNaotftUy1eb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(346,568</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(289,956</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz5ZB_zrGBUIeqXFsg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">142,149</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">215,799</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A3_zD5zv4BXkAT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense for the years ended December 31, 2022 and 2021 amounted to $<span id="xdx_90F_eus-gaap--Depreciation_pp0p0_c20220101__20221231_zM1cQJCYtDqb" title="Depreciation">71,754</span> and $<span id="xdx_905_eus-gaap--Depreciation_pp0p0_c20210101__20211231_zo7fj0jzidFd" title="Depreciation">75,797</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89D_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmRWPBeyI347" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B0_zJYY8Y96jaqi" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_490_20221231_zmnDw4egigNj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_494_20211231_zGSBwYf9jRr2" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zJTZVLonUMl7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computer and office equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">87,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">82,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zT3bDv62yQu" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture &amp; fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,185</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7Y6kVTFQ22b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202,570</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehicleMember_zP6q3kqDHDz3" style="vertical-align: bottom; background-color: White"> <td>Vehicle</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">93,535</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">98,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz5ZB_zuXLsaldfBp1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">488,717</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">505,755</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz5ZB_zNaotftUy1eb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(346,568</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(289,956</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz5ZB_zrGBUIeqXFsg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">142,149</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">215,799</td><td style="text-align: left"> </td></tr> </table> 87428 82298 115789 122185 191965 202570 93535 98702 488717 505755 346568 289956 142149 215799 71754 75797 <p id="xdx_804_eus-gaap--IntangibleAssetsDisclosureTextBlock_zOgdM8JyWVQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_824_zz8jNBrDFqp3">INTANGIBLE ASSETS, NET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zm6UnzTggnt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B7_zKqIDuKePe73" style="display: none">SCHEDULE OF INTANGIBLE ASSETS, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20221231_zd7VedRq0D5k" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20211231_zZxbckCQ0w9a" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareGross_iI_maCzFod_zrusbEBApco5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computer software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">55,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">34,453</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msCzFod_z66goRzTWTG3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: accumulated amortization</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,304</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,793</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtCzFod_z4FectFsIhM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,044</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,660</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_zB0qHIgrTsH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expense for the years ended December 31, 2022 and 2021 amounted to $<span id="xdx_90B_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20220101__20221231_zIgF3JYdbu8e" title="Amortization expense">2,122</span> and $<span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20210101__20211231_zqKFeWR6wLd" title="Amortization expense">1,961</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zm6UnzTggnt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net, consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B7_zKqIDuKePe73" style="display: none">SCHEDULE OF INTANGIBLE ASSETS, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20221231_zd7VedRq0D5k" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_493_20211231_zZxbckCQ0w9a" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareGross_iI_maCzFod_zrusbEBApco5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computer software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">55,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">34,453</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msCzFod_z66goRzTWTG3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: accumulated amortization</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,304</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,793</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtCzFod_z4FectFsIhM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,044</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,660</td><td style="text-align: left"> </td></tr> </table> 55348 34453 31304 30793 24044 3660 2122 1961 <p id="xdx_807_ecustom--InvestmentInMarketableSecuritiesTextBlock_z0A1AgtbWSb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_825_zQvuOqi8GWOf">INVESTMENT IN MARKETABLE SECURITIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 17, 2018, the Company purchased <span id="xdx_90F_eus-gaap--InvestmentOwnedBalanceShares_iI_c20180517__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zm3gQDiLDcnd" title="Investment owned, balance, shares">83,333</span> shares of common stock in Greenpro Capital Corp. for $<span id="xdx_901_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20180517__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zPpH4oOHXtm5" title="Investment owned, balance, value">500,000</span> at a purchase price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20180517__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zaXyI8H7SnVi" title="Shares issued, price per share">6</span> per share.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 30, 2018, the Company disposed <span id="xdx_909_eus-gaap--InvestmentOwnedBalanceShares_iI_c20180730__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zvuOhS2JZVSl" title="Investment owned, balance, shares">20</span> shares of common stock in Greenpro Capital Corp. for $<span id="xdx_90A_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20180730__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zdZKwuzNtYd8" title="Investment owned, balance, value">125</span> at a purchase price of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20180730__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zgN0fw7pBxag" title="Shares issued, price per share">6.2613</span> per share.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 16, 2018, the Company purchased <span id="xdx_90C_eus-gaap--InvestmentOwnedBalanceShares_iI_c20181016__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zDqIWuJmaEa3" title="Investment owned, balance, shares">33,333</span> shares of common stock in Greenpro Capital Corp. for $<span id="xdx_902_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20181016__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zPi6lcUs4Eil" title="Investment owned, balance, value">1,000</span> at a purchase price of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20181016__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zXS2rwZJaCV1" title="Shares issued, price per share">0.03</span> per share.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 19, 2022, Greenpro Capital Corp. filed a certificate of change with the Secretary of State of Nevada to effect a reverse split of <span id="xdx_907_eus-gaap--StockholdersEquityReverseStockSplit_c20220718__20220719_zwSn4r44Kra3" title="Stockholders equity reverse stock split">the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company. As at July 28, 2022, the Company has an investment of <span id="xdx_90B_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zTMsWNH24c05" title="Investment owned, balance shares">116,646</span> common stock of Greenpro Capital Corp. The Company’s investment of <span id="xdx_908_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zQRIGxFVY9ee" title="Investment owned, balance shares">116,646</span> common stock of Greenpro Capital Corp. was reduced to <span id="xdx_90D_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20220719__dei--LegalEntityAxis__custom--GreenproCapitalCorpMember_zCB09Nfj7Ke8" title="Investment owned, balance shares">11,665</span> subsequent to the reverse stock split.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 3, 2020, the Company received dividend of <span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_c20201103__dei--LegalEntityAxis__custom--DSwissIncMember_zMIsUacusxo1" title="Investment owned, balance shares">6,667</span> shares of common stock in DSwiss, Inc. for $<span id="xdx_900_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20201103__dei--LegalEntityAxis__custom--DSwissIncMember_zi5CkLRH6nM" title="Investment amount">76,671</span> at fair value of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20201103__dei--LegalEntityAxis__custom--DSwissIncMember_zK1owfLgr3l9" title="Shares issued, price per share">11.50</span> per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 9, 2020, the Company received dividend of <span id="xdx_90B_eus-gaap--InvestmentOwnedBalanceShares_iI_c20201209__dei--LegalEntityAxis__custom--DSwissIncMember_zdoG7Jk99tql" title="Investment owned, balance shares">16,663</span> shares of common stock in DSwiss, Inc. for $<span id="xdx_902_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20201209__dei--LegalEntityAxis__custom--DSwissIncMember_zFaH5SRmUoFg" title="Investment owned, balance, value">83,315</span> at fair value of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20201209__dei--LegalEntityAxis__custom--DSwissIncMember_zDAfYwC4oh0h" title="Shares issued, price per share">5</span> per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 27, 2021, the Company received dividend of <span id="xdx_906_eus-gaap--InvestmentOwnedBalanceShares_iI_c20210927__dei--LegalEntityAxis__custom--SEATechVenturesCorpMember_zlPcAJsUNjok" title="Investment in securities, shares">11,665</span> shares of common stock in SEATech Ventures Corp. for $<span id="xdx_903_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20210927__dei--LegalEntityAxis__custom--SEATechVenturesCorpMember_z2f9vVLdWhfj" title="Investment amount">18,874</span> at fair value of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20210927__dei--LegalEntityAxis__custom--SEATechVenturesCorpMember_zYfgGzL5GgNd" title="Purchased price per shares">1.62</span> per share from Greenpro Capital Corp as a dividend income since Greenpro Capital Corp previously owned these shares.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 3, 2019, the Company purchased a <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zEurJrkWfvL3" title="Equity interest percentage">5</span>% of stock or <span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20190403__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zsZQVTglfUF9" title="Shares purchased during period">15,000,000</span> shares of common stock in Phoenix Plus Corp. (a non-marketable security) for $<span id="xdx_909_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zOek7wSfajpe" title="Investment amount">1,500</span> at purchase price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_z97OVMGsYqx8" title="Shares issued price per share">0.0001</span> per share. Phoenix Plus Corp. obtained approval for Depository Trust Company eligibility on April 26, 2022. Since the commencement of trading of common stock of Phoenix Plus Corp. on May 18, 2022, to March 9, 2023, there were only <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210518__20230309__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyLc59iB1OHd" title="Stock issued during peirod shares new issues">200</span> shares of common stock of the company traded. The Company deems there is an absence of a readily determinable fair value of the common stock of Phoenix Plus Corp. and has continued to value its investment in the company Phoenix Plus Corp. at cost.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. INVESTMENT IN MARKETABLE SECURITIES (CONT’D)</b></span></p> <p id="xdx_895_eus-gaap--MarketableSecuritiesTextBlock_zuGzrtr9rAUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> <span id="xdx_8B0_zN99PDRxKP02" style="display: none">SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20221231_z4RIpzJXVA29" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20211231_z8xbbM4gX3Kf" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_maMSNzd9C_zzkch15ow0Z2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Cost of investment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">89,001</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">577,035</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--TransferFromNonmarketableSecurity_iNI_pp0p0_di_msMSNzd9C_z4pyxkB70cWa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfer from non-marketable security</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InvestmentsIncomeDividend_iNI_pp0p0_di_msMSNzd9C_z4XWyTJDvR08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend income from Greenpro Capital Corp.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1053">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,939</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--MarketableSecuritiesUnrealizedHoldingLoss_iNI_pp0p0_di_msMSNzd9C_z67Y6b3K59S7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized holding loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,519</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(505,231</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--ExchangeRateEffectOnInvestmentInMarketableSecurites_iI_pp0p0_maMSNzd9C_zA1iT4Zoqkrc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exchange rate effect</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(295</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,742</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--MarketableSecuritiesNoncurrent_iTI_pp0p0_mtMSNzd9C_zQpdBZmA4Cng" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investment in marketable securities</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,687</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,001</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A6_zJcQxpLuKbL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 83333 500000 6 20 125 6.2613 33333 1000 0.03 the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company. As at July 28, 2022, the Company has an investment of 116,646 common stock of Greenpro Capital Corp. The Company’s investment of 116,646 common stock of Greenpro Capital Corp. was reduced to 11,665 subsequent to the reverse stock split. 116646 116646 11665 6667 76671 11.50 16663 83315 5 11665 18874 1.62 0.05 15000000 1500 0.0001 200 <p id="xdx_895_eus-gaap--MarketableSecuritiesTextBlock_zuGzrtr9rAUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> <span id="xdx_8B0_zN99PDRxKP02" style="display: none">SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20221231_z4RIpzJXVA29" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20211231_z8xbbM4gX3Kf" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_maMSNzd9C_zzkch15ow0Z2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Cost of investment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">89,001</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">577,035</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--TransferFromNonmarketableSecurity_iNI_pp0p0_di_msMSNzd9C_z4pyxkB70cWa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfer from non-marketable security</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InvestmentsIncomeDividend_iNI_pp0p0_di_msMSNzd9C_z4XWyTJDvR08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend income from Greenpro Capital Corp.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1053">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,939</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--MarketableSecuritiesUnrealizedHoldingLoss_iNI_pp0p0_di_msMSNzd9C_z67Y6b3K59S7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized holding loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,519</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(505,231</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--ExchangeRateEffectOnInvestmentInMarketableSecurites_iI_pp0p0_maMSNzd9C_zA1iT4Zoqkrc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exchange rate effect</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(295</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,742</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--MarketableSecuritiesNoncurrent_iTI_pp0p0_mtMSNzd9C_zQpdBZmA4Cng" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investment in marketable securities</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,687</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,001</td><td style="text-align: left"> </td></tr> </table> 89001 577035 -1500 -18939 73519 505231 -295 -1742 16687 89001 <p id="xdx_80E_ecustom--InvestmentInNonMarketableSecuritiesTextBlock_zkjqdsvXMPd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_823_zaEyLiz194h2">INVESTMENT IN NON-MARKETABLE SECURITIES</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 3, 2019, the Company purchased a <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zPQsOu2Iphhc" title="Equity interest percentage">5</span>% of stock or <span id="xdx_903_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20190403__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zG44J5ACcI84" title="Shares purchased during period">15,000,000</span> shares of common stock in Phoenix Plus Corp. for $<span id="xdx_909_eus-gaap--InvestmentOwnedAtCost_iI_pp0p0_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zyyjs0mRv6ef" title="Investment amount">1,500</span> at purchase price of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20190403__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixPlusCorpMember_zzAKlWVf0qhc" title="Shares issued price per share">0.0001</span> per share. Phoenix Plus Corp. attained its effective date with the Securities Exchange Commission for listing on OTC (Pink Sheet), U.S. on March 12, 2021, and obtained approval for Depository trust Company (“DTC”) eligibility on April 26, 2022. Accordingly, stocks of Phoenix Plus Corp. can be traded on OTC. As such the investment in Phoenix Plus Corp. was transferred to marketable securities.</span></p> <p id="xdx_89E_ecustom--NonMarketableSecuritiesTableTextBlock_zBFVNM9h6jw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zsjdkcg96i46" style="display: none">SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Phoenix Plus Corporation</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20221231__dei--LegalEntityAxis__custom--PhoenixPlusCorpMember_zXXHcTFvwT4a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20211231__dei--LegalEntityAxis__custom--PhoenixPlusCorpMember_zdReaiw7n5o9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Phoenix Plus Corporation</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentOwnedAtCost_iI_maIINMSz0ls_zigDTIRmqOR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Cost of investment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--TransferToInvestmentInMarketableSecurities_iNI_di_msIINMSz0ls_zpVXZpw00J8a" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Less: Transfer to investment in marketable securities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,500</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1081">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InvestmentInNonMarketableSecuritiesNoncurrent_iTI_mtIINMSz0ls_z1Uxjbfm9Z17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment in non-marketable securities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,500</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_z76k0VA2FEzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> 0.05 15000000 1500 0.0001 <p id="xdx_89E_ecustom--NonMarketableSecuritiesTableTextBlock_zBFVNM9h6jw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zsjdkcg96i46" style="display: none">SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Phoenix Plus Corporation</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20221231__dei--LegalEntityAxis__custom--PhoenixPlusCorpMember_zXXHcTFvwT4a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20211231__dei--LegalEntityAxis__custom--PhoenixPlusCorpMember_zdReaiw7n5o9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Phoenix Plus Corporation</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentOwnedAtCost_iI_maIINMSz0ls_zigDTIRmqOR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Cost of investment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--TransferToInvestmentInMarketableSecurities_iNI_di_msIINMSz0ls_zpVXZpw00J8a" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Less: Transfer to investment in marketable securities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,500</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1081">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InvestmentInNonMarketableSecuritiesNoncurrent_iTI_mtIINMSz0ls_z1Uxjbfm9Z17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment in non-marketable securities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,500</td><td style="text-align: left"> </td></tr> </table> 1500 1500 1500 1500 <p id="xdx_809_ecustom--CustomerDepositsTextBlock_zBHnnqeVa9Ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>12. <span id="xdx_826_zQES4THSnK8l">CUSTOMER DEPOSITS</span></b></p> <p id="xdx_89D_ecustom--CustomerDepositsTableTextBlock_zHhQaYUa9k5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b> <span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF CUSTOMER DEPOSITS</span></b></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20221231_zow2nIkKZI36" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20211231_zTv7W3RRpuqb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--CustomerDeposits_iI_zwD3eV7Y1YXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Customer deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">289,487</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">273,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--UnexpiredProductCoupons_iI_zpZlYuDLeHh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unexpired product coupons</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">73,531</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DepositLiabilityCurrent_iI_zI1umsyIVJ32" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">363,018</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">279,689</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zFeI1mPtS7X2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Customer deposits represent amounts advanced by customers on product orders and unexpired product coupons issued to the Company’s members and distributors of its network marketing business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_ecustom--CustomerDepositsTableTextBlock_zHhQaYUa9k5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b> <span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF CUSTOMER DEPOSITS</span></b></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20221231_zow2nIkKZI36" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20211231_zTv7W3RRpuqb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--CustomerDeposits_iI_zwD3eV7Y1YXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Customer deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">289,487</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">273,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--UnexpiredProductCoupons_iI_zpZlYuDLeHh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unexpired product coupons</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">73,531</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DepositLiabilityCurrent_iI_zI1umsyIVJ32" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">363,018</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">279,689</td><td style="text-align: left"> </td></tr> </table> 289487 273581 73531 6108 363018 279689 <p id="xdx_806_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zgP6LWKYW1vf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_820_zPzlrUUAodIl">OTHER PAYABLES AND ACCRUED LIABILITIES</span></b></span></p> <p id="xdx_899_ecustom--ScheduleOfOtherPayablesAndAccruedLiabilitiesTableTextBlock_z0fAGKnF5AM" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zeSWMrAQEuWa" style="display: none">SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49C_20221231_zQIWaMMhHL12" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49C_20211231_z45F1OSPJsFf" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maOAPAAz1Ku_zI8xwdf6tNn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Professional fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">324,629</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">436,541</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedPromotionExpensesCurrent_iI_pp0p0_maOAPAAz1Ku_zK1vqfScw7Ti" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Promotion expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,583</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maOAPAAz1Ku_zTU3Vl05AfI1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Payroll</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,669</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedSalesCommissionCurrent_iI_pp0p0_maOAPAAz1Ku_zBf7jn2I9sS" style="vertical-align: bottom; background-color: White"> <td>Amounts held in eWallets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">216,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,781</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AccruedTaxPenaltyCurrent_iI_pp0p0_maOAPAAz1Ku_zCTg4hKcqDfa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax penalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableAndOtherAccruedLiabilities_iI_pp0p0_maOAPAAz1Ku_zXbRWJ730LGf" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,852</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">64,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--OtherAccountPayableAndAccruedLiabilities_iTI_pp0p0_mtOAPAAz1Ku_zooHneFb6om8" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">713,277</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">858,355</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A6_zRI6cdAor1X9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with the Company. <span id="xdx_90D_ecustom--CommissionPaymentsDescriptions_c20220101__20221231_zMUgKigPDTa4" title="Commission payments descriptions">The eWallet is primarily for the crediting of any commission payment that falls below RM<span id="xdx_90A_eus-gaap--CommissionsPayableToBrokerDealersAndClearingOrganizations_iI_uMYR_c20221231_zWOKq0xTJEDj" title="Comission payable">100</span> (or $22.70).</span> Commission payment exceeding the RM<span id="xdx_901_eus-gaap--ContractWithCustomerAssetGross_iI_uMYR_c20221231_zhZhwRe4j2Va" title="Comission payable, threshold">100</span> threshold shall only be credited into the member’s or distributor’s eWallet upon request. The eWallet functionality allows the members to place new product orders utilizing eWallet available balance and/or request commission payout via multiple payment methods provided that each of the withdrawal amount exceeds RM<span id="xdx_905_eus-gaap--ContractWithCustomerAssetGross_iI_uMYR_c20221231__srt--RangeAxis__srt--MaximumMember_zOG1mfqiYldb" title="Comission payable, threshold">100</span>. Amounts held in eWallets are reflected on the balance sheet as a current liability.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_ecustom--ScheduleOfOtherPayablesAndAccruedLiabilitiesTableTextBlock_z0fAGKnF5AM" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zeSWMrAQEuWa" style="display: none">SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49C_20221231_zQIWaMMhHL12" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49C_20211231_z45F1OSPJsFf" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maOAPAAz1Ku_zI8xwdf6tNn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Professional fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">324,629</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">436,541</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedPromotionExpensesCurrent_iI_pp0p0_maOAPAAz1Ku_zK1vqfScw7Ti" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Promotion expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,583</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maOAPAAz1Ku_zTU3Vl05AfI1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Payroll</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,669</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedSalesCommissionCurrent_iI_pp0p0_maOAPAAz1Ku_zBf7jn2I9sS" style="vertical-align: bottom; background-color: White"> <td>Amounts held in eWallets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">216,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,781</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AccruedTaxPenaltyCurrent_iI_pp0p0_maOAPAAz1Ku_zCTg4hKcqDfa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax penalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableAndOtherAccruedLiabilities_iI_pp0p0_maOAPAAz1Ku_zXbRWJ730LGf" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,852</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">64,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--OtherAccountPayableAndAccruedLiabilities_iTI_pp0p0_mtOAPAAz1Ku_zooHneFb6om8" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">713,277</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">858,355</td><td style="text-align: left"> </td></tr> </table> 324629 436541 38583 36024 21164 22669 216049 223781 75000 75000 37852 64340 713277 858355 The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.70). 100 100 100 <p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zaYfTMIgUOEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. <span id="xdx_826_zBglaasqwYCi">RELATED PARTY BALANCES AND TRANSACTIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount due from related parties</b></span></p> <p id="xdx_897_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zl0oYWLAAj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_z727ztZuIZn6" style="display: none">SCHEDULE OF RELATED PARTIES</span></span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">TH3 Technology Sdn Bhd (“TH3”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_ziLC6cF8O0Hb" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zzSz5d5bIqm9" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center">Prepayment of IT expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zZAUIMTT8fOj" style="width: 14%; text-align: right" title="Due from related parties">1,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zukwEs1YngT4" style="width: 14%; text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1142">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z0694WTKbtY1" title="Relationship"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zeZmlYSi7375" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Deposits for products</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">purchases</p></td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zwDZUnOh83dc" style="text-align: right" title="Due from related parties">9,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zByqRivjGxmc" style="text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1150">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Agape ATP (Asia) Limited (“AATP Asia”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zHWmYpA622q9" title="Relationship"><span id="xdx_902_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zP3giNs1HF4d" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of AATP Asia</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zvM7Hh1mF5pj" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zJUFhY5rF4V1" title="Nature">Expenses paid for AATP Asia</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zybPyNfOgw56" style="text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1160">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_ziSokE5HMXP7" style="text-align: right" title="Due from related parties">2,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Hostastay Sdn. Bhd. <br/>“Hostastay”</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_z9WLCOVt2aPa" title="Relationship"><span id="xdx_90F_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_z3VsvnIpOAm2" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_903_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zdj7boQy7Z08" title="Nature"><span id="xdx_906_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zUYOiG4dFOU3" title="Nature">Sublease rent due from Hostastay</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zpXdWXaREyb2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1172">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zXiuGQBFncKe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due from related parties">4,790</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231_zF4oFTU7cPKd" style="border-bottom: Black 2.5pt double; text-align: right" title="Due from related parties">10,534</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231_z5LEII8mzdAe" style="border-bottom: Black 2.5pt double; text-align: right" title="Due from related parties">7,004</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts payable – related parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zerXYsBJD1ta" title="Relationship"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zqorjRRHLqeh" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zIWoggCpvyz9" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zHhxRv48SPpb" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zPFD76jbZAm2" style="width: 14%; text-align: right" title="Accounts payable, related parties, current">25,387</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zNdbULlh8yt8" style="width: 14%; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1190">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zM1z2HcEGkuj" title="Relationship"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z8IOZfRRQTP2" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zc7oweQDOY3f" title="Nature">Purchases of beauty products</span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zfU3NUY42Nfb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Accounts payable, related parties, current">224</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zV5eQ932Q825" style="border-bottom: Black 1.5pt solid; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1200">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231_zGBB1JB6CVq4" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts payable, related parties, current">25,611</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zZAdIF7v7Zaa" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1204">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other payable - related parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zRZjLu2pyuSk" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zC9td5yiQjm1" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zz6M3NDzdZ5d" title="Nature"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zzwxLVUhJ7Gj" title="Nature">Purchase of products for general use</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_z4MvZfHbEqh5" style="width: 14%; text-align: right" title="Due to related parties">2,149</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zEE4fagrL1fd" style="width: 14%; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zjX7ki6BoTY1" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zztblYDJrAed" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_z0iOuRmJMVBf" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zHVZ5TNJC34l" title="Nature">Purchase of products for general use</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_z8Wmhm3hUI43" style="text-align: right" title="Due to related parties">2,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zah7ZUjUINIk" style="text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1228">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Mr. How Kok Choong</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zzfHYp7VfMm6" title="Relationship"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zXbRwDLsk895" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_z6dwnfOeuOqg" title="Nature"><span id="xdx_907_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zGwXo2mC8cKd" title="Nature">Commission expense</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zH4Rwm5s39Og" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due to related parties">584</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zjnTizCPpH8g" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1240">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pdp0_c20221231_zJbx1u9mu5C9" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">4,880</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pdp0_c20211231_zS1BhyQ3Bi9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1244">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purchases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zG9btHnwadC2" title="Relationship"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zauLz8fCZTk7" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zwQlhwdt3st7" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zUTGwGNmJzUi" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zEDJpcz6QUD3" style="width: 14%; text-align: right" title="Purchases">198,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zjNU7dGm447l" style="width: 14%; text-align: right" title="Purchases"><span style="-sec-ix-hidden: xdx2ixbrl1256">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zIGdx9Bw1blh" title="Relationship"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zPFuB2i5T166" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zPv0pPRzwuc6" title="Nature"><span id="xdx_908_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zYrKqkNdAo55" title="Nature">Purchases of beauty products</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zugqbvRWvu3l" style="text-align: right" title="Purchases">3,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zu6p5YJuNohk" style="text-align: right" title="Purchases">718</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zbVboKp0GiI5" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_ziSDJiKeBjU6" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC</span></span>.</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zUuiIpm9PQeb" title="Nature"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zZRPuzBVaJBf" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zjB80Z6q022f" style="border-bottom: Black 1.5pt solid; text-align: right" title="Purchases">124</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zUPPsxbNbbu7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Purchases"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231_zIZqZ8Ed99Nd" style="border-bottom: Black 2.5pt double; text-align: right" title="Purchases">202,475</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231_zx3eXt89sgO2" style="border-bottom: Black 2.5pt double; text-align: right" title="Purchases">718</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other income</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Name of Related</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31,</span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Party</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Relationship</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Nature</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 26%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hostastay Sdn. Bhd.</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 20%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_zqcHbYBaJJmd" style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z2EvLexgEEyc">Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 14%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z1nEmOAMZg66" style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_zAKIFOJ42Gng">Sublease rental income due from Hostastay</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--RelatedPartyOtherIncome_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z6RcmQ3ozwGh" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1290">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--RelatedPartyOtherIncome_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z7nXSW3qZRa4" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif">4,345</span></td> <td style="width: 1%"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--RelatedPartyOtherIncome_pp0p0_c20220101__20221231_zuRLWr8prJsl" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1294">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_ecustom--RelatedPartyOtherIncome_pp0p0_c20210101__20211231_z1H0garr44X9" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif">4,345</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other purchases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zQpS1MGX9God" title="Relationship"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zQ7tlyF1WxH8" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zOB0wRP6Zbwk" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zKuywerER7I5" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zHyk1uIlG5X7" style="width: 14%; text-align: right" title="Other purchases">5,431</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zOJhGebFBwke" style="width: 14%; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1308">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zzmSc7AiZDU9" title="Relationship"><span id="xdx_90D_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zZszxc9zLCci" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z0Wk8Ark1EC9" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zhWXpNnpqXsj" title="Nature">Purchases of beauty products</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z2yPLa3DzNw9" style="text-align: right" title="Other purchases">6,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zXmRjMkWYmi7" style="text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1320">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z5Y8L65Fxfw5" title="Relationship"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zCZxtEuEhEu8" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC.</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z9Arjnl5Pz17" title="Nature"><span id="xdx_903_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z6pp5SD6xYf5" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_zhkqEQynYhXg" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other purchases">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z9pDuZhyXAAd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1332">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231_z76MRFD0m2B9" style="border-bottom: Black 2.5pt double; text-align: right" title="Other purchases">12,323</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231_zkBH9qsQYILf" style="border-bottom: Black 2.5pt double; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1336">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission expense</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Mr. How Kok Choong</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zu0Whq1PIPL8" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_ziKt3iMOZKOf" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zwKUCUPMtWLb" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_z8acQHVXjMAf" title="Nature">Commission expense</span></span></td><td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--SalesCommissionsAndFees_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zDVS0V5gpANk" style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right" title="Commission expense">16,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--SalesCommissionsAndFees_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_znsRavhRLPGj" style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right" title="Commission expense">12,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--SalesCommissionsAndFees_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zLYgWsHkbrUl" style="border-bottom: Black 2.5pt double; text-align: right" title="Commission expense">16,590</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--SalesCommissionsAndFees_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zoRsvIlllO4i" style="border-bottom: Black 2.5pt double; text-align: right" title="Commission expense">12,758</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">TH3 Technology Sdn Bhd (“TH3”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z4iv32kYvk1l" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z0xuXefakGMb" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90E_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zQ6QjExXo1U7" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zXGYWHCDNtCh" title="Nature">IT support services fee</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z8z2j3a0nVPd" style="width: 14%; text-align: right" title="Other expenses">56,450</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zABwXOfX473k" style="width: 14%; text-align: right" title="Other expenses"><span style="-sec-ix-hidden: xdx2ixbrl1364">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Redboy Picture Sdn Bhd (“Redboy”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zTlZ7u9rRIy7" title="Relationship"><span id="xdx_907_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zi3zgmDv7iKd" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the director of Redboy</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_z5yIEWjsXqtd" title="Nature"><span id="xdx_906_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zBJEOcGeyzn" title="Nature">Sponsorship fee</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zQ3qYXMAmiBj" style="text-align: right" title="Other expenses">22,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_z09R8ZOGeew9" style="text-align: right" title="Other expenses">718</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zcFhJLetkZFb" title="Relationship"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zK7nMlKX00y3" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC.</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_z7juN7qEQtMg" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_z82d28JtijVi" title="Nature">Office rental expenses</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zW53VjqvfB7a" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other expenses">21,779</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zHVhurNTFL4a" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other expenses"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--RelatedPartyOtherExpenses_c20220101__20221231_zVoXaAlg39Lf" style="border-bottom: Black 2.5pt double; text-align: right" title="Other expenses">100,915</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyOtherExpenses_c20210101__20211231_zLvySw9yI4bi" style="border-bottom: Black 2.5pt double; text-align: right" title="Other expenses">718</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_zI0eiSIdihIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_897_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zl0oYWLAAj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_z727ztZuIZn6" style="display: none">SCHEDULE OF RELATED PARTIES</span></span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">TH3 Technology Sdn Bhd (“TH3”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_ziLC6cF8O0Hb" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zzSz5d5bIqm9" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center">Prepayment of IT expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zZAUIMTT8fOj" style="width: 14%; text-align: right" title="Due from related parties">1,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zukwEs1YngT4" style="width: 14%; text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1142">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z0694WTKbtY1" title="Relationship"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zeZmlYSi7375" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Deposits for products</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">purchases</p></td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zwDZUnOh83dc" style="text-align: right" title="Due from related parties">9,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zByqRivjGxmc" style="text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1150">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Agape ATP (Asia) Limited (“AATP Asia”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zHWmYpA622q9" title="Relationship"><span id="xdx_902_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zP3giNs1HF4d" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of AATP Asia</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zvM7Hh1mF5pj" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zJUFhY5rF4V1" title="Nature">Expenses paid for AATP Asia</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_zybPyNfOgw56" style="text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1160">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AgapeATPAsiaLimitedMember_ziSokE5HMXP7" style="text-align: right" title="Due from related parties">2,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Hostastay Sdn. Bhd. <br/>“Hostastay”</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_z9WLCOVt2aPa" title="Relationship"><span id="xdx_90F_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_z3VsvnIpOAm2" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_903_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zdj7boQy7Z08" title="Nature"><span id="xdx_906_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zUYOiG4dFOU3" title="Nature">Sublease rent due from Hostastay</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zpXdWXaREyb2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due from related parties"><span style="-sec-ix-hidden: xdx2ixbrl1172">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdMember_zXiuGQBFncKe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due from related parties">4,790</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20221231_zF4oFTU7cPKd" style="border-bottom: Black 2.5pt double; text-align: right" title="Due from related parties">10,534</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231_z5LEII8mzdAe" style="border-bottom: Black 2.5pt double; text-align: right" title="Due from related parties">7,004</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts payable – related parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zerXYsBJD1ta" title="Relationship"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zqorjRRHLqeh" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zIWoggCpvyz9" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zHhxRv48SPpb" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zPFD76jbZAm2" style="width: 14%; text-align: right" title="Accounts payable, related parties, current">25,387</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zNdbULlh8yt8" style="width: 14%; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1190">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zM1z2HcEGkuj" title="Relationship"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z8IOZfRRQTP2" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zc7oweQDOY3f" title="Nature">Purchases of beauty products</span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zfU3NUY42Nfb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Accounts payable, related parties, current">224</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zV5eQ932Q825" style="border-bottom: Black 1.5pt solid; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1200">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20221231_zGBB1JB6CVq4" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts payable, related parties, current">25,611</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zZAdIF7v7Zaa" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts payable, related parties, current"><span style="-sec-ix-hidden: xdx2ixbrl1204">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other payable - related parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">As of December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zRZjLu2pyuSk" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zC9td5yiQjm1" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zz6M3NDzdZ5d" title="Nature"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zzwxLVUhJ7Gj" title="Nature">Purchase of products for general use</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_z4MvZfHbEqh5" style="width: 14%; text-align: right" title="Due to related parties">2,149</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdOneMember_zEE4fagrL1fd" style="width: 14%; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zjX7ki6BoTY1" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zztblYDJrAed" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_z0iOuRmJMVBf" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zHVZ5TNJC34l" title="Nature">Purchase of products for general use</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_z8Wmhm3hUI43" style="text-align: right" title="Due to related parties">2,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdOneMember_zah7ZUjUINIk" style="text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1228">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Mr. How Kok Choong</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zzfHYp7VfMm6" title="Relationship"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zXbRwDLsk895" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_z6dwnfOeuOqg" title="Nature"><span id="xdx_907_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zGwXo2mC8cKd" title="Nature">Commission expense</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zH4Rwm5s39Og" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due to related parties">584</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zjnTizCPpH8g" style="border-bottom: Black 1.5pt solid; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1240">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pdp0_c20221231_zJbx1u9mu5C9" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">4,880</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pdp0_c20211231_zS1BhyQ3Bi9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties"><span style="-sec-ix-hidden: xdx2ixbrl1244">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purchases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zG9btHnwadC2" title="Relationship"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zauLz8fCZTk7" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zwQlhwdt3st7" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zUTGwGNmJzUi" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zEDJpcz6QUD3" style="width: 14%; text-align: right" title="Purchases">198,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsSdnBhdMember_zjNU7dGm447l" style="width: 14%; text-align: right" title="Purchases"><span style="-sec-ix-hidden: xdx2ixbrl1256">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zIGdx9Bw1blh" title="Relationship"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zPFuB2i5T166" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zPv0pPRzwuc6" title="Nature"><span id="xdx_908_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zYrKqkNdAo55" title="Nature">Purchases of beauty products</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zugqbvRWvu3l" style="text-align: right" title="Purchases">3,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zu6p5YJuNohk" style="text-align: right" title="Purchases">718</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_906_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zbVboKp0GiI5" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_ziSDJiKeBjU6" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC</span></span>.</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zUuiIpm9PQeb" title="Nature"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zZRPuzBVaJBf" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zjB80Z6q022f" style="border-bottom: Black 1.5pt solid; text-align: right" title="Purchases">124</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessandLongevityCenterSdnBhdTwoMember_zUPPsxbNbbu7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Purchases"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20220101__20221231_zIZqZ8Ed99Nd" style="border-bottom: Black 2.5pt double; text-align: right" title="Purchases">202,475</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pp0p0_c20210101__20211231_zx3eXt89sgO2" style="border-bottom: Black 2.5pt double; text-align: right" title="Purchases">718</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other income</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Name of Related</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31,</span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Party</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Relationship</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Nature</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 26%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hostastay Sdn. Bhd.</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 20%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_zqcHbYBaJJmd" style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z2EvLexgEEyc">Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 14%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z1nEmOAMZg66" style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_zAKIFOJ42Gng">Sublease rental income due from Hostastay</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--RelatedPartyOtherIncome_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z6RcmQ3ozwGh" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1290">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--RelatedPartyOtherIncome_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HostastaySdnBhdHostastayMember_z7nXSW3qZRa4" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif">4,345</span></td> <td style="width: 1%"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--RelatedPartyOtherIncome_pp0p0_c20220101__20221231_zuRLWr8prJsl" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1294">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_ecustom--RelatedPartyOtherIncome_pp0p0_c20210101__20211231_z1H0garr44X9" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Other income"><span style="font-family: Times New Roman, Times, Serif">4,345</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other purchases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zQpS1MGX9God" title="Relationship"><span id="xdx_904_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zQ7tlyF1WxH8" title="Relationship">The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90A_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zOB0wRP6Zbwk" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zKuywerER7I5" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zHyk1uIlG5X7" style="width: 14%; text-align: right" title="Other purchases">5,431</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CTANutriceuticalsAsiaSdnBhdMember_zOJhGebFBwke" style="width: 14%; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1308">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">DSY Beauty Sdn Bhd (“DSY Beauty”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zzmSc7AiZDU9" title="Relationship"><span id="xdx_90D_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zZszxc9zLCci" title="Relationship">The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z0Wk8Ark1EC9" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zhWXpNnpqXsj" title="Nature">Purchases of beauty products</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_z2yPLa3DzNw9" style="text-align: right" title="Other purchases">6,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYBeautySdnBhdMember_zXmRjMkWYmi7" style="text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1320">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z5Y8L65Fxfw5" title="Relationship"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zCZxtEuEhEu8" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC.</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_901_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z9Arjnl5Pz17" title="Nature"><span id="xdx_903_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z6pp5SD6xYf5" title="Nature">Purchases of products for the provision of complementary health therapies</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_zhkqEQynYhXg" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other purchases">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdMember_z9pDuZhyXAAd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1332">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20220101__20221231_z76MRFD0m2B9" style="border-bottom: Black 2.5pt double; text-align: right" title="Other purchases">12,323</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionOtherPurchasesFromRelatedParty_pp0p0_c20210101__20211231_zkBH9qsQYILf" style="border-bottom: Black 2.5pt double; text-align: right" title="Other purchases"><span style="-sec-ix-hidden: xdx2ixbrl1336">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related party transactions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission expense</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Mr. How Kok Choong</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zu0Whq1PIPL8" title="Relationship"><span id="xdx_903_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_ziKt3iMOZKOf" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_900_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zwKUCUPMtWLb" title="Nature"><span id="xdx_904_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_z8acQHVXjMAf" title="Nature">Commission expense</span></span></td><td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--SalesCommissionsAndFees_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_zDVS0V5gpANk" style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right" title="Commission expense">16,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--SalesCommissionsAndFees_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember_znsRavhRLPGj" style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right" title="Commission expense">12,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--SalesCommissionsAndFees_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zLYgWsHkbrUl" style="border-bottom: Black 2.5pt double; text-align: right" title="Commission expense">16,590</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--SalesCommissionsAndFees_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zoRsvIlllO4i" style="border-bottom: Black 2.5pt double; text-align: right" title="Commission expense">12,758</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-weight: bold; text-align: center">Name of Related</td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Party</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">TH3 Technology Sdn Bhd (“TH3”)</td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 22%; text-align: center"><span id="xdx_90E_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z4iv32kYvk1l" title="Relationship"><span id="xdx_909_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z0xuXefakGMb" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3</span></span></td><td style="width: 2%"> </td> <td style="vertical-align: top; width: 16%; text-align: center"><span id="xdx_90E_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zQ6QjExXo1U7" title="Nature"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zXGYWHCDNtCh" title="Nature">IT support services fee</span></span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_z8z2j3a0nVPd" style="width: 14%; text-align: right" title="Other expenses">56,450</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TH3TechnologySdnBhdMember_zABwXOfX473k" style="width: 14%; text-align: right" title="Other expenses"><span style="-sec-ix-hidden: xdx2ixbrl1364">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Redboy Picture Sdn Bhd (“Redboy”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_908_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zTlZ7u9rRIy7" title="Relationship"><span id="xdx_907_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zi3zgmDv7iKd" title="Relationship">Mr. How Kok Choong, the CEO and director of the Company is also the director of Redboy</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90B_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_z5yIEWjsXqtd" title="Nature"><span id="xdx_906_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zBJEOcGeyzn" title="Nature">Sponsorship fee</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_zQ3qYXMAmiBj" style="text-align: right" title="Other expenses">22,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedboyPictureSdnBhdMember_z09R8ZOGeew9" style="text-align: right" title="Other expenses">718</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">DSY Wellness &amp; Longevity Center Sdn Bhd (“DSYWLC”)</td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_90C_ecustom--RelatedPartiesRelationshipsDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zcFhJLetkZFb" title="Relationship"><span id="xdx_901_ecustom--RelatedPartiesRelationshipsDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zK7nMlKX00y3" title="Relationship">Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC.</span></span></td><td> </td> <td style="vertical-align: top; text-align: center"><span id="xdx_905_ecustom--RelatedPartiesNatureDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_z7juN7qEQtMg" title="Nature"><span id="xdx_90C_ecustom--RelatedPartiesNatureDescription_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_z82d28JtijVi" title="Nature">Office rental expenses</span></span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--RelatedPartyOtherExpenses_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zW53VjqvfB7a" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other expenses">21,779</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyOtherExpenses_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DSYWellnessAndLongevityCenterSdnBhdThreeMember_zHVhurNTFL4a" style="border-bottom: Black 1.5pt solid; text-align: right" title="Other expenses"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top">Total</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--RelatedPartyOtherExpenses_c20220101__20221231_zVoXaAlg39Lf" style="border-bottom: Black 2.5pt double; text-align: right" title="Other expenses">100,915</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyOtherExpenses_c20210101__20211231_zLvySw9yI4bi" style="border-bottom: Black 2.5pt double; text-align: right" title="Other expenses">718</td><td style="text-align: left"> </td></tr> </table> Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 1273 The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd 9261 Mr. How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of AATP Asia Mr. How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of AATP Asia Expenses paid for AATP Asia Expenses paid for AATP Asia 2214 Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021 Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021 Sublease rent due from Hostastay Sublease rent due from Hostastay 4790 10534 7004 The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies Purchases of products for the provision of complementary health therapies 25387 The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 224 25611 The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use Purchase of products for general use 2149 The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use Purchase of products for general use 2147 Mr. How Kok Choong, the CEO and director of the Company Mr. How Kok Choong, the CEO and director of the Company Commission expense Commission expense 584 4880 The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies Purchases of products for the provision of complementary health therapies 198376 The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products Purchases of beauty products 3975 718 Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Purchases of products for the provision of complementary health therapies Purchases of products for the provision of complementary health therapies 124 202475 718 Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021 Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021 Sublease rental income due from Hostastay Sublease rental income due from Hostastay 4345 4345 The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies Purchases of products for the provision of complementary health therapies 5431 The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products Purchases of beauty products 6888 Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC. Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC. Purchases of products for the provision of complementary health therapies Purchases of products for the provision of complementary health therapies 4 12323 Mr. How Kok Choong, the CEO and director of the Company Mr. How Kok Choong, the CEO and director of the Company Commission expense Commission expense 16590 12758 16590 12758 Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 IT support services fee IT support services fee 56450 Mr. How Kok Choong, the CEO and director of the Company is also the director of Redboy Mr. How Kok Choong, the CEO and director of the Company is also the director of Redboy Sponsorship fee Sponsorship fee 22686 718 Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC. Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC. Office rental expenses Office rental expenses 21779 100915 718 <p id="xdx_80D_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zrxrGEATJSG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. <span id="xdx_828_z7H1JaGpStBb">STOCKHOLDERS’ EQUITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Preferred stock</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2021, there were <span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_c20221231_zty6O6HQbxW1" title="Preferred stock, shares authorized"><span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_z9ul9eaResr2" title="Preferred stock, shares authorized">200,000,000</span></span> preferred stocks authorized but <span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_dn_c20221231_zdiZyFzKB8yf" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20221231_zdVAv5pFAaTd" title="Preferred stock, shares outstanding"><span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_iI_dn_c20221231_z4GT5rfxaZz" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20211231_zW5jdvfloTRd" title="Preferred stock, shares outstanding">none</span></span></span></span> were issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Common stock</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2021, there were <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20221231_zNbnPSp1kgW9" title="Common stock, shares authorized"><span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20211231_zSTJp5umnSw" title="Common stock, shares authorized">1,000,000,000</span></span> common stocks authorized, <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20221231_zQBtTzjRuTH3" title="Common stock, shares issued"><span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_z5pPYvDUOk1a" title="Common stock, shares outstanding">75,452,012</span></span> and <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20211231_zMHzMgcbEL9d" title="Common stock, shares issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zYAyTYa7hJok" title="Common stock, shares outstanding">290,460,047</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2021, there were share forfeiture agreements (the “<b>Share Forfeiture Agreements</b>”) between the Company and (i) HKC Talent Limited; (ii) various shareholders of the Company (the “<b>Forfeiting Shareholders</b>”), pursuant to which: (i) HKC Talent Limited had agreed to forfeiture of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongTalentLimitedMember_zm04t01nvDPl" title="Share- based payment arrangement, forfeited">41,750,000</span> shares of common stock of the Company, and (ii) the Forfeiting Shareholders had agreed to forfeiture, in aggregate, <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongTalentLimitedMember__srt--TitleOfIndividualAxis__custom--ShareholdersMember_zN9m5lnyt6ih" title="Share- based payment arrangement, forfeited">44,242,000</span> shares of common stock of the Company. Included in (ii) is <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HKCHoldingsSdnBhdMember_zko4kprwOe7g" title="Share- based payment arrangement, forfeited">11,242,000</span> shares forfeited from HKC Holdings Sdn. Bhd, a company in which <span style="background-color: white">Mr. How Kok Choong, </span>the CEO and director of the Company, is a shareholder. As a result, the outstanding shares was reduced by <span id="xdx_90C_ecustom--ReductionInCommonStockOutstanding_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember_zHPpq9P03LB2" title="Reduction in outstanding shares">85,992,000</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A share forfeiture agreement (the “Share Forfeiture Agreement”) dated January 20, 2022, between the Company and Mr. How Kok Choong, the CEO and director of the Company, pursuant to which Mr. How Kok Choong agreed to forfeit <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_pid_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HowKokChoongTalentLimitedMember_zY1VZhyWHbJl" title="Number of shares forfeited">215,008,035</span> shares of common stock of the Company. As a result, the outstanding shares was reduced by <span id="xdx_903_ecustom--ReductionInCommonStockOutstanding_pid_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--ShareForfeitureAgreementsMember_zBgiQdmVV7u2" title="Reduction in outstanding shares">215,008,035</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_do_c20220101__20221231_z6TOREpaB1j8" title="Potentially dilutive securities outstanding"><span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_do_c20210101__20211231_zzmSUykSSlS9" title="Potentially dilutive securities outstanding">no</span></span> stock options, warrants or other potentially dilutive securities outstanding as of December 31, 2022 and 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 200000000 200000000 0 0 0 0 1000000000 1000000000 75452012 75452012 290460047 290460047 41750000 44242000 11242000 85992000 215008035 215008035 0 0 <p id="xdx_80A_eus-gaap--MinorityInterestDisclosureTextBlock_zRMcY1MqRNO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. <span id="xdx_820_zLo6yEndAVUb">NON-CONTROLLING INTEREST</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_ecustom--ScheduleOfNonControllingInterestTableTextBlock_zItFSSqNjvNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s non-controlling interest consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_zWLqh61alVOc" style="display: none">SCHEDULE OF NON CONTROLLING INTEREST</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_496_20221231_z8n1xYUN2KRc" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_497_20211231_zLxvsRVAtnza" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DSY Wellness:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--NonControllingInterestPaidinCapital_iI_maNCINCzwzX_maNCINCzgCA_ztnQP5spxhD7" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">97</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">97</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NonControllingInterestAccumulatedDeficit_iI_maNCINCzwzX_maNCINCzgCA_zdhlZiZBS117" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accumulated surplus (deficit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,384</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(436</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--NonControllingInterestAccumulatedOtherComprehensiveIncome_iI_maNCINCzwzX_maNCINCzgCA_zamMSBSCAIV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accumulated other comprehensive income</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--NonControllingInterestNonControllingInterestGross_iTI_mtNCINCzgCA_zFjLER4eaPU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Non Controlling interest Gross</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,513</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(336</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--NonControllingInterestAsl_iI_maMIzbTf_zhASwFT68lgk" style="vertical-align: bottom; background-color: White"> <td>ASL</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1452">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1453">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--MinorityInterest_iI_zHlazE5YlbS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,513</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(336</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AC_ztCYbvXrAQb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_ecustom--ScheduleOfNonControllingInterestTableTextBlock_zItFSSqNjvNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s non-controlling interest consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_zWLqh61alVOc" style="display: none">SCHEDULE OF NON CONTROLLING INTEREST</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_496_20221231_z8n1xYUN2KRc" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_497_20211231_zLxvsRVAtnza" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DSY Wellness:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--NonControllingInterestPaidinCapital_iI_maNCINCzwzX_maNCINCzgCA_ztnQP5spxhD7" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">97</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">97</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NonControllingInterestAccumulatedDeficit_iI_maNCINCzwzX_maNCINCzgCA_zdhlZiZBS117" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accumulated surplus (deficit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,384</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(436</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--NonControllingInterestAccumulatedOtherComprehensiveIncome_iI_maNCINCzwzX_maNCINCzgCA_zamMSBSCAIV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accumulated other comprehensive income</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--NonControllingInterestNonControllingInterestGross_iTI_mtNCINCzgCA_zFjLER4eaPU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Non Controlling interest Gross</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,513</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(336</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--NonControllingInterestAsl_iI_maMIzbTf_zhASwFT68lgk" style="vertical-align: bottom; background-color: White"> <td>ASL</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1452">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1453">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--MinorityInterest_iI_zHlazE5YlbS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,513</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(336</td><td style="text-align: left">)</td></tr> </table> 97 97 20384 -436 32 3 20513 -336 20513 -336 <p id="xdx_804_eus-gaap--IncomeTaxDisclosureTextBlock_znvIM9XybCJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. <span id="xdx_829_zeAaJlP7VpZe">INCOME TAXES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zbYrNSfpqOqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The United States and foreign components of loss before income taxes were comprised of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BC_zbw9RcdCJECe" style="display: none">SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20220101__20221231_zILNGugjEUVd" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20210101__20211231_zJModJ8xjfzb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax jurisdictions from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_zEfm59KnFAFd" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Local – United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(736,946</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(706,659</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--MY_zKjnqwH7pae9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign – Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(864,794</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,064,314</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--HK_zEcVHq1RW1wl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign – Hong Kong</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,394</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(616,640</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--HK_zQZ4XU7Pz09d" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign, Tax jurisdictions</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,394</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(616,640</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_ze9d2YDOMzhe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss before income tax</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,670,134</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,387,613</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A5_zuOOqa94XT0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zvnkRDjToTH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The benefit of (provision for) income taxes consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zd1FtMJnpQK1" style="display: none">SCHEDULE OF PROVISION FOR INCOME TAX</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20220101__20221231_zyjO9HHS05l5" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20210101__20211231_zaZTlg3JC3n7" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zMK5QD2RIBb5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_iN_di_maITEBzQW2_z60POG4Cj7X3" style="vertical-align: bottom; background-color: White"> <td style="width: 64%">- Local</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1482">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(22,205</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--CurrentForeignTaxExpenseBenefit_iN_di_maITEBzQW2_zx6jaeMCGMG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>- Foreign</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,962</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(104,735</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zf5oiH7PaL34" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_iN_di_maITEBzQW2_zYXpTW31pcRa" style="vertical-align: bottom; background-color: White"> <td>- Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1492">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_iN_di_maITEBzQW2_zyDwuD45MHn9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>- Foreign</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">15,017</p></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,127</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_iNT_pp0p0_di_mtITEBzQW2_zJnYG9RGYQ28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefit of (Provision for) income taxes</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,055</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(137,067</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AD_zLpr1cFDX1Z3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and its subsidiary that operate in various countries: United States, Malaysia (including Labuan) and Hong Kong that are subject to taxes in the jurisdictions in which they operate, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>United States of America</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP Corporation was incorporated in the State of Nevada and is subject to the tax laws of the United States of America with a corporate tax rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zgJNy2t1B1ze" title="Tax percentage">21</span>% on its taxable income. Agape ATP Corporation also subject to controlled foreign corporations Subpart F income (“Subpart F”) tax, which is a tax primarily on passive income from controlled foreign corporations with a tax rate of <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zz8ClLj2ufX1" title="Tax percentage">35</span>%. <span id="xdx_902_ecustom--TaxRateDescription_c20220101__20221231_ze4PeMh6BJud" title="Tax rate description">In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022 and 2021, the Company’s foreign subsidiaries did not generate any income that were subject to Subpart F tax and GILTI tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. INCOME TAXES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2021, the operations in the United States of America incurred approximately $<span id="xdx_902_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20221231__srt--StatementGeographicalAxis__country--US_zkoq4MMBUwha" title="Operating loss">1,357,000</span> and $<span id="xdx_906_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--US_zWOT89Pcrepf" title="Operating loss">620,000</span>, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income or Subpart F and GILTI taxes. These balances can be carried forward indefinitely. The deferred tax valuation allowance as of December 31, 2022 and 2021 were approximately $<span id="xdx_901_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20221231__srt--StatementGeographicalAxis__country--US_zRO6KfP9duZ3" title="Deferred tax valuation allowance">285,000</span> and $<span id="xdx_90F_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--US_zEoT3y5h8boh" title="Deferred tax valuation allowance">130,000</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2021, the Company re-visited its fiscal 2020 U.S. income taxes and determined its stock dividend from Greenpro Capital Corp as a result of its Spin-off of DSwiss Inc.’s shares in 2020 were subject to Subpart F and GILTI taxes. As a result, the Company incurred additional income taxes expenses of $<span id="xdx_909_eus-gaap--IncomeTaxExpenseBenefit_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zcsImL44TVba" title="Income tax expense benefit">22,205</span>, including interest and penalty of $<span id="xdx_902_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_c20210101__20211231_zmMMvEdraQ5g" title="Income tax examination penalties and interest expense">395</span>, for the year ended December 31, 2021, after utilizing its estimated cumulative net operating losses (“NOL”) of $<span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_c20201231_zE6NfjrRcXk1" title="Cumulative net operating loss">312,608</span> as of December 31, 2020. As a result, the Company’s deferred tax assets of estimated NOL of $<span id="xdx_90C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_c20211231_zsP4YJOKxmHl" title="Deferred tax assets operating loss carryforwards">65,648</span> were fully utilized and reduced to $<span id="xdx_900_ecustom--DeferredTaxAssetsOperatingLossCarryforwardsReducedAmount_iI_c20211231_ztjakd3u7C47" title="Deferred tax assets operating loss carryforwards reduced amount">0</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Malaysia</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes to the Labuan Business Activity Tax Act (LBATA) 1990 which was gazetted and came into operation on January 1, 2019 mandate companies incorporated in Labuan to satisfy the “substantial activity requirements” to qualify for the preferential tax rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20181228__20190102__srt--StatementGeographicalAxis__custom--LabuanMember_zIRsUgxuLdag" title="Effective tax rate">3</span>% on net audited profit. Subsequently, on April 29, 2020, a circular setting out revisions to the “substantial activity requirements” was issued. As Agape ATP Corporation did not maintain a permanent establishment in Labuan, and therefore did not satisfy the said requirements, the company was subjected to tax at <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20181228__20190102__srt--StatementGeographicalAxis__custom--LabuanMember_zk0ogbKW0V3l" title="Taxp percentage">24</span>% on its net audited profit. On June 11, 2021, Agape ATP Corporation made an irrevocable election to be taxed under the Malaysian Income Tax Act 1967 as the elected tax regime is more tax efficient to the entity compare to LBATA.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd and Wellness ATP International Holdings Sdn Bhd. are governed by the income taxes laws of Malaysia and the income taxes provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified 24% enterprise income taxes rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. <span id="xdx_90D_eus-gaap--IncomeTaxExaminationDescription_c20220101__20221231__srt--StatementGeographicalAxis__country--MY_zNZZZmJheaGc" title="Income tax examination, description">The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM <span id="xdx_90C_eus-gaap--AdditionalPaidInCapitalCommonStock_iI_uMYR_c20221231__srt--StatementGeographicalAxis__country--MY_zTn4V3Xr6ZNl" title="Paid in capital">2,500,000</span> or less) is <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--MY_zZ62Snk1qEg1" title="Tax percentage">17</span>% for the first RM <span id="xdx_902_eus-gaap--AdjustmentsToAdditionalPaidInCapitalStockSplit_uMYR_c20220101__20221231__srt--StatementGeographicalAxis__country--MY_z9LaymwvVxAg" title="Additional paid in capital stock split">600,000</span> (or approximately $<span id="xdx_903_eus-gaap--AdjustmentsToAdditionalPaidInCapitalStockSplit_c20220101__20221231__srt--StatementGeographicalAxis__country--MY_zygUhR4xo3nh" title="Additional paid in capital stock split">150,000</span>) for the year ended December 31, 2022 and 2021, with the remaining balance being taxed at the 24% rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2021, the operations in the Malaysia incurred approximately $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20221231__srt--StatementGeographicalAxis__country--MY_zDl4zfqro5ll" title="Operating loss carryforwards">1,723,000</span> and $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--MY_zmekVsOtcVJ2" title="Operating loss carryforwards">946,000</span>, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income. Approximately $<span id="xdx_905_eus-gaap--OperatingLossCarryforwards_iI_c20221231__srt--StatementScenarioAxis__custom--TwoThousandTwentyEightMember_zShKKzS5sOMj" title="Net operating loss carryforward">790,000</span>, $<span id="xdx_907_eus-gaap--OperatingLossCarryforwards_iI_c20221231__srt--StatementScenarioAxis__custom--TwoThousandTwentyNineMember_z4R1I2LYn4i7" title="Operating loss carryforwards">897,000</span> and $<span id="xdx_90A_eus-gaap--OperatingLossCarryforwards_iI_c20221231__srt--StatementScenarioAxis__custom--TwoThousandThirtyMember_zYdQzWPGiCtf" title="Operating loss carryforwards">36,000</span> of the net operating loss carry forwards will expire in 2028, 2029 and 2030, respectively, if unutilized. The deferred tax valuation allowance as of December 31, 2022 and 2021 were approximately $<span id="xdx_904_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20221231__srt--StatementGeographicalAxis__country--MY_zkNcrZV4Sqqd" title="Deferred tax valuation allowance">408,000</span> and $<span id="xdx_907_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--MY_zIIliFXylte7" title="Deferred tax valuation allowance">217,000</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hong Kong</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agape ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--HK_z0iE2ahYAfTl" title="Tax percentage">16.5</span>% on its assessable income derived from Hong Kong. Business income derived or business expenses incurred outside the Special Administrative Region is not subject to Hong Kong Profits Tax or deduction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. INCOME TAXES (CONT’D)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zs7koufBlsPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the local (United States) statutory rates to the Company’s effective tax rate for the periods indicated below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_ztzQ54IozAzh" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20220101__20221231_zHCxR3XC3b55" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20210101__20211231_zgGgyOd8ejc8" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_zYddPEdno3Oc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">U.S. statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 3%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 3%; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_z5DvnDY0tKVa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_dp_uPure_zQNCTYXfjhb5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Differential tax rate in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_uPure_zsrG7A1gpjp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent difference</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">1.2</p></td><td style="text-align: left">%<span id="xdx_F27_zatEtQtRgLT8" style="font-family: Times New Roman, Times, Serif">(1)</span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12.7</td><td style="text-align: left">)%<span id="xdx_F2B_zOwAJzLC1RXf" style="font-family: Times New Roman, Times, Serif">(2)</span></td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_uPure_zXyJa4KL4mx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effective tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.3</td><td style="text-align: left">%        </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(5.7</td><td style="text-align: left">)%      </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised:</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F03_zytERM4xm703" style="display: none; font-family: Times New Roman, Times, Serif">(1)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zOWyPY8rPQ44" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised: (1.0)% being expenses incurred in AATP LB, ASL, SEA and WATP that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--AATPLBASLSEAAndWATPMember_zi6DGrGLC2ag" title="Tax percentage">1.2</span>% being expenses incurred in AATP LB, ASL, SEA and WATP that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised:</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_z2wAecmBq731" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zWKUhUXw4cdk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised: 6.2% being income derived in AATP HK that were not taxable in the Malaysia tax returns; and 6.7% being expenses incurred in AATP LB, ASL, SEA, WATP, and DSY Wellness that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--AATPHKMember_z6xpV1RMQVUj" title="Tax percentage">6.2</span>% being income derived in AATP HK that were not taxable in the Malaysia tax returns; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--AATPLBASLSEAWATPAndDSYMember_zbGeGh7tMbTi" title="Tax percentage">6.5</span>% being expenses incurred in AATP LB, ASL, SEA, WATP, and DSY Wellness that are not deductible in the Malaysia tax return.</span></td></tr> </table> <p id="xdx_8AA_zNnq9UE82us8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zfEpPIcQn1Lf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zWpLBFPc1Dkb" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20221231_zn52KdWrhKTj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_490_20211231_z0VTgYqVbouf" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--US_zVEaoySimCW6" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net operating loss carry forwards in U.S.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">284,959</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">153,061</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--MY_zKdi2QR162R4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net operating loss carry forwards in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,106</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--MY_z1c62vy6Wc2h" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net operating loss carry forwards in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,106</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_c20221231_zoFkfth0N4jk" style="text-align: right" title="Less: valuation allowance">(693,185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_c20211231_zHah2jn5TAA3" style="text-align: right" title="Less: valuation allowance">(380,167</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxLiabilitiesDepreciation_iI_zz9ivyR9T0h9" style="vertical-align: bottom; background-color: White"> <td>Depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1594">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,574</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iNI_di_zrvCGHXA3RVl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1597">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15,574</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AD_zUlQheZGTDob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Uncertain tax positions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As of December 31, 2022 and 2021, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended December 31, 2022 and 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zbYrNSfpqOqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The United States and foreign components of loss before income taxes were comprised of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BC_zbw9RcdCJECe" style="display: none">SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20220101__20221231_zILNGugjEUVd" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20210101__20211231_zJModJ8xjfzb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax jurisdictions from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_zEfm59KnFAFd" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Local – United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(736,946</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(706,659</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--MY_zKjnqwH7pae9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign – Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(864,794</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,064,314</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--HK_zEcVHq1RW1wl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign – Hong Kong</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,394</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(616,640</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_hsrt--StatementGeographicalAxis__country--HK_zQZ4XU7Pz09d" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign, Tax jurisdictions</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,394</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(616,640</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_ze9d2YDOMzhe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss before income tax</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,670,134</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,387,613</td><td style="text-align: left">)</td></tr> </table> -736946 -706659 -864794 -1064314 -68394 -616640 -68394 -616640 -1670134 -2387613 <p id="xdx_89B_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zvnkRDjToTH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The benefit of (provision for) income taxes consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zd1FtMJnpQK1" style="display: none">SCHEDULE OF PROVISION FOR INCOME TAX</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20220101__20221231_zyjO9HHS05l5" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20210101__20211231_zaZTlg3JC3n7" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zMK5QD2RIBb5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_iN_di_maITEBzQW2_z60POG4Cj7X3" style="vertical-align: bottom; background-color: White"> <td style="width: 64%">- Local</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1482">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(22,205</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--CurrentForeignTaxExpenseBenefit_iN_di_maITEBzQW2_zx6jaeMCGMG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>- Foreign</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,962</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(104,735</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zf5oiH7PaL34" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_iN_di_maITEBzQW2_zYXpTW31pcRa" style="vertical-align: bottom; background-color: White"> <td>- Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1492">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_iN_di_maITEBzQW2_zyDwuD45MHn9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>- Foreign</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">15,017</p></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,127</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_iNT_pp0p0_di_mtITEBzQW2_zJnYG9RGYQ28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefit of (Provision for) income taxes</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,055</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(137,067</td><td style="text-align: left">)</td></tr> </table> 22205 10962 104735 -15017 10127 -4055 137067 0.21 0.35 In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied. 1357000 620000 285000 130000 22205 395 312608 65648 0 0.03 0.24 The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 17% for the first RM 600,000 (or approximately $150,000) for the year ended December 31, 2022 and 2021, with the remaining balance being taxed at the 24% rate. 2500000 0.17 600000 150000 1723000 946000 790000 897000 36000 408000 217000 0.165 <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zs7koufBlsPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the local (United States) statutory rates to the Company’s effective tax rate for the periods indicated below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_ztzQ54IozAzh" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20220101__20221231_zHCxR3XC3b55" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20210101__20211231_zgGgyOd8ejc8" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_zYddPEdno3Oc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">U.S. statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 3%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 3%; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_z5DvnDY0tKVa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_dp_uPure_zQNCTYXfjhb5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Differential tax rate in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_uPure_zsrG7A1gpjp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent difference</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">1.2</p></td><td style="text-align: left">%<span id="xdx_F27_zatEtQtRgLT8" style="font-family: Times New Roman, Times, Serif">(1)</span></td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12.7</td><td style="text-align: left">)%<span id="xdx_F2B_zOwAJzLC1RXf" style="font-family: Times New Roman, Times, Serif">(2)</span></td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_uPure_zXyJa4KL4mx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effective tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.3</td><td style="text-align: left">%        </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(5.7</td><td style="text-align: left">)%      </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised:</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F03_zytERM4xm703" style="display: none; font-family: Times New Roman, Times, Serif">(1)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zOWyPY8rPQ44" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised: (1.0)% being expenses incurred in AATP LB, ASL, SEA and WATP that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--AATPLBASLSEAAndWATPMember_zi6DGrGLC2ag" title="Tax percentage">1.2</span>% being expenses incurred in AATP LB, ASL, SEA and WATP that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised:</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_z2wAecmBq731" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zWKUhUXw4cdk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount comprised: 6.2% being income derived in AATP HK that were not taxable in the Malaysia tax returns; and 6.7% being expenses incurred in AATP LB, ASL, SEA, WATP, and DSY Wellness that are not deductible in the Malaysia tax return.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--AATPHKMember_z6xpV1RMQVUj" title="Tax percentage">6.2</span>% being income derived in AATP HK that were not taxable in the Malaysia tax returns; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtICBTQ0hFRFVMRSBPRiBFRkZFQ1RJVkUgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_dp_uPure_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--AATPLBASLSEAWATPAndDSYMember_zbGeGh7tMbTi" title="Tax percentage">6.5</span>% being expenses incurred in AATP LB, ASL, SEA, WATP, and DSY Wellness that are not deductible in the Malaysia tax return.</span></td></tr> </table> 0.210 0.210 -0.229 -0.170 0.010 0.030 0.012 -0.127 0.003 -0.057 0.012 0.062 0.065 <p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zfEpPIcQn1Lf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zWpLBFPc1Dkb" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_49A_20221231_zn52KdWrhKTj" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_490_20211231_z0VTgYqVbouf" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--US_zVEaoySimCW6" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net operating loss carry forwards in U.S.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">284,959</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">153,061</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--MY_zKdi2QR162R4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net operating loss carry forwards in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,106</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_hsrt--StatementGeographicalAxis__country--MY_z1c62vy6Wc2h" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net operating loss carry forwards in Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,106</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_c20221231_zoFkfth0N4jk" style="text-align: right" title="Less: valuation allowance">(693,185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_c20211231_zHah2jn5TAA3" style="text-align: right" title="Less: valuation allowance">(380,167</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxLiabilitiesDepreciation_iI_zz9ivyR9T0h9" style="vertical-align: bottom; background-color: White"> <td>Depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1594">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,574</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iNI_di_zrvCGHXA3RVl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1597">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15,574</td><td style="text-align: left">)</td></tr> </table> 284959 153061 408226 227106 408226 227106 693185 380167 -15574 15574 <p id="xdx_80B_eus-gaap--ConcentrationRiskDisclosureTextBlock_zROLBkIHSamd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. <span id="xdx_821_zlvbAJHpNgn5">CONCENTRATIONS OF RISKS</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Major customers</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2022 and 2021, no customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--NoCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zWKJc4bsj6Uc" title="Concentrations of risk percentage"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--NoCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zAONw3R7qX0b" title="Concentrations of risk percentage">10.0</span></span>% or more of the Company’s total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, five individual customers accounted for approximately <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveIndividualCustomersMember_zBwk0nuBy2zc" title="Concentrations of risk percentage">72.0</span>% of the Company’s balance of accounts receivable. There was no accounts receivable balance as of December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Major vendors</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022, three vendors accounted for approximately <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zfuoGkoRdPA3" title="Concentrations of risk percentage">53.3</span>%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zoZqGJPNUz78" title="Concentrations of risk percentage">22.1</span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zDnV58Jej51h" title="Concentrations of risk percentage">21.3</span>% of the Company’s total purchases. For the year ended December 31, 2021, two vendors accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zQPkwlZce1Z9" title="Concentrations of risk percentage">47.3</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_ziDzEcL0CCl2" title="Concentrations of risk percentage">45.2</span>% of the Company’s total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Via a dividend distribution, the Company acquired <span id="xdx_90E_ecustom--DividendShareForCommonStock_pid_c20210101__20211231__dei--LegalEntityAxis__custom--DSwissIncMember_zca4wE7CywH" title="Dividend share for common stock">23,330</span> shares of common stock of DSwiss, Inc., represents approximately <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DSwissIncMember_zleAnAUhNaJ2" title="Equity method investment ownership percentage">0.01</span>% ownership, that the Company accounted for as investment in marketable securities (See Note 11). DSwiss, Inc.’s wholly owned subsidiary is the vendor that accounted for the Company’s total purchases of approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__srt--MajorCustomersAxis__custom--VendorOneMember__dei--LegalEntityAxis__custom--DSwissIncMember_zusE8A7Yki5d" title="Concentration risk percentage">22.1</span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__srt--MajorCustomersAxis__custom--VendorOneMember__dei--LegalEntityAxis__custom--DSwissIncMember_z5Lx7iFKKLlh" title="Concentration risk percentage">47.3</span>% for the years ended December 31, 2022 and 2021, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, three vendors accounted for approximately <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zBdUEcqmBp4i">46.6</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zsDL8yJK0zxh">25.8</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_z7gJ9lvHSQf2">23.9</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s total balance of accounts payable, respectively. CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zk63rwWeuecd">47</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s total balance of accounts payable. As of December 31, 2021, one vendor accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--OneVendorMember_zhnOu5e2jfLl">100</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the total balance of accounts payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Commission Expenses to Sales Distributors and Stockists</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022, one sales distributor accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__srt--MajorCustomersAxis__custom--OneSalesDistributorMember_zJL3nnPr6syj" title="Concentrations of risk percentage">10.3</span>% of the Company’s total commission expense. For the year ended December 2021, one sales distributor accounted for approximately <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__srt--MajorCustomersAxis__custom--OneSalesDistributorMember_zhaCbealWL3l" title="Concentrations of risk percentage">17.9</span>% of the Company’s total commission expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Credit risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of December 31, 2022 and 2021, $<span id="xdx_901_eus-gaap--Deposits_iI_pp0p0_c20221231_z6mGVwNczc65" title="Deposits">513,152</span> and $<span id="xdx_90F_eus-gaap--Deposits_iI_pp0p0_c20211231_z7vQs6ijMMzl" title="Deposits">554,864</span> were deposited with financial institutions, respectively, $<span id="xdx_908_ecustom--DepositForInsurance_iI_pp0p0_c20221231_zeLPRNuQv3p" title="Deposit for insurance">231,187</span> and $<span id="xdx_900_ecustom--DepositForInsurance_iI_pp0p0_c20211231_zrvdO8zk80Ag" title="Deposit for insurance">295,761</span> of these balances are not covered by deposit insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically, the Company did not have any bad debt on its account receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) Exchange rate risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGAPE ATP CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency expressed in United States Dollars (“US$”), except for number of shares)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.100 0.100 0.720 0.533 0.221 0.213 0.473 0.452 23330 0.0001 0.221 0.473 0.466 0.258 0.239 0.47 1 0.103 0.179 513152 554864 231187 295761 <p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z69LD8AdR3ud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. <span id="xdx_822_zheUq6pXeslf">COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Lease commitments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 1, 2020, the Company adopted ASC 842 for ASL’s office space lease and sales and training center as the lease commencement date upon the acquisition of ASL. The Company recognized lease liabilities of approximately $<span id="xdx_905_eus-gaap--OperatingLeaseLiability_iI_c20200401__us-gaap--BusinessAcquisitionAxis__custom--AgapeSuperiorLivingMember_zHEG7ffirE7f" title="Operating lease liability">490,000</span>, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of <span id="xdx_909_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20200401__us-gaap--BusinessAcquisitionAxis__custom--AgapeSuperiorLivingMember_zsfc97PkyXX" title="Operating lease effective interest rate">5.5</span>%, which was determined using the Company’s estimated incremental borrowing rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2021, the Company entered into two separate two-year leases extension with the modified lease expiring <span id="xdx_902_ecustom--LeaseExpirationTerm_dd_c20210530__20210531_z5HRcpGjQYe4" title="Lease expiration term">May 31, 2023</span> for its office space and expiring <span id="xdx_906_ecustom--LeaseExpirationTerm_dd_c20210530__20210531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TrainingCenterMember_zgWo3XXLKBk4" title="Lease expiration term">August 31, 2023</span> for its training center. The lease modification required the Company to re-measure the ROU assets and lease liabilities based on the modified leases. The Company recognized a reduction of $<span id="xdx_907_ecustom--IncreaseDecreaseInROUAssetsAndLiabilities_iI_c20210531_zMm1KiV1UOf5" title="Reduction in ROU assets and liabilities">3,250</span> in ROU assets and lease liabilities upon lease modifications based on the present value of the future minimum rental payments of the lease, using an effective interest rate of <span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20210531__us-gaap--BusinessAcquisitionAxis__custom--AgapeSuperiorLivingMember_zZFVSgvwkURl" title="Operating lease effective interest rate">5.5</span>%, which was determined using the Company’s estimated incremental borrowing rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On October 1, 2021, the Company entered into a <span id="xdx_90B_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dxL_c20211001_zwO49qHuz3n7" title="Operating lease term::XDX::P2Y"><span style="-sec-ix-hidden: xdx2ixbrl1657">two-years</span></span> lease for an apartment to serve as staff accommodation. The Company recognized lease liabilities of approximately $<span id="xdx_908_eus-gaap--OperatingLeaseLiability_iI_c20211001_zQfxh8uQLN0i" title="Operating lease liability"><span id="xdx_905_eus-gaap--OperatingLeaseRightOfUseAsset_iI_c20211001_zoOOaZ2efkBe" title="Operating right-of-use assets">9,777</span></span>, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of <span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20211001_zi8zLBxgsmve" title="Operating lease effective interest rate">5.5</span>%, which was determined using the Company’s estimated incremental borrowing rate.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On November 1, 2021, the Company entered into a <span id="xdx_90A_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dxL_c20211101_zJeDmQwI3MWk" title="Lease term::XDX::P2Y"><span style="-sec-ix-hidden: xdx2ixbrl1665">two-years</span></span> lease for a branch office and operating centre. The Company recognized lease liabilities of approximately $<span id="xdx_907_eus-gaap--OperatingLeaseLiability_iI_c20211101_zpBUZLZW2Lbh" title="Operating lease liability"><span id="xdx_90D_eus-gaap--OperatingLeaseRightOfUseAsset_iI_c20211101_zgVkR9kWAfa4" title="Operating right-of-use assets">10,864</span></span>, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of <span id="xdx_905_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20211101_zUAmwGr4yWbi" title="Operating lease effective interest rate">5.5</span>%, which was determined using the Company’s estimated incremental borrowing rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As of December 31, 2022, the weighted remaining term of the lease is approximately <span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231__us-gaap--BusinessAcquisitionAxis__custom--AgapeSuperiorLivingMember_zXR7UdCxOVR9" title="Operating lease, weighted average remaining lease term">0.54</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z19xei46SuY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The five-year maturity of the Company’s operating lease liabilities is as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_zPzwct6CWzei" style="display: none">SCHEDULE OF LEASE COMMITMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20221231_zelUUryFsmN9" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Twelve Months Ending December 31,</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating lease liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzA1T_znNAabTgceb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">84,146</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterNextTwelveMonths_iI_pp0p0_maLOLLPzA1T_zVWVdRWGvhwa" style="vertical-align: bottom; background-color: White"> <td>Thereafter</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1679">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzA1T_zr1jivH6QUx5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,146</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zxPaMYfFvuCg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: interest</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,439</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_pp0p0_zbhS2P8SMYie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Present value of lease liabilities</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,707</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AA_zKoWpdy9tLcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also leased one office and operation center, and one shophouse with an expiring term of twelve months or less, which were classified as operation leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of December 31, 2022, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $<span id="xdx_906_eus-gaap--OperatingLeasePayments_c20220101__20221231_zGIFHSAk5Ky1" title="Operating lease payments">567</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rent expense for the years ended December 31, 2022 and 2021 was $<span id="xdx_90C_eus-gaap--OperatingLeaseExpense_pp0p0_c20220101__20221231_zcxO7WDxBHfd" title="Operating lease, expense">190,547</span> and $<span id="xdx_900_eus-gaap--OperatingLeaseExpense_pp0p0_c20210101__20211231_z7CK0VXCjhHg" title="Operating lease, expense">179,562</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia, where the operations of the Company predominantly reside, officially transitioned to the endemic phase of COVID-19 effective April 1, 2022. Restrictions on businesses and people are minimal. Meanwhile, the government continues to encourage inoculation for those between the ages of 5 and 11 years and its adolescent group which comprised those between the ages 12 and 17. Adults who have been fully vaccinated, i.e. received two doses of the COVID-19 vaccine are encouraged to take booster shots.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially all of our revenues are concentrated in Malaysia. Consequently, our results of operations will likely be adversely, and may be materially, affected, to the extent that the COVID-19 or any other epidemic harms the Malaysia and global economy in general. Any potential impact to our results will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 and the actions taken by government authorities and other entities to contain the COVID-19 or treat its impact, almost all of which are beyond our control. Potential impacts include, but are not limited to, the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">temporary closure of offices, travel restrictions, disruption or suspension of supplies, our customers may be negatively impacted financially resulting in which the demand for our products may be adversely affected</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">we may have to provide significant sales incentives to our customers during the outbreak, which may in turn materially adversely affect our financial condition and operating results</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any disruption of our supply chain, logistics providers or customers could adversely impact our business and results of operations, including causing us or our suppliers to cease manufacturing for a period of time or materially delay delivery to our customers, which may also lead to loss of our customers.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because of the uncertainty surrounding the COVID-19 outbreak, the financial impact related to the outbreak of and response to the COVID-19 cannot be reasonably estimated at this time. There is no guarantee that the Company’s total revenues will grow or remain at similar levels year over year in 2023 and beyond.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 490000 0.055 2023-05-31 2023-08-31 3250 0.055 9777 9777 0.055 10864 10864 0.055 P0Y6M14D <p id="xdx_894_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z19xei46SuY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The five-year maturity of the Company’s operating lease liabilities is as follow:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_zPzwct6CWzei" style="display: none">SCHEDULE OF LEASE COMMITMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_498_20221231_zelUUryFsmN9" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Twelve Months Ending December 31,</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating lease liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzA1T_znNAabTgceb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">84,146</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterNextTwelveMonths_iI_pp0p0_maLOLLPzA1T_zVWVdRWGvhwa" style="vertical-align: bottom; background-color: White"> <td>Thereafter</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1679">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzA1T_zr1jivH6QUx5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,146</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zxPaMYfFvuCg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: interest</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,439</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_pp0p0_zbhS2P8SMYie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Present value of lease liabilities</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,707</td><td style="text-align: left"> </td></tr> </table> 84146 84146 1439 82707 567 190547 179562 <p id="xdx_808_eus-gaap--SubsequentEventsTextBlock_zyuucV8ANjb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20. <span id="xdx_824_zM4zIO21U53c">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman PS Std,serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated subsequent events through the date of issuance of this consolidated financial statements, and does not identify any events with material financial impact on the Company’s consolidated financial statements.</span></p> The amount comprised: (1.0)% being expenses incurred in AATP LB, ASL, SEA and WATP that are not deductible in the Malaysia tax return. The amount comprised: 6.2% being income derived in AATP HK that were not taxable in the Malaysia tax returns; and 6.7% being expenses incurred in AATP LB, ASL, SEA, WATP, and DSY Wellness that are not deductible in the Malaysia tax return.