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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
The Quarterly Period Ended June 30, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______________ to _______________
Commission
File Number 333-220144
AGAPE
ATP CORPORATION
(Exact
name of registrant issuer as specified in its charter)
Nevada |
|
36-4838886 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
1705
- 1708, Level 17, Tower 2, Faber Tower, Jalan Desa Bahagia,
Taman
Desa, 58100 Kuala Lumpur, Malaysia.
(Address
of principal executive offices, including zip code)
Registrant’s
phone number, including area code (60) 192230099
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding
twelve months (or shorter period that the registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes
☐ No ☐
APPLICABLE
ONLY TO CORPORATE ISSUERS:
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding
at August 11, 2023 |
Common
Stock, $0.0001 par value |
|
75,452,012 |
TABLE
OF CONTENTS
PART
I FINANCIAL INFORMATION
ITEM
1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
AGAPE
ATP CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
As of | |
| |
June
30, 2023 | | |
December
31, 2022 | |
ASSETS | |
| | |
| |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents (Included $1,146 and $1,609 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) | |
$ | 653,754 | | |
$ | 1,438,430 | |
Accounts receivable | |
| 5,303 | | |
| 2,826 | |
Amount due from related parties | |
| 1,417 | | |
| 10,534 | |
Inventories | |
| 66,056 | | |
| 46,277 | |
Prepaid taxes (Included $1,643 and $1,741 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) | |
| 91,968 | | |
| 339,367 | |
Prepayments and deposits (Included $28 and $0 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) | |
| 122,938 | | |
| 191,100 | |
Total Current Assets | |
| 941,436 | | |
| 2,028,534 | |
| |
| | | |
| | |
OTHER ASSETS | |
| | | |
| | |
Property and equipment, net | |
| 105,674 | | |
| 142,149 | |
Intangible assets, net | |
| 19,728 | | |
| 24,044 | |
Operating right-of-use assets | |
| 284,670 | | |
| 81,133 | |
Investment in marketable securities | |
| 25,331 | | |
| 16,687 | |
Deferred offering costs | |
| 522,062 | | |
| 499,202 | |
Deferred tax assets | |
| 6,382 | | |
| - | |
Total other assets | |
| 963,847 | | |
| 763,215 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 1,905,283 | | |
$ | 2,791,749 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 50,800 | | |
$ | 28,833 | |
Accounts payable – related parties | |
| 19,605 | | |
| 25,611 | |
Customer deposits | |
| 312,189 | | |
| 363,018 | |
Operating lease liabilities | |
| 98,688 | | |
| 82,708 | |
Other payables and accrued liabilities ($1,028 and $1,090 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of June 30, 2023 and December 31, 2022, respectively.) | |
| 475,667 | | |
| 713,277 | |
Other payable – related parties | |
| 1,030 | | |
| 4,880 | |
Income tax payable | |
| 10,350 | | |
| 10,968 | |
Total Current Liabilities | |
| 968,329 | | |
| 1,229,295 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Operating lease liabilities | |
| 186,300 | | |
| - | |
Total Non-current Liabilities | |
| 186,300 | | |
| - | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
$ | 1,154,629 | | |
$ | 1,229,295 | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | |
| - | | |
| - | |
Common Stock, par value $0.0001; 1,000,000,000 shares authorized, 75,452,012 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. | |
| 7,545 | | |
| 7,545 | |
Additional paid in capital | |
| 6,470,716 | | |
| 6,470,716 | |
Accumulated deficit | |
| (5,746,112 | ) | |
| (4,945,586 | ) |
Accumulated other comprehensive income | |
| 11,612 | | |
| 9,266 | |
TOTAL AGAPE CORPORATION STOCKHOLDERS’ EQUITY | |
| 743,761 | | |
| 1,541,941 | |
| |
| | | |
| | |
NON-CONTROLLING INTERESTS | |
| 6,893 | | |
| 20,513 | |
| |
| | | |
| | |
TOTAL EQUITY | |
| 750,654 | | |
| 1,562,454 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 1,905,283 | | |
$ | 2,791,749 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AGAPE
ATP CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended | | |
For the six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
$ | 303,935 | | |
$ | 396,707 | | |
$ | 684,703 | | |
$ | 805,667 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF REVENUE | |
| (107,931 | ) | |
| (109,383 | ) | |
| (236,289 | ) | |
| (182,814 | ) |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 196,004 | | |
| 287,324 | | |
| 448,414 | | |
| 622,853 | |
| |
| | | |
| | | |
| | | |
| | |
SELLING | |
| (64,126 | ) | |
| (79,587 | ) | |
| (140,224 | ) | |
| (194,198 | ) |
COMMISSION | |
| (21,942 | ) | |
| (62,557 | ) | |
| (55,884 | ) | |
| (176,666 | ) |
GENERAL AND ADMINISTRATIVE | |
| (469,469 | ) | |
| (451,363 | ) | |
| (1,065,723 | ) | |
| (830,404 | ) |
TOTAL OPERATING EXPENSES | |
| (555,537 | ) | |
| (593,507 | ) | |
| (1,261,831 | ) | |
| (1,201,268 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (359,533 | ) | |
| (306,183 | ) | |
| (813,417 | ) | |
| (578,415 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER (EXPENSES) INCOME | |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 4,134 | | |
| 1,341 | | |
| 12,500 | | |
| 12,826 | |
Interest income | |
| 1,634 | | |
| 3,526 | | |
| 4,817 | | |
| 8,251 | |
Unrealized holding gain (loss) on marketable securities | |
| 3,790 | | |
| (35,219 | ) | |
| 8,710 | | |
| (52,889 | ) |
Gain on disposal of property and equipment | |
| 1,787 | | |
| - | | |
| 1,787 | | |
| - | |
Exchange loss, net | |
| (33,700 | ) | |
| (67,417 | ) | |
| (34,576 | ) | |
| (83,883 | ) |
TOTAL OTHER EXPENSES, NET | |
| (22,355 | ) | |
| (97,769 | ) | |
| (6,762 | ) | |
| (115,695 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
BENEFIT OF (PROVISION FOR) INCOME TAXES | |
| 2,439 | | |
| (392 | ) | |
| 6,655 | | |
| (8,680 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
| (379,449 | ) | |
| (404,344 | ) | |
| (813,524 | ) | |
| (702,790 | ) |
| |
| | | |
| | | |
| | | |
| | |
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | |
| (4,763 | ) | |
| 10,556 | | |
| (12,998 | ) | |
| 11,207 | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION | |
$ | (374,686 | ) | |
$ | (414,900 | ) | |
$ | (800,526 | ) | |
$ | (713,997 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (379,449 | ) | |
$ | (404,344 | ) | |
$ | (813,524 | ) | |
$ | (702,790 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER COMPREHENSIVE INCOME (LOSS) | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| 269 | | |
| (61,156 | ) | |
| 2,346 | | |
| (73,179 | ) |
| |
| | | |
| | | |
| | | |
| | |
TOTAL COMPREHENSIVE LOSS | |
| (379,180 | ) | |
| (465,500 | ) | |
| (811,178 | ) | |
| (775,969 | ) |
| |
| | | |
| | | |
| | | |
| | |
Less: Comprehensive loss attributable to non-controlling interests | |
| (5,401 | ) | |
| (271 | ) | |
| (13,619 | ) | |
| (270 | ) |
| |
| | | |
| | | |
| | | |
| | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION | |
$ | (373,779 | ) | |
$ | (465,229 | ) | |
$ | (797,559 | ) | |
$ | (775,699 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS PER SHARE | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 75,452,012 | | |
| 75,452,012 | | |
| 75,452,012 | | |
| 100,397,696 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AGAPE
ATP CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF
CHANGES
IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
| |
Number
of shares | | |
Par value | | |
PAID
IN CAPITAL | | |
ACCUMULATED DEFICIT | | |
COMPREHENSIVE INCOME
| | |
CONTROLLING INTERESTS | | |
STOCKHOLDERS’ EQUITY | |
| |
COMMON
STOCK | | |
ADDITIONAL | | |
| | |
ACCUMULATED OTHER | | |
NON- | | |
TOTAL | |
| |
Number
of shares | | |
Par value | | |
PAID
IN CAPITAL | | |
ACCUMULATED DEFICIT | | |
COMPREHENSIVE INCOME
| | |
CONTROLLING INTERESTS | | |
STOCKHOLDERS’ EQUITY | |
Balance
as of December 31, 2021 | |
| 290,460,047 | | |
$ | 29,046 | | |
$ | 6,449,215 | | |
$ | (3,258,687 | ) | |
$ | 93,398 | | |
$ | (336 | ) | |
$ | 3,312,636 | |
Forfeiture
of common stock | |
| (215,008,035 | ) | |
| (21,501 | ) | |
| 21,501 | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (299,097 | ) | |
| - | | |
| 651 | | |
| (298,446 | ) |
Foreign
currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (12,023 | ) | |
| 1 | | |
| (12,022 | ) |
Balance
as of March 31, 2022 | |
| 75,452,012 | | |
$ | 7,545 | | |
$ | 6,470,716 | | |
$ | (3,557,784 | ) | |
$ | 81,375 | | |
$ | 316 | | |
$ | 3,002,168 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (414,900 | ) | |
| - | | |
| 10,556 | | |
| (404,344 | ) |
Foreign
currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (61,156 | ) | |
| (271 | ) | |
| (61,427 | ) |
Balance
as of June 30, 2022 | |
| 75,452,012 | | |
$ | 7,545 | | |
$ | 6,470,716 | | |
$ | (3,972,684 | ) | |
$ | 20,219 | | |
$ | 10,601 | | |
$ | 2,536,397 | |
|
|
COMMON
STOCK |
|
|
ADDITIONAL |
|
|
|
|
|
ACCUMULATED
OTHER |
|
|
NON- |
|
|
TOTAL |
|
|
|
Number
of shares |
|
|
Par
value |
|
|
PAID
IN CAPITAL |
|
|
ACCUMULATED
DEFICIT |
|
|
COMPREHENSIVE
INCOME |
|
|
CONTROLLING
INTERESTS |
|
|
STOCKHOLDERS’
EQUITY |
|
Balance
as of December 31, 2022 |
|
|
75,452,012 |
|
|
$ |
7,545 |
|
|
$ |
6,470,716 |
|
|
$ |
(4,945,586 |
) |
|
$ |
9,266 |
|
|
$ |
20,513 |
|
|
$ |
1,562,454 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(425,840 |
) |
|
|
- |
|
|
|
(8,235 |
) |
|
|
(434,075 |
) |
Foreign
currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,077 |
|
|
|
17 |
|
|
|
2,094 |
|
Balance
as of March 31, 2023 |
|
|
75,452,012 |
|
|
$ |
7,545 |
|
|
$ |
6,470,716 |
|
|
$ |
(5,371,426 |
) |
|
$ |
11,343 |
|
|
$ |
12,295 |
|
|
$ |
1,130,473 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(374,686 |
) |
|
|
- |
|
|
|
(4,763 |
) |
|
|
(379,449 |
) |
Foreign
currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
269 |
|
|
|
(639 |
) |
|
|
(370 |
) |
Balance
as of June 30, 2023 |
|
|
75,452,012 |
|
|
$ |
7,545 |
|
|
$ |
6,470,716 |
|
|
$ |
(5,746,112 |
) |
|
$ |
11,612 |
|
|
$ |
6,893 |
|
|
$ |
750,654 |
|
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AGAPE
ATP CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”)
| |
2023 | | |
2022 | |
| |
For the six months ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (813,524 | ) | |
$ | (702,790 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 36,177 | | |
| 36,661 | |
Amortization | |
| 3,087 | | |
| 897 | |
Amortization of operating right-of-use assets | |
| 78,333 | | |
| 75,241 | |
Unrealized holding (gain) loss on marketable securities | |
| (8,710 | ) | |
| 52,889 | |
Deferred tax (benefit) provision | |
| (6,655 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivables | |
| (2,751 | ) | |
| (214 | ) |
Amount due from related parties | |
| (209 | ) | |
| 2,201 | |
Inventories | |
| (23,013 | ) | |
| 28,790 | |
Prepaid taxes | |
| 238,064 | | |
| 296,219 | |
Prepayments and deposits | |
| 80,651 | | |
| 102,099 | |
Accounts payable | |
| 24,608 | | |
| 7,804 | |
Accounts payable –related parties | |
| (4,758 | ) | |
| 14,407 | |
Customer deposits | |
| (31,655 | ) | |
| (175,936 | ) |
Operating lease liabilities | |
| (79,551 | ) | |
| (75,200 | ) |
Other payables and accrued liabilities | |
| (228,812 | ) | |
| (166,137 | ) |
Other payable – related parties | |
| (3,457 | ) | |
| 2,081 | |
Income tax payable | |
| - | | |
| 5,261 | |
Net cash used in operating activities | |
| (742,175 | ) | |
| (495,727 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of equipment | |
| (6,499 | ) | |
| (750 | ) |
Net cash used in investing activities | |
| (6,499 | ) | |
| (750 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Deferred offering costs | |
| (22,861 | ) | |
| (178,926 | ) |
Net cash used in financing activities | |
| (22,861 | ) | |
| (178,926 | ) |
| |
| | | |
| | |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | |
| (13,141 | ) | |
| (115,008 | ) |
| |
| | | |
| | |
DECREASE IN CASH AND CASH EQUIVALENTS | |
| (784,676 | ) | |
| (790,411 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, beginning of period | |
| 1,438,430 | | |
| 2,597,848 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, end of period | |
$ | 653,754 | | |
$ | 1,807,437 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOWS INFORMATION | |
| | | |
| | |
Income taxes paid | |
$ | 20,849 | | |
$ | 77,117 | |
| |
| | | |
| | |
SUPPLEMENTAL NON-CASH FLOWS INFORMATION | |
| | | |
| | |
Increase in right-of-use assets and lease liabilities due to lease renewal | |
$ | 283,220 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
1.
ORGANIZATION AND BUSINESS BACKGROUND
Agape
ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016.
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.
Agape
ATP Corporation, incorporated in Labuan, Malaysia, is an investment holding company with 100% equity interest in Agape ATP International
Holding Limited (“AATP HK”), a company incorporated in Hong Kong.
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
9,590,596 ordinary shares, no par value, equivalent to approximately 99.99% of the equity interest in Agape Superior Living Sdn. Bhd.,
a network marketing entity incorporated in Malaysia.
Agape
Superior Living Sdn. Bhd. is a limited company incorporated on August 8, 2003, under the laws of Malaysia.
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.
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 60% of the equity interest, to pursue the business of providing
complementary health therapies.
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.
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.
Details
of the Company’s subsidiaries:
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES
| |
Subsidiary company name | |
Place and date of incorporation | |
Particulars of issued capital | |
Principal activities | |
Proportional of ownership interest and voting power held | |
| |
| |
| |
| |
| |
| |
1. | |
Agape ATP Corporation | |
Labuan, March 6, 2017 | |
100 shares of ordinary share of US$1 each | |
Investment holding | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
2. | |
Agape ATP International Holding Limited | |
Hong Kong, June 1, 2017 | |
1,000,000 shares of ordinary share of HK$1 each | |
Wholesaling of health and wellness products; and health solution advisory services | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
3. | |
Agape Superior Living Sdn. Bhd. | |
Malaysia, August 8, 2003 | |
9,590,598 shares of ordinary share of RM1 each | |
Health and wellness products and health solution advisory services via network marketing | |
| 99.99 | % |
| |
| |
| |
| |
| |
| | |
4. | |
Agape S.E.A. Sdn. Bhd. | |
Malaysia, March 4, 2004 | |
2 shares of ordinary share of RM1 each | |
VIE of Agape Superior Living Sdn. Bhd. | |
| VIE | |
| |
| |
| |
| |
| |
| | |
5. | |
Wellness ATP International Holdings Sdn, Bhd | |
Malaysia, September 11, 2020 | |
100 shares of ordinary share of RM1 each | |
The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
6. | |
DSY Wellness International Sdn Bhd. | |
Malaysia, November 11, 2021 | |
1,000 shares of ordinary share of RM1 each | |
Provision of complementary health therapies | |
| 60 | % |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
1.
ORGANIZATION AND BUSINESS BACKGROUND (Continued)
Business
Overview
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.
In
order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99% 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.
Via
ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE
and BEAUNIQUE.
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.
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.
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.
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.
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 60% of the equity interest, to pursue the business of providing complementary health therapies.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
2.
GOING CONCERN
In
assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure
commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure
obligations. Equity financing is used to supplement working capital requirements of the Company.
The
Company’s management has considered whether there is substantial doubt about its ability to continue as a going concern due to
(1) the net loss of $379,449 and $813,524 for the three and six months ended June 30, 2023; (2) accumulated deficit of $5,746,112 as
of June 30, 2023; (3) working capital deficit of $26,892 as of June 30, 2023; and (4) the unexpectedly long turnaround time that the
Company’s distributors and members are taking to revert to pre-pandemic mode to generate sales.
Management
has determined there is substantial doubt about its ability to continue as a going concern. If the Company is unable to generate significant
revenue, the Company may be required to curtail or cease its operations. Management is trying to alleviate the going concern risk through
the following sources:
● |
Equity
financing from the Company’s second listing on NASDAQ to support its working capital and future growth; |
|
|
● |
Other
available sources of financing (including debt) from banks and other financial institutions; and |
|
|
● |
Financial
support and credit guarantee commitments from the Company’s related parties. |
Based
on the above measures, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital
requirements and debt obligations as they become due one year from the filing date of these unaudited condensed consolidated financial
statements.
There
is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available
to the Company on commercially reasonable terms, or at all. There are a number of factors that could potentially arise that could undermine
the Company’s plans, such as (i) undue delay in the Company’s current pursuit in seeking second listing on NASDAQ, (ii) the
slow rate in which the Company’s distributors and members re-ignite their sales activities, (iii) changes in the demand for the
Company’s products and services due to the diminishing effect on the purchasing power of the public in general, as a result of
the COVID-19 pandemic, and (iv) if the Company’s new business in the provision of complementary health therapies fail to grow in
the manner and at the rate as planned. The Company’s inability to secure needed financing when required could require material
changes to the Company’s business plans and could have a material adverse effect on the Company’s viability and results of
operations.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”).
The
interim unaudited financial information as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared
without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures,
which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant
to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited consolidated
financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2022, which was filed with
the SEC on March 31, 2023.
In
the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s
unaudited financial position as of June 30, 2023, its unaudited results of operations for the three and six months ended June 30, 2023
and 2022, and its unaudited cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. The unaudited
interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
The
unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable
interest entity (“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.
Principles
of consolidation
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.
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 three and six months ended June 30, 2023, SEA, the only VIE of the Company has no significant
operations.
Use
of estimates
The
preparation of unaudited condensed 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods
presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include
allowance for inventories obsolescence, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ
from these estimates.
Cash
and cash equivalents
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Accounts
receivable
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 June 30, 2023 and December 31, 2022, no allowance of doubtful accounts was recorded.
Inventories
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. For the three and six months ended June 30, 2023 and 2022, the Company did not recognize any inventory write-downs
nor write-off.
Prepaid
taxes
Prepaid
taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.
Prepayments
and deposits
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. There was no allowance for doubtful accounts recorded nor doubtful accounts written-off during the three and six months
ended June 30, 2023 and 2022. There was no allowance for doubtful accounts balances as of June 30, 2023 and December 31, 2022.
Property
and equipment, net
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:
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Useful Life |
Computer and office equipment | |
5-7 years |
Furniture & fixtures | |
6-7 years |
Leasehold improvements | |
Shorter of the remaining lease terms or the estimated useful lives |
Vehicle | |
5 years |
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 unaudited condensed consolidated statements of operations and comprehensive loss. 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.
Intangible
assets, net
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:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET
Classification | |
Useful Life |
| |
|
Computer software | |
5 years |
Impairment
for long-lived assets
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 June 30, 2023 and December
31, 2022, no impairment of long-lived assets was recognized.
Deferred
offering costs
Deferred
offering costs represents costs associated with the Company’s current offering which will be netted against the proceeds from the
Company’s proposed offering for uplisting.
Investment
in marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value
with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive
loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment
in non-marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. 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.
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.
Customer
deposits
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.
Revenue
recognition
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.
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.
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Sales
of Health and Wellness products
-
Performance obligations satisfied at a point in time
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.
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 three months ended June 30, 2023 and 2022, the Company recognized $6,422 and $4,824, as forfeited coupon income, respectively. For
the six months ended June 30, 2023 and 2022, the Company recognized $28,872 and $5,777, as forfeited coupon income, respectively.
The
Company had contracts for the sales of health and wellness products amounting to $7,790 which it is expected to fulfill within 12 months
from June 30, 2023.
Sales
of products for the provision of complementary health therapies
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.
Provision
of Health and Wellness services
-
Performance obligations satisfied at a point in time
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 session in person.
The
Company also separately derives its revenues from sales contracts with its customers with revenues being recognized when the health camp
program was completed in the final day of the health camp. For the three months ended June 30, 2023 and 2022, revenues from health and
wellness services were $58,862 and $30,072 respectively. For the six months ended June 30, 2023 and 2022, revenues from health and wellness
services were $124,214 and $31,139 respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Disaggregated
information of revenues by products are as follows:
SCHEDULE
OF DIS-AGGREGATED INFORMATION OF REVENUES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended | | |
For the six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Survivor Select | |
$ | - | | |
$ | 13,941 | | |
$ | 28,210 | | |
$ | 22,753 | |
Ionized Cal-Mag | |
| 37,221 | | |
| 14,278 | | |
| 84,802 | | |
| 62,368 | |
Omega Blend | |
| - | | |
| 42,747 | | |
| 22,471 | | |
| 179,177 | |
Beta Maxx | |
| - | | |
| 23,564 | | |
| 21,206 | | |
| 47,637 | |
Iron | |
| 9,929 | | |
| 3,118 | | |
| 21,617 | | |
| 7,186 | |
Young Formula | |
| - | | |
| 1,075 | | |
| - | | |
| 34,269 | |
ATPR Mito+ | |
| - | | |
| 76,605 | | |
| - | | |
| 187,926 | |
Hyaluronic Acid Serum | |
| - | | |
| 1,698 | | |
| - | | |
| 3,006 | |
Mousse Facial Cleanser | |
| - | | |
| 4,355 | | |
| - | | |
| 7,394 | |
Trim+ | |
| 3,702 | | |
| 2,765 | | |
| 9,587 | | |
| 6,236 | |
LIVO 5 | |
| 21,812 | | |
| - | | |
| 21,812 | | |
| - | |
Others – Products for the provision of complementary health therapies | |
| 154,411 | | |
| 182,101 | | |
| 330,968 | | |
| 216,188 | |
Others | |
| 17,998 | | |
| 388 | | |
| 19,816 | | |
| 388 | |
Total revenues - products | |
| 245,073 | | |
| 366,635 | | |
| 560,489 | | |
| 774,528 | |
Health and Wellness services | |
| 58,862 | | |
| 30,072 | | |
| 124,214 | | |
| 31,139 | |
Total revenues - products and services | |
$ | 303,935 | | |
$ | 396,707 | | |
$ | 684,703 | | |
$ | 805,667 | |
Cost
of revenue
Cost
of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and
products for the provision of complementary health therapies. For the three and six months ended June 30, 2023, cost of revenue were
$107,931 and $236,289, respectively. For the three and six months ended June 30, 2022, cost of revenue were $109,383 and $182,814, respectively.
Shipping
and handling
Shipping
and handling charges amounted to $1,131 and $4,272 for the three months ended June 30, 2023 and 2022, respectively. Shipping and handling
charges amounted to $2,656 and $7,179 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling charges are
expensed as incurred and included in selling expenses.
Advertising
costs
There
were no advertising costs incurred for the three and six months ended June 30, 2023. Advertising costs amounted to $4,765 and $4,765
for the three and six months ended June 30, 2022. Advertising costs are expensed as incurred and included in selling expenses.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Commission
expenses
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 $21,942 and $62,557 for the three months ended June 30, 2023
and 2022, respectively. Commission expenses amounted to $55,884 and $176,666 for the six months ended June 30, 2023 and 2022, respectively.
Defined
contribution plan
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.
Total expenses for the plans were $35,759 and $35,936 for the three months ended June 30, 2023 and 2022, respectively. Total expenses
for the plans were $79,472 and $63,408 for the six months ended June 30, 2023 and 2022, respectively.
The
related contribution plans include:
|
- |
Social
Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Employees
Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and
12% for employee earning RM5,001 and above. |
|
- |
Employment
Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Human
Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary |
Income
taxes
The
Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for
the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred
taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the
liability is settled.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. No penalties and interest incurred related to underpayment of income taxes for the three and six months ended
June 30, 2023 and 2022.
The
Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these 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.
Comprehensive
income (loss)
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.
Non-controlling
interest
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. 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.
Earnings
(loss) per share
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 (loss) 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 common stocks (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 common stocks 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.
For the three and six months ended June 30, 2023 and 2022, there were no dilutive shares.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Foreign
currencies translation and transaction
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the consolidated statements of operations and comprehensive loss.
The
reporting currency of the Company is United States Dollars (“US$”) 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$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and
maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.
In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance
sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation
of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the
statements of stockholders’ equity. 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.
Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:
SCHEDULE
OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Period-end MYR : US$1 exchange rate | |
| 4.67 | | |
| 4.41 | |
Period-end HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.80 | |
Foreign currency exchange
rate, translation | |
| 7.84 | | |
| 7.80 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Period-average MYR : US$1 exchange rate | |
| 4.58 | | |
| 4.37 | | |
| 4.48 | | |
| 4.28 | |
Period-average HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
Foreign currency exchange
rate period average | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Related
parties
Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
Fair
value of financial instruments
The
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.
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:
|
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value. |
Financial
instruments 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.
Leases
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
Recent
accounting pronouncements
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.
In
March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance
in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful
life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use
of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment
to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods
beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been
issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company
is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.
Except
for the above-mentioned pronouncements, there are no other new recent issued accounting standards that will have a material impact
on the consolidated financial position, statements of operations and cash flows.
Recently
adopted Accounting Pronouncements
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 has accordingly adopted
ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting
standards has no material impact on the unaudited condensed consolidated financial statements for the three and six months ended June
30, 2023.
4.
VARIABLE INTEREST ENTITY (“VIE”)
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 100% 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:
|
a. |
The
power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and |
|
b. |
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. |
Accordingly,
the accounts of SEA is consolidated in the accompanying financial statements.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
4.
VARIABLE INTEREST ENTITY (“VIE”) (Continued)
The
carrying amount of the VIE’s assets and liabilities were as follows:
SCHEDULE
OF VARIABLE INTEREST ENTITY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets | |
$ | 2,817 | | |
$ | 3,350 | |
Current liabilities | |
| (41,057 | ) | |
| (43,512 | ) |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,146 | | |
$ | 1,609 | |
Prepaid taxes | |
| 1,643 | | |
| 1,741 | |
Prepayment and deposits | |
| 28 | | |
| - | |
Total current assets | |
$ | 2,817 | | |
$ | 3,350 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable – intercompany | |
$ | 40,029 | | |
$ | 42,422 | |
Other payables and accrued liabilities | |
| 1,028 | | |
| 1,090 | |
Total current liabilities | |
$ | 41,057 | | |
$ | 43,512 | |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
The
summarized operating results of the VIE’s are as follows:
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Gross profit | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Profit (Loss) from operations | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
Net loss | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
5.
CASH AND CASH EQUIVALENTS
As
of June 30, 2023 and December 31, 2022 the Company has $653,754 and $1,438,430, respectively, of cash and cash equivalents, which consists
of $332,431 and $523,619, respectively, of cash and cash in banks and $321,323 and $914,811, 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 ranged between 1.22% to 1.88% per annum for the three and six months ended June 30, 2023. The effective
interest rate ranged between 1.10% to 1.17% per annum for the three and six months ended June 30, 2022. As of June 30, 2023 and December
31, 2022, $397,809 and $231,187 of these balances are not covered by deposit insurance, respectively.
6.
ACCOUNTS RECEIVABLE
SCHEDULE
OF ACCOUNTS RECEIVABLES - RELATED PARTY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
Allowance for doubtful accounts | |
| - | | |
| - | |
Total accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
7.
INVENTORIES
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Finished goods | |
$ | 66,056 | | |
$ | 46,277 | |
There
were no inventory write-downs nor write-off for the three and six months ended June 30, 2023 and 2022, respectively.
8.
PREPAYMENTS AND DEPOSITS
SCHEDULE
OF PREPAID EXPENSES AND DEPOSITS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Receivables from sales distributors | |
$ | 28,219 | | |
$ | 43,596 | |
Deposits to suppliers | |
| 94,719 | | |
| 147,504 | |
Subtotal | |
| 122,938 | | |
| 191,100 | |
Less: Allowance for doubtful accounts | |
| - | | |
| - | |
Total | |
$ | 122,938 | | |
$ | 191,100 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
8.
PREPAYMENTS AND DEPOSITS (Continued)
Movements
of allowance for doubtful accounts are as follows:
SCHEDULE
OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
For the
six months ended June
30, 2023 | | |
For the
year ended December 31,
2022 | |
| |
| | |
| |
Beginning balance | |
$ | - | | |
$ | 121,095 | |
Addition | |
| - | | |
| - | |
Write off | |
| - | | |
| (120,372 | ) |
Exchange rate effect | |
| - | | |
| (723 | ) |
Ending balance | |
$ | - | | |
$ | - | |
9.
PROPERTY AND EQUIPMENT, NET
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer and office equipment | |
$ | 88,641 | | |
$ | 87,428 | |
Furniture & fixtures | |
| 109,342 | | |
| 115,789 | |
Leasehold improvements | |
| 181,136 | | |
| 191,965 | |
Vehicle | |
| 88,259 | | |
| 93,535 | |
Subtotal | |
| 467,378 | | |
| 488,717 | |
Less: accumulated depreciation | |
| (361,704 | ) | |
| (346,568 | ) |
Total | |
$ | 105,674 | | |
$ | 142,149 | |
Depreciation
expense for the three months ended June 30, 2023 and 2022 amounted to $18,124 and $17,954, respectively. Depreciation expense for the
six months ended June 30, 2023 and 2022 amounted to $36,177 and $36,661, respectively.
10.
INTANGIBLE ASSETS, NET
Intangible
assets, net, consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer software | |
$ | 52,225 | | |
$ | 55,348 | |
Less: accumulated amortization | |
| (32,497 | ) | |
| (31,304 | ) |
Total | |
$ | 19,728 | | |
$ | 24,044 | |
Amortization
expense for the three months ended June 30, 2023 and 2022 amounted to $1,506 and $439, respectively. Amortization expense for the six
months ended June 30, 2023 and 2022 amounted to $3,087 and $897, respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
11.
INVESTMENT IN MARKETABLE SECURITIES
|
(i) |
On
May 17, 2018, the Company purchased 83,333 shares of common stock in Greenpro Capital Corp. for $500,000 at a purchase price of $6
per share. |
|
|
|
|
(ii) |
On
July 30, 2018, the Company disposed 20 shares of common stock in Greenpro Capital Corp. for $125 at a purchase price of $6.2613 per
share. |
|
|
|
|
(iii) |
On
October 16, 2018, the Company purchased 33,333 shares of common stock in Greenpro Capital Corp. for $1,000 at a purchase price of
$0.03 per share. |
|
|
|
|
(iv) |
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 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. |
|
|
|
|
(v) |
On
November 3, 2020, the Company received dividend of 6,667 shares of common stock in DSwiss, Inc. for $76,671 at fair value of $11.50
per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares |
|
|
|
|
(vi) |
On
December 9, 2020, the Company received dividend of 16,663 shares of common stock in DSwiss, Inc. for $83,315 at fair value of $5
per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares. |
|
|
|
|
(vii) |
On
September 27, 2021, the Company received dividend of 11,665 shares of common stock in SEATech Ventures Corp. for $18,874 at fair
value of $1.62 per share from Greenpro Capital Corp as a dividend income since Greenpro Capital Corp previously owned these shares. |
|
|
|
|
(viii) |
On
April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. (a non-marketable security)
for $1,500 at purchase price of $0.0001 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 July 13, 2023, there
were only 200 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. |
SCHEDULE
OF INVESTMENT IN MARKETABLE SECURITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December
31, 2022 | |
Cost of investment | |
$ | 16,687 | | |
$ | 89,001 | |
Transfer from non-marketable security | |
| - | | |
| 1,500 | |
Dividend income from Greenpro Capital Corp. | |
| - | | |
| - | |
Unrealized holding gain (loss) | |
| 8,710 | | |
| (73,519 | ) |
Exchange rate effect | |
| (66 | ) | |
| (295 | ) |
Investment in marketable securities | |
$ | 25,331 | | |
$ | 16,687 | |
12.
INVESTMENT IN NON-MARKETABLE SECURITIES
On
April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. for $1,500 at purchase
price of $0.0001 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.
SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES
| |
| | |
| |
| |
As of | |
Phoenix Plus Corporation | |
June 30, 2023 | | |
December
31, 2022 | |
Cost of investment | |
$ | - | | |
$ | 1,500 | |
Less: Transfer to investment in marketable securities | |
| - | | |
| (1,500 | ) |
Investment in non-marketable securities | |
$ | - | | |
$ | - | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
13.
CUSTOMER DEPOSITS
SCHEDULE
OF CUSTOMER DEPOSITS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Customer deposits | |
$ | 265,300 | | |
$ | 289,487 | |
Unexpired product coupons | |
| 46,889 | | |
| 73,531 | |
Total | |
$ | 312,189 | | |
$ | 363,018 | |
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.
14.
OTHER PAYABLES AND ACCRUED LIABILITIES
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Professional fees | |
$ | 140,672 | | |
$ | 324,629 | |
Promotion expenses | |
| 38,583 | | |
| 38,583 | |
Payroll | |
| 17,944 | | |
| 21,164 | |
Amounts held in eWallets (a) | |
| 195,000 | | |
| 216,049 | |
Tax penalty | |
| 75,000 | | |
| 75,000 | |
Others | |
| 8,468 | | |
| 37,852 | |
Total | |
$ | 475,667 | | |
$ | 713,277 | |
15.
RELATED PARTY BALANCES AND TRANSACTIONS
Related
party balances
Amount
due from related parties
SCHEDULE OF RELATED PARTIES
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Prepayment of IT expenses | |
$ | 1,178 | | |
$ | 1,273 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Deposits
for products purchases | |
| - | | |
| 9,261 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Expenses paid for DSYWLC | |
| 239 | | |
| - | |
| |
| |
| |
| | | |
| | |
Total | |
| |
| |
$ | 1,417 | | |
$ | 10,534 | |
Accounts
payable – related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | | |
| | |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 19,601 | | |
$ | 25,387 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 4 | | |
| 224 | |
Total | |
| |
| |
$ | 19,605 | | |
$ | 25,611 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party balances
Other
payable - related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 391 | | |
$ | 2,149 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 316 | | |
| 2,147 | |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
| 323 | | |
| 584 | |
Total | |
| |
| |
$ | 1,030 | | |
$ | 4,880 | |
Related
party transactions
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 55,614 | | |
$ | 63,142 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 212 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 55,826 | | |
$ | 63,664 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 116,269 | | |
$ | 74,909 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 17,761 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 134,030 | | |
$ | 75,431 | |
Other
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 1,291 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 1,151 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 212 | | |
| - | |
Total | |
| |
| |
$ | 2,654 | | |
$ | 69 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
purchases
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 2,233 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 3,407 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 280 | | |
| - | |
Total | |
| |
| |
$ | 5,920 | | |
$ | 69 | |
Commission
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 1,626 | | |
$ | 2,443 | |
Total | |
| |
| |
$ | 1,626 | | |
$ | 2,443 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Commission
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 3,538 | | |
$ | 5,148 | |
Total | |
| |
| |
$ | 3,538 | | |
$ | 5,148 | |
Other
Income
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 670 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 2,010 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 2,747 | | |
$ | - | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 1,340 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 4,021 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 5,428 | | |
$ | - | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
expenses
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 13,647 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 8,254 | | |
| 5,602 | |
Total | |
| |
| |
$ | 21,901 | | |
$ | 5,602 | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 27,718 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 16,363 | | |
| 11,203 | |
Total | |
| |
| |
$ | 44,081 | | |
$ | 11,203 | |
16.
STOCKHOLDERS’ EQUITY
Preferred
stock
As
of June 30, 2023 and December 31, 2022, there were 200,000,000 preferred stocks authorized but none were issued and outstanding.
Common
stock
As
of June 30, 2023 and December 31, 2022, there were 1,000,000,000 common stocks authorized; and 75,452,012 shares issued and outstanding.
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 215,008,035 shares of common stock
of the Company. As a result, the outstanding shares was reduced by 215,008,035 shares of common stock.
There
were no stock options, warrants or other potentially dilutive securities outstanding as of June 30, 2023 and December 31, 2022.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
17.
NON-CONTROLLING INTEREST
The
Company’s non-controlling interest consists of the following:
SCHEDULE OF NON CONTROLLING INTEREST
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
DSY Wellness: | |
| | | |
| | |
Paid-in capital | |
$ | 97 | | |
$ | 97 | |
Retained earnings | |
| 7,386 | | |
| 20,384 | |
Accumulated other comprehensive (loss) income | |
| (590 | ) | |
| 32 | |
Noncontrolling interest gross | |
| 6,893 | | |
| 20,513 | |
ASL | |
| - | | |
| - | |
Total | |
$ | 6,893 | | |
$ | 20,513 | |
18.
INCOME TAXES
The
United States and foreign components of income (loss) before income taxes were comprised of the following:
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Tax jurisdictions from: | |
| | | |
| | | |
| | | |
| | |
Local – United States | |
$ | (142,912 | ) | |
$ | (187,379 | ) | |
$ | (310,697 | ) | |
$ | (293,804 | ) |
Foreign – Malaysia | |
| (241,867 | ) | |
| (189,395 | ) | |
| (516,152 | ) | |
| (354,459 | ) |
Foreign – Hong Kong | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
Foreign, Tax Jurisdictions | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
| |
| | | |
| | | |
| | | |
| | |
The
benefit of (provision for) income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Current: | |
| | | |
| | | |
| | | |
| | |
- Local | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
- Foreign | |
| - | | |
| (392 | ) | |
| - | | |
| (8,680 | ) |
| |
| | | |
| | | |
| | | |
| | |
Deferred: | |
| | | |
| | | |
| | | |
| | |
- Local | |
| - | | |
| - | | |
| - | | |
| - | |
- Foreign | |
| 2,439 | | |
| - | | |
| 6,655 | | |
| - | |
Benefit of (Provision for) income tax | |
$ | 2,439 | | |
$ | (392 | ) | |
$ | 6,655 | | |
$ | (8,680 | ) |
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, as follows:
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
18.
INCOME TAXES (Continued)
United
States of America
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 21% 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 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.
For
the three and six months ended June 30, 2023 and 2022, the Company’s foreign subsidiaries did not generate any income that are
subject to Subpart F tax and GILTI tax.
As
of June 30, 2023 and December 31, 2022, the operations in the United States of America incurred approximately $1,668,000 and $1,357,000,
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 June 30, 2023
and December 31, 2022 were approximately $350,000 and $285,000, respectively.
Malaysia
Agape
ATP Corporation, Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd., Wellness ATP International Holdings Sdn Bhd. and DSY Wellness International
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. 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 three and six months ended June 30, 2023 and 2022, with the remaining balance
being taxed at the 24% rate.
As
of June 30, 2023 and December 31, 2022, the operations in Malaysia incurred approximately $2,149,000 and $1,723,000, respectively, of
cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income. Approximately $35,000,
$778,000, $858,000 and $478,000 of the net operating loss carry forwards will expire in 2030, 2031, 2032 and 2033, respectively, if unutilized.
The deferred tax valuation allowance as of June 30, 2023 and December 31, 2022 were approximately $501,000 and $408,000, respectively.
Hong
Kong
Agape
ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on
its assessable income derived from Hong Kong. Business income derived or business expenses incurred outside the Special Administrative
Region is not subject to Hong Kong Profits Tax or deduction.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
18.
INCOME TAXES (Continued)
The
following table sets forth the significant components of the aggregate deferred tax assets of the Company:
SCHEDULE OF DEFERRED TAX ASSETS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards in U.S. | |
$ | 350,216 | | |
$ | 284,959 | |
Net operating loss carry forwards in Malaysia | |
| 507,709 | | |
| 408,226 | |
Net operating Loss carry forward | |
| 507,709 | | |
| 408,226 | |
| |
| | | |
| | |
Less: valuation allowance | |
| (851,545 | ) | |
| (693,185 | ) |
Deferred tax assets, net | |
$ | 6,382 | | |
$ | - | |
Uncertain
tax positions
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. As of June 30, 2023 and December 31, 2022, the Company
did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties tax for the three
and six months ended June 30, 2023 and 2022.
19.
CONCENTRATIONS OF RISKS
(a)
Major customers
For
the three months ended June 30, 2023 and 2022, no customer accounted for 10% or more of the Company’s total revenues. For the six
months ended June 30, 2023 and 2022, no customer accounted for 10% or more of the Company’s total revenues.
As
of June 30, 2023, two individual customers accounted for approximately 19.9%
and 18.7% of the Company’s balance of accounts receivable, respectively. As of December 31, 2022, five individual customers accounted for
approximately 72.0%
of the Company’s balance of accounts receivable.
(b)
Major vendors
For
the three months ended June 30, 2023, three vendors accounted for approximately 43.1%, 27.5% and 26.0% of the Company’s total purchases.
For the three months ended June 30, 2022, three vendors accounted for approximately 70.0%, 17.0% and 11% of the Company’s total
purchases, respectively.
For
the six months ended June 30, 2023, the same three vendors accounted for approximately 47.2%, 26.5% and 13.6% of the Company’s
total purchases. For the six months ended June 30, 2022, two vendors accounted for approximately 46.0% and 43.0% of the Company’s
total purchases.
As
of June 30, 2023, two vendors accounted for approximately 62.3% and 27.8% of the Company’s total balance of accounts payable, respectively.
As of December 31, 2022, three vendors accounted for approximately 46.6%, 25.8% and 23.9% of the Company’s total balance of accounts
payable, respectively.
CTA
Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 27.8% and 46.6% of the Company’s total balance of
accounts payable as of June 30, 2023 and December 31, 2022, respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
19.
CONCENTRATIONS OF RISKS (Continued)
(c)
Commission Expenses to Sales Distributors and Stockists
One
sales distributor accounted for 10% or more of the Company’s commission expense for the three months ended June 30, 2023 and 2022.
For
the six months ended June 30, 2023, one sales distributor accounted for 10% or more of the Company’s commission expense. For the
six months ended June 30, 2022, no sales distributor accounted for 10% or more of the Company’s commission expense.
(d)
Credit risk
Financial
instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30,
2023 and December 31, 2022, $630,285 and $1,427,963 were deposited with financial institutions, respectively, $397,809 and $231,187 of
these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions are of
high credit quality, it also continually monitors their credit worthiness.
Financial
instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration
of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically,
the Company did not have any bad debt on its account receivable.
(e)
Exchange rate risk
The
Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could
post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower
profit depending on exchange rate of RM and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes
in political and economic environments without notice.
20.
COMMITMENTS AND CONTINGENCIES
Lease
commitments
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 $490,000, 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 5.5%, which was determined using the Company’s estimated incremental borrowing rate.
On
May 31, 2021, the Company entered into two separate two-year leases extension with the modified lease expiring May 31, 2023 for its office
space and expiring August 31, 2023 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 $3,250 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 5.5%, which was determined using the Company’s estimated incremental borrowing rate. On June 1, 2023, upon the expiry of the
two-years lease for its office space, the Company entered into a new three-years lease with the same landlord. The Company recognized
lease liabilities of approximately $283,220, 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 5.5%, which was determined
using the Company’s estimated incremental borrowing rate.
On
October 1, 2021, the Company entered into a two-years lease for an apartment to serve as staff accommodation. The Company recognized
lease liabilities of approximately $9,777, 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 5.5%, which was determined using
the Company’s estimated incremental borrowing rate.
On
November 1, 2021, the Company entered into a two-years lease for a branch office and operating centre. The Company recognized lease liabilities
of approximately $10,864, 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 5.5%, which was determined using the Company’s
estimated incremental borrowing rate.
Amortization
of operating right-of-use assets for the three months ended June 30, 2023 and 2022 were $38,683 and $36,162 respectively. Amortization
of operating right-of-use assets for the six months ended June 30, 2023 and 2022 were $78,333 and $75,241 respectively.
As
of June 30, 2023, the weighted remaining term of the lease is approximately 2.81 years.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
20.
COMMITMENTS AND CONTINGENCIES (Continued)
The
five-year maturity of the Company’s operating lease liabilities is as follow:
SCHEDULE OF LEASE COMMITMENTS
Twelve Months Ending June 30, | |
Operating lease liabilities | |
| |
| |
2024 | |
$ | 111,362 | |
2025 | |
| 102,501 | |
2026 | |
| 93,959 | |
Thereafter | |
| - | |
Total lease payments | |
| 307,822 | |
Less: interest | |
| (22,834 | ) |
Present value of lease liabilities | |
$ | 284,988 | |
The
Company also leases 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 June 30, 2023,
the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $16,020.
Rent
expense for the three months ended June 30, 2023 and 2022 was $48,727 and $54,237, respectively. Rent expense for the six months ended
June 30, 2023 and 2022 was $99,434 and $98,312, respectively.
Contingencies
Legal
From
time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued,
as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed
to be material to the consolidated financial statements.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
20.
COMMITMENTS AND CONTINGENCIES (Continued)
COVID-19
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.
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:
|
● |
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; |
|
● |
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; and |
|
● |
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. |
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.
21.
SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through the date of issuance of this unaudited condensed consolidated financial statements, and
does not identify any events with material financial impact on the Company’s unaudited condensed consolidated financial statements.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
information contained in this quarterly report on Form 10-Q is intended to update the information contained in our Form 10-K, dated March
31, 2023, for the year ended December 31, 2022 and presumes that readers have access to, and will have read, the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The
following discussion and analysis also should be read together with our unaudited condensed consolidated financial statements and the
notes to the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.
The
following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees
of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking
statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We
assume no responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following should
also be read in conjunction with the unaudited condensed Consolidated Financial Statements and notes thereto that appear elsewhere in
this report.
Company
Overview
Agape
ATP Corporation provides health solution advisory services to its clients. We primarily focus our efforts on attracting customers in
Malaysia. We have an advisory services center called 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 the promotion of
health. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition
and advice from skilled nutritionists and/or dieticians.
In
order to strengthen the Company’s supply chain, on May 8, 2020, the Company successfully acquired approximately 99.99% of Agape
Superior Living Sdn Bhd, a Malaysia company (“ASL”), with the goal of securing an established network marketing sales channel
that has been established in Malaysia for the past 18 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 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.
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 Wellness ATP International Holdings Sdn, Bhd. (“WATP”). Upon its establishment,
WATP started collaborating with ASL to carry out various wellness programs.
On
November 11, 2021, Agape ATP Corporation (Labuan) formed a joint-venture entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”)
with Mr. Steve Yap following which Agape ATP Corporation (Labuan) owns 60% of the equity interest, to pursue the business of providing
complementary health therapies. The establishment of DSY Wellness is a further expansion of our business into the health and wellness
industry. Mr. Steve Yap readily owns 33 proprietary formulas for treating non-communicable disease which he has agreed to bring into
the company for joint commercialization. Mr. Steve Yap also has existing clients receiving traditional complimentary medicine or “TCM”
in Indonesia and China.
We
offer three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and
BEAUNIQUE.
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.
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.
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.
The
newly established subsidiary DSY Wellness is a further expansion of our business into the health and wellness industry and aims to pursue
the business of providing traditional and complementary health therapies.
Results
of Operation
For
the three months ended June 30, 2023 and 2022
Revenue
We
generated revenue of $303,935, which comprised revenue from the Company’s network marketing business of $90,662 (approximately
29.8%); and revenue from the Company’s operations in the provision of complementary health therapies of $213,273 (approximately
70.2%) for the three months ended June 30, 2023 as compared to $396,707, which comprised revenue from the Company’s network marketing
business of $184,534 (approximately 46.5%); and revenue from the Company’s operations in the provision of complementary health
therapies of $212,173 (approximately 53.5%) for the three months ended June 30, 2022. Revenue from the Company’s network marketing
business decreased significantly by $93,872, or approximately 50.9%. Revenue from the Company’s operations in the provision of
complementary health therapies increased marginally by $1,100, or approximately 0.5%. Total revenue decreased by $92,772, or approximately
23.4%. The decrease was predominately due to the anticipated poor performance from the Company’s network marketing business. The
Company is in the process of introducing a whole new range of products for its networking marketing business. Distributors and members
curtailed the purchases of the Company’s existing products, awaiting the Company’s new products range. The launch of the
Company’s new products, regrettably was delayed.
Cost
of Revenue
Cost
of revenue for the three months ended June 30, 2023 amounted to $107,931 as compared to $109,383 for the three months ended June 30,
2022, a marginal decrease of $1,452, or approximately 1.3%. Cost of revenue did not decrease in tandem with decrease in revenue for the
period due to the varying gross profit margins associated with the provision of complementary health therapies.
Cost
of revenue typically comprise of freight-in, cost of goods purchased, packing materials and services acquired.
Gross
Profit
Gross
profit for the three months ended June 30, 2023 amounted to $196,004, represented a gross margin of approximately 64.5% as compared to
$287,324 for the three months ended June 30, 2022, equivalent to a gross margin of approximately 72.4%. The decrease in gross margin
was predominantly due to lower gross margin associated with the provision of complementary health therapies as compared to the Company’s
network marketing business.
Operating
Expenses
Our
operating expenses consist of selling expenses, commission expenses and G&A expenses (as defined below). Total operating expenses
were $555,537 for the three months ended June 30, 2023, increased by $37,970 or approximately 6.4% from $593,507 for the three months
ended June 30, 2022.
Selling
expenses
Selling
expenses for the three months ended June 30, 2023 amounted to $64,126 as compared to $79,587 for the three months ended June 30, 2022,
a decrease of $15,461, or approximately 19.4%. The Company’s selling expenses typically comprise salaries
and benefits expenses which represented approximately 70% to 85% of total selling expenses, credit card processing fees and promotional
expenses.
Commission
expenses
Commission
expenses were $21,942 and $62,557 for the three months ended June 30, 2023 and 2022, respectively. The decrease in commission expenses
was in line with the decrease in revenue.
General
and administrative expenses (“G&A Expenses”)
G&A
expenses for the three months ended June 30, 2023 amounted to $469,469, as compared to $451,363 for the three months ended June 30, 2022,
an increase of $18,106, or approximately 4.0%. The Company’s G&A expenses typically comprise of salaries
and benefits expenses, rental expenses, professional expenses and depreciation expenses.
Other
Expenses, Net
For
the three months ended June 30, 2023, we recorded an amount of $22,355 as other expenses, net, as compared to $97,769 other expenses,
net, for the three months ended June 30, 2022, represented a decrease of $75,414, or approximately 77.1%.
The
net other expenses of $22,355 incurred during the three months ended June 30, 2023 comprised foreign currency exchange loss of $33,700,
unrealized holding gain on marketable securities of $3,790, other income, net of $4,134, interest income of $1,634 and gain on disposal
of property and equipment of $1,787. The net other expenses of $97,769 incurred during the three months ended June 30, 2022 comprised
foreign currency exchange loss of $67,417, unrealized holding loss on marketable securities of $35,219, other income, net of $1,341 and
interest income of $3,526.
Benefit
of (Provision for) Income Taxes
The
Company recorded benefit of income taxes of $2,439 and provision for income taxes of $392 for the three months ended June 30, 2023 and
2022, respectively. Both the benefit of income taxes as well as the provision for income taxes were in respect of the Company’s
operations in Malaysia.
Net
Loss
Net
loss reduced by $24,895 from net loss of $404,344 for the three months ended June 30, 2022 to net loss of $379,449 for the three months
ended June 30, 2023, mainly due to reasons as discussed above.
For
the six months ended June 30, 2023 and 2022
Revenue
We
generated revenue of $684,703, which comprised revenue from the Company’s network marketing business of $229,521 (approximately
33.5%); and revenue from the Company’s operations in the provision of complementary health therapies of $455,182 (approximately
66.5%) for the six months ended June 30, 2023 as compared to $805,667, which comprised revenue from the Company’s network marketing
business of $558,340 (approximately 69.3%); and revenue from the Company’s operations in the provision of complementary health
therapies of $247,327 (approximately 30.7%) for the six months ended June 30, 2022. Revenue from the Company’s network marketing
business decreased significantly by $328,819, or approximately 58.9%. Revenue from the Company’s operations in the provision of
complementary health therapies increased significantly by $207,855, or approximately 84.0%. Total revenue decreased by $120,964, or approximately
15.0%. The decrease was predominately due to the anticipated poor performance from the Company’s network marketing business. The
Company is in the process of introducing a whole new range of products for its networking marketing business. Distributors and members
curtailed the purchases of the Company’s existing products, awaiting the Company’s new products range. The shortfall in revenue
of the Company’s network marketing business was significantly compensated by the significant increase in revenue in the Company’s
operations in the provision of complementary health therapies. This new division which commenced in February 2022 is witnessing modest
growth.
Cost
of Revenue
Cost
of revenue for the six months ended June 30, 2023 amounted to $236,289 as compared to $182,814 for the six months ended June 30, 2022,
an increase of $53,475, or approximately 29.3%. The increase was due to the varying gross profit margins in the Company’s operations
in the provision of complementary health therapies.
Cost
of revenue typically comprise of freight-in, cost of goods purchased, packing materials and services acquired.
Gross
Profit
Gross
profit for the six months ended June 30, 2023, amounted to $448,414, represented a gross margin of approximately 65.5% as compared to
$622,853 for the six months ended June 30, 2022, equivalent to a gross margin of approximately 77.3%. The decrease in gross margin was
predominantly due to lower gross margin associated with the provision of complementary health therapies as compared to the Company’s
network marketing business.
Operating
Expenses
Our
operating expenses consist of selling expenses, commission expenses, general and administrative expenses. Total operating expenses were
$1,261,831 for the six months ended June 30, 2023, increased by $60,563 or approximately 5.0% from $1,201,268 for the six months ended
June 30, 2022.
Selling
expenses
Selling
expenses for the six months ended June 30, 2023 amounted to $140,224 as compared to $194,198 for the six months ended June 30, 2022,
a decrease of $53,974, or approximately 27.8%, predominantly due to decrease in promotional expenses. Promotional activities on the Company’s
network marketing business were scaled back during the time lag between phasing out of the old products range awaiting the upcoming new
range of products. The Company’s selling expenses typically comprise of salaries and benefits
expenses which represented approximately 70% to 85% of total selling expenses, credit card processing fees and promotional expenses.
There was also a small reduction in the number of headcounts in the recent six months ended June 30, 2023.
Commission
expenses
Commission
expenses were $55,884 and $176,666 for the six months ended June 30, 2023 and 2022, respectively. The decrease in commission expenses
was in line with the decrease in revenue.
General
and administrative expenses (“G&A expenses”)
G&A
expenses for the six months ended June 30, 2023 amounted to $1,065,723, as compared to $830,404 for the six months ended June 30, 2022,
an increase of $235,319, or approximately 28.3%. The increase in G&A expenses was mainly due to G&A expenses associated with
the provision of complementary health therapies and expenses incurred by the Company on its on-going uplisting exercise to Nasdaq. The
Company’s G&A expenses typically comprise of salaries and benefits expenses, rental
expenses, professional expenses and depreciation expenses.
Other
Expenses, Net
For
the six months ended June 30, 2023, we recorded an amount of $6,762 as other expenses, net, as compared to $115,695 other expenses, net,
for the six months ended June 30, 2022, represented a decrease of $108,933 or approximately 94.2%.
The
net other expenses of $6,762 incurred during the six months ended June 30, 2023 comprised foreign currency exchange loss of $34,576,
unrealized holding gain on marketable securities of $8,710, other income, net of $12,500, interest income of $4,817 and gain on disposal
of property and equipment of $1,787. The net other expenses of $115,695 incurred during the six months ended June 30, 2022 comprised
foreign currency exchange loss of $83,883, unrealized holding loss on marketable securities of $52,889, other income, net of $12,826
and interest income of $8,251.
Benefit
of (Provision for) Income Taxes
The
Company recorded benefit of income taxes of $6,655 and provision for income taxes of $8,680 for the six months ended June 30, 2023 and
2022, respectively. Both the benefit of income taxes as well as the provision for income taxes were in respect of the Company’s
operations in Malaysia.
Net
Loss
Net
loss increased by $110,734 from net loss of $702,790 for the six months ended June 30, 2022 to net loss of $813,524 for the six months
ended June 30, 2023, mainly due to reasons as discussed above.
Liquidity
and Capital Resources
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 to 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.
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:
|
● |
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; |
|
● |
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; and |
|
● |
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. |
Albeit
a lengthy 3 years in the COVID-19 pandemic and living alongside COVID-19, there could still be supply chain disruptions. From our experiences
operating under the much-restricted COVID-19 environment, we have modified our methods of operations, to build in sufficient buffer in
the management of inventories. We may experience slight delay in products delivery lead time but barring unforeseen circumstances, the
setback should be temporary.
We
are currently operating primarily in Malaysia and anticipate expanding into the Asian markets in the future, with a particular focus,
at least initially, on expanding into Thailand, Indonesia and Taiwan. We will explore expansion via e-commerce. Now that most nations
are living alongside COVID-19, we will re-assess our plans to set up offices in the countries in which we operate to better service our
customers.
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.
As
of June 30, 2023, we had working capital deficit of $26,893, consisting of cash and cash in bank of $332,431 and time deposits of $321,323
as compared to working capital of $799,239 consisting of cash and cash in bank of $523,619 and time deposits of $914,811 as of December
31, 2022. The Company had a net loss of $813,524 for the six months ended June 30, 2023 and accumulated deficits of $5,746,112 as of
June 30, 2023 as compared to net loss of $1,666,079 for the year ended December 31, 2022 and accumulated deficits of $4,945,586 as of
December 31, 2022.
In
assessing our liquidity and going concern, management is projecting that the company’s revenue will revert to pre-pandemic level,
generating sufficient cash therefrom to cover our operating expenses.
If
our Company is unable to generate sufficient cash flow within the normal operating cycle of a twelve-month period to pay for its future
payment obligations, we may have to consider supplementing our available sources of funds through the following sources:
● |
Equity financing from the Company’s second listing
on NASDAQ to support its working capital and future growth; |
|
|
● |
Other available sources of financing (including debt)
from banks and other financial institutions; and |
|
|
● |
Financial support and credit guarantee commitments
from the Company’s related parties. |
Based
on the above measures, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital
requirements and debt obligations as they become due one year from the filing date of these unaudited condensed consolidated financial
statements. However, there is no assurance that management will be successful in its plans.
The
following summarizes the key components of our cash flows for the six months ended June 30, 2023 and 2022:
| |
For the six months ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Net cash used in operating activities | |
$ | (742,175 | ) | |
$ | (495,727 | ) |
Net cash used in investing activities | |
| (6,499 | ) | |
| (750 | ) |
Net cash used in financing activities | |
| (22,861 | ) | |
| (178,926 | ) |
Effect of exchange rate on cash and cash equivalents | |
| (13,141 | ) | |
| (115,008 | ) |
Net change in cash and cash equivalents | |
$ | (784,676 | ) | |
$ | (790,411 | ) |
Operating
activities
Net
cash used in operating activities for the six months ended June 30, 2023 was $742,175, comprised of net loss of $813,524, increase in
accounts receivables of $2,751, increase in amount due from related parties of $209, increase in inventories of $23,013, decrease in
accounts payable –related parties of $4,758, decrease in customer deposits of $31,655, decrease in other payables and accrued liabilities
of $228,812, payment of operating lease liabilities of $79,551, decrease in other payable –related parties of $3,457, the non-cash
expenses on unrealized holding gain on marketable securities of $8,710, deferred tax benefit of $6,655, offset by the non-cash depreciation
and amortization expense of $39,264, amortization of operating right-of-use assets of $78,333, decrease in prepaid taxes of $238,064,
decrease in prepayments and deposits of $80,651 and increase in accounts payable of $24,608.
Net
cash used in operating activities for the six months ended June 30, 2022 was $495,727 and were mainly comprised of the net loss of $702,790,
increase in accounts receivables of $214, decrease in customer deposits of $175,936, payment of operating lease liabilities of $75,200
and decrease in other payables and accrued liabilities (including related party) of $164,056. The net cash used in operating activities
was mainly offset by the non-cash depreciation and amortization expense of $37,558, amortization of operating right-of-use assets of
$75,241, unrealized holding loss on marketable securities of $52,889, decrease in amount due from related
parties of $2,201, the decrease in inventories of $28,790, refund in prepaid taxes of $296,219, decrease in prepayments and deposits
of $102,099, increase in accounts payable (including related party) of $22,211 and increase in income tax payables of $5,261.
Investing
activities
Net
cash used in investing activities for the six months ended June 30, 2023 was $6,499, which was in respect of purchase of equipment.
Net
cash used in investing activities for the six months ended June 30, 2022 was $750, which was in respect of purchase of equipment.
Financing
activities
Deferred
offering cost made up the entire net cash used in financing activities for the six months ended June 30, 2023 and 2022 of $22,861 and
$178,926, respectively.
Credit
Facilities
We
do not have any credit facilities or other access to bank credit.
Off-Balance
Sheet Arrangements
As
of June 30, 2023, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to our stockholders.
Critical
Accounting Estimates
The
preparation of unaudited condensed 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods
presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include
allowance for inventories obsolescence, impairment of long-lived assets and allowance for deferred tax assets. Following are the methods
and assumptions used in determining our estimates.
Estimated
allowance for inventories obsolescence
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. The Company did not recognize any inventory write-downs nor inventory write-off for the six months ended June 30, 2023
and 2022.
Impairment
of long-lived assets
Operating
right-of-use assets and property and equipment are stated at costs less accumulated depreciation and impairment, if any. In determining
whether an asset is impaired, the Company has to exercise judgment and make estimation, particularly in assessing: (1) whether an event
has occurred or any indicators that may affect the asset value; (2) whether the carrying value of an asset is not recoverable that is
its carrying amount exceeds the amount of expected undiscounted future cash flows result from the use of the asset. Once it is established
that impairment has occurred, the amount of impairment expense is determined as the difference between the carrying value of the asset
and its estimated fair value based on a discounted cash flows approach.
As
of June 30, 2023 and December 31, 2022, the carrying amounts of operating right-of-use assets and property and equipment amounted to
$284,670 and $105,674 (December 31, 2022: $81,133 and $142,149), respectively. No impairment losses on operating right-of-use assets
and property and equipment were recognized as of June 30, 2023 and 2022.
Allowance
for deferred tax assets
The
Company conducts much of its business activities in Malaysia and Hong Kong and is subject to tax in each of these jurisdictions. Significant
estimates are required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate
tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from
the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which
such determination is made.
Deferred
tax assets relating to certain temporary differences and tax losses are recognized as management considers it is probable that future
taxable profit will be available against which the temporary differences or tax losses can be utilized. Where the expectation is different
from the original estimate, such differences will impact the recognition of deferred taxation assets and taxation in the periods in which
such estimate is changed.
Critical
Accounting Policies
Revenue
recognition
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.
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.
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.
Sales
of Health and Wellness products
-
Performance obligations satisfied at a point in time
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.
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.
Provision
of Health and Wellness services
-
Performance obligations satisfied at a point in time
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. The Company also separately derives its
revenues from sales contracts with its customers with revenues being recognized when the health camp program was completed in the final
day of the health camp.
Fair
value of financial instruments
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.
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:
|
● |
Level 1 inputs to the valuation
methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level 2 inputs to the valuation
methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets
or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|
● |
Level 3 inputs to the valuation
methodology are unobservable and significant to the fair value. |
Financial
instruments 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.
Accounting
Standards Adopted in 2023
On
January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard replaced the incurred loss
methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology.
In
addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to
be presented as an allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell
and does not believe that it is more likely than not, they will be required to sell.
As
ASU 2016-13 has been adopted from January 1, 2023, the Company adopted ASU 2019-05, Financial instruments – Credit Losses (Topic
326) Targeted Transition Relief at the same time.
The
AUS 2019-05 provides entities that have certain instruments with an option to irrevocably elect the fair value option applied on an instrument-by-instrument
basis for eligible instruments. The fair value option election does not apply to held-to-maturity debt securities.
The
adoption of these ASUs did not have a material impact on the unaudited condensed consolidated financial statements for the six months
ended and as at June 30, 2023.
Recent
accounting pronouncements
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.
In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842)
Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that leasehold improvements associated with common control
leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless
of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer
between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying
asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. Early adoption is permitted for both interim
and annual financial statements that have not yet been issued. When adopted in an interim period, it must be adopted from the beginning
of the year that includes that interim period. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed
consolidated financial statements.
Except
for the above-mentioned pronouncements, there are no other new recent issued accounting standards that will have a material impact
on the consolidated financial position, statements of operations and cash flows.
ITEM
3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
exchange risk. Substantially most of our revenues are denominated in the Malaysian Ringgit while most of our expenses are denominated
in Malaysian Ringgit, U.S. dollar and Hong Kong Dollar. We do not believe that we currently have any significant direct foreign exchange
risk and have not hedged exposures denominated in foreign currencies or any other derivative financial instruments. Although in general,
our exposure to foreign exchange risks should be limited, the value of an investment in our Common Stock may be affected by the foreign
exchange rate between U.S. dollar and Malaysian Ringgit; and U.S. dollar and Hong Kong Dollar because the value of our business is effectively
denominated in Malaysian Ringgit and Hong Kong Dollar, while the Common Stock is traded in U.S. dollars.
Credit
risk. Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes
the concentration of credit risk in its trade receivables 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.
ITEM
4 CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this Report, we carried out an evaluation, under the supervision and with the participation of our
management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our
disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)). Based on the foregoing evaluation,
our chief executive officer and chief financial officer concluded that, as of June 30, 2023, our disclosure controls and procedures were
not effective at the reasonable assurance level due to the material weaknesses described below.
Internal
Control Over Financial Reporting
Our
management, including our chief executive officer and chief financial officer, is responsible for establishing and maintaining adequate
internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated
under the Exchange Act as a process designed by, or under the supervision of, the company’s chief executive officer and chief financial
officer and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting
principles generally accepted in the United States of America and includes those policies and procedures that:
|
● |
Pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; |
|
|
|
|
● |
Provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and |
|
|
|
|
● |
Provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could
have a material effect on the financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material
misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent
limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to
reduce, though not eliminate, this risk.
As
of June 30, 2023, our management, including our chief executive officer and chief financial officer, assessed the effectiveness of our
internal control over financial reporting based on the criteria for effective internal control over financial reporting established in
Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”)
and SEC guidance on conducting such assessments. Based on such evaluation, the Company’s management, including our chief executive
and chief financial officer, concluded that, during the period covered by this Report, internal controls and procedures over financial
reporting were not effective. This was due to deficiencies that existed in the design or operation of our internal controls over financial
reporting that adversely affected our internal controls and that may be considered to be material weaknesses.
Identified
Material Weakness
A
material weakness in internal control over financial reporting is a control deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
Management,
including our chief executive officer and chief financial officer identified the following material weakness during its assessment of
internal controls over financial reporting as of June 30, 2023:
(i)
insufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions,
address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; (ii)
lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures
and lack of adequate policies and procedures in internal audit function to ensure that the Company’s policies and procedures have
been carried out as planned; (iii) lack of proper IT policies and procedures developed for system change management, user access management,
backup management and service organization management.
Accordingly,
the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.
Management’s
Remediation Initiatives
In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we will prepare written
policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC
guidelines, to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including
equity and debt transactions.
To
further strengthen the Company’s internal controls, we plan to initiate the following measures going forward:
1. |
We intend to establish
an internal audit function with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control. |
|
|
2. |
Once we hire additional
employees, we intend to initiate a comprehensive training program and development plan to provide ongoing company-wide trainings
regarding internal control and requirements of U.S. GAAP financial statements and related disclosures, with particular emphasis on
our accounting staff. |
|
|
3. |
Hire suitable IT personnel
to develop and implement proper IT policies and procedures for system change management, user access management, backup management
and service organization management. |
We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2023.
Changes
in Internal Control over Financial Reporting:
Except
as disclosed above, there were no changes in our internal control over financial reporting during the quarter ended June 30, 2023, that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
We
know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings
or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder
are an adverse party or has a material interest averse to us.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information.
None.
ITEM
6. Exhibits
*
Filed herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
AGAPE ATP CORPORATION |
|
(Name of Registrant) |
|
|
|
Date: August 14, 2023 |
|
|
|
By: |
/s/
How Kok Choong |
|
Title: |
Chief
Executive Officer,
President,
Director, Secretary and Treasurer |
|
|
(Principal Executive Officer and Principal Financial
Officer) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
AGAPE ATP CORPORATION |
|
(Name of Registrant) |
|
|
|
Date: August 14, 2023 |
|
|
|
By: |
/s/
Andrew Lee Kam Fan |
|
Title: |
Chief Financial Officer, |
EXHIBIT
31.1
CERTIFICATION
I,
HOW KOK CHOONG, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Agape ATP Corporation (the “Company”) for the quarter ended June 30,
2023;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. |
|
|
|
|
c. |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a. |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
Date: August 14, 2023 |
By: |
/s/
How Kok Choong |
|
|
HOW KOK CHOONG |
|
|
Chief
Executive Officer,
President,
Director, Secretary, Treasurer |
|
|
(Principal Executive Officer and Principal Financial
Officer) |
EXHIBIT
31.2
CERTIFICATION
I,
ANDREW LEE KAM FAN, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Agape ATP Corporation (the “Company”) for the quarter ended June 30,
2023;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2023 |
By:
|
/s/
Andrew Lee Kam Fan |
|
|
LEE
KAM FAN |
|
|
Chief
Financial Officer, |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Agape ATP Corporation (the “Company”) on Form 10-Q for the quarter ended June 30,
2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies,
pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
Date: August 14, 2023 |
By: |
/s/
How Kok Choong |
|
|
HOW KOK CHOONG |
|
|
Chief Executive Officer, President, Director, Secretary,
Treasurer |
|
|
(Principal Executive Officer and Principal Financial
Officer) |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Agape ATP Corporation (the “Company”) on Form 10-Q for the quarter ended June 30,
2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies,
pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
Date: August 14, 2023 |
By: |
/s/
Andrew Lee Kam Fan |
|
|
LEE KAM FAN |
|
|
Chief Financial Officer |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
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false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
333-220144
|
|
Entity Registrant Name |
AGAPE
ATP CORPORATION
|
|
Entity Central Index Key |
0001713210
|
|
Entity Tax Identification Number |
36-4838886
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
1705
- 1708, Level 17, Tower 2, Faber Tower
|
|
Entity Address, Address Line Two |
Jalan Desa Bahagia
|
|
Entity Address, Address Line Three |
Taman
Desa
|
|
Entity Address, City or Town |
Kuala Lumpur
|
|
Entity Address, Country |
MY
|
|
Entity Address, Postal Zip Code |
58100
|
|
City Area Code |
(60)
|
|
Local Phone Number |
192230099
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
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false
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|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash and cash equivalents (Included $1,146 and $1,609 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) |
$ 653,754
|
$ 1,438,430
|
Accounts receivable |
5,303
|
2,826
|
Inventories |
66,056
|
46,277
|
Prepaid taxes (Included $1,643 and $1,741 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) |
91,968
|
339,367
|
Prepayments and deposits (Included $28 and $0 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2023 and December 31, 2022, respectively.) |
122,938
|
191,100
|
Total Current Assets |
941,436
|
2,028,534
|
OTHER ASSETS |
|
|
Property and equipment, net |
105,674
|
142,149
|
Intangible assets, net |
19,728
|
24,044
|
Operating right-of-use assets |
284,670
|
81,133
|
Investment in marketable securities |
25,331
|
16,687
|
Deferred offering costs |
522,062
|
499,202
|
Deferred tax assets |
6,382
|
|
Total other assets |
963,847
|
763,215
|
TOTAL ASSETS |
1,905,283
|
2,791,749
|
CURRENT LIABILITIES |
|
|
Accounts payable |
50,800
|
28,833
|
Customer deposits |
312,189
|
363,018
|
Operating lease liabilities |
98,688
|
82,708
|
Other payables and accrued liabilities ($1,028 and $1,090 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of June 30, 2023 and December 31, 2022, respectively.) |
475,667
|
713,277
|
Other payable – related parties |
1,030
|
4,880
|
Income tax payable |
10,350
|
10,968
|
Total Current Liabilities |
968,329
|
1,229,295
|
NON-CURRENT LIABILITIES |
|
|
Operating lease liabilities |
186,300
|
|
Total Non-current Liabilities |
186,300
|
|
TOTAL LIABILITIES |
1,154,629
|
1,229,295
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding |
|
|
Common Stock, par value $0.0001; 1,000,000,000 shares authorized, 75,452,012 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. |
7,545
|
7,545
|
Additional paid in capital |
6,470,716
|
6,470,716
|
Accumulated deficit |
(5,746,112)
|
(4,945,586)
|
Accumulated other comprehensive income |
11,612
|
9,266
|
TOTAL AGAPE CORPORATION STOCKHOLDERS’ EQUITY |
743,761
|
1,541,941
|
NON-CONTROLLING INTERESTS |
6,893
|
20,513
|
TOTAL EQUITY |
750,654
|
1,562,454
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
1,905,283
|
2,791,749
|
Related Party [Member] |
|
|
CURRENT ASSETS |
|
|
Amount due from related parties |
1,417
|
10,534
|
CURRENT LIABILITIES |
|
|
Accounts payable – related parties |
$ 19,605
|
$ 25,611
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
VIE consolidated amount of cash and cash equivalents |
$ 1,146
|
$ 1,609
|
VIE consolidated amount of prepaid taxes |
1,643
|
1,741
|
VIE consolidated amount of prepaid taxes |
28
|
0
|
VIE consolidated amount of other payables and accrued liabilities |
$ 1,028
|
$ 1,090
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
200,000,000
|
200,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, shares issued |
75,452,012
|
75,452,012
|
Common stock, shares outstanding |
75,452,012
|
75,452,012
|
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
$ 303,935
|
$ 396,707
|
$ 684,703
|
$ 805,667
|
COST OF REVENUE |
(107,931)
|
(109,383)
|
(236,289)
|
(182,814)
|
GROSS PROFIT |
196,004
|
287,324
|
448,414
|
622,853
|
SELLING |
(64,126)
|
(79,587)
|
(140,224)
|
(194,198)
|
COMMISSION |
(21,942)
|
(62,557)
|
(55,884)
|
(176,666)
|
GENERAL AND ADMINISTRATIVE |
(469,469)
|
(451,363)
|
(1,065,723)
|
(830,404)
|
TOTAL OPERATING EXPENSES |
(555,537)
|
(593,507)
|
(1,261,831)
|
(1,201,268)
|
LOSS FROM OPERATIONS |
(359,533)
|
(306,183)
|
(813,417)
|
(578,415)
|
OTHER (EXPENSES) INCOME |
|
|
|
|
Other income, net |
4,134
|
1,341
|
12,500
|
12,826
|
Interest income |
1,634
|
3,526
|
4,817
|
8,251
|
Unrealized holding gain (loss) on marketable securities |
3,790
|
(35,219)
|
8,710
|
(52,889)
|
Gain on disposal of property and equipment |
1,787
|
|
1,787
|
|
Exchange loss, net |
(33,700)
|
(67,417)
|
(34,576)
|
(83,883)
|
TOTAL OTHER EXPENSES, NET |
(22,355)
|
(97,769)
|
(6,762)
|
(115,695)
|
LOSS BEFORE INCOME TAXES |
(381,888)
|
(403,952)
|
(820,179)
|
(694,110)
|
BENEFIT OF (PROVISION FOR) INCOME TAXES |
2,439
|
(392)
|
6,655
|
(8,680)
|
NET LOSS |
(379,449)
|
(404,344)
|
(813,524)
|
(702,790)
|
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS |
(4,763)
|
10,556
|
(12,998)
|
11,207
|
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION |
(374,686)
|
(414,900)
|
(800,526)
|
(713,997)
|
NET LOSS |
(379,449)
|
(404,344)
|
(813,524)
|
(702,790)
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
Foreign currency translation adjustment |
269
|
(61,156)
|
2,346
|
(73,179)
|
TOTAL COMPREHENSIVE LOSS |
(379,180)
|
(465,500)
|
(811,178)
|
(775,969)
|
Less: Comprehensive loss attributable to non-controlling interests |
(5,401)
|
(271)
|
(13,619)
|
(270)
|
COMPREHENSIVE LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION |
$ (373,779)
|
$ (465,229)
|
$ (797,559)
|
$ (775,699)
|
LOSS PER SHARE |
|
|
|
|
Net Loss per share - basic |
$ 0.00
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
Net Loss per share - diluted |
$ 0.00
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|
|
|
|
Weighted average number of shares - basic |
75,452,012
|
75,452,012
|
75,452,012
|
100,397,696
|
Weighted average number of shares - diluted |
75,452,012
|
75,452,012
|
75,452,012
|
100,397,696
|
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v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 29,046
|
$ 6,449,215
|
$ (3,258,687)
|
$ 93,398
|
$ (336)
|
$ 3,312,636
|
Beginning balance, shares at Dec. 31, 2021 |
290,460,047
|
|
|
|
|
|
Forfeiture of common stock |
$ (21,501)
|
21,501
|
|
|
|
|
Forfeiture of common stock, shares |
(215,008,035)
|
|
|
|
|
|
Net loss |
|
|
(299,097)
|
|
651
|
(298,446)
|
Foreign currency translation adjustment |
|
|
|
(12,023)
|
1
|
(12,022)
|
Ending balance, value at Mar. 31, 2022 |
$ 7,545
|
6,470,716
|
(3,557,784)
|
81,375
|
316
|
3,002,168
|
Ending balance, shares at Mar. 31, 2022 |
75,452,012
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 29,046
|
6,449,215
|
(3,258,687)
|
93,398
|
(336)
|
3,312,636
|
Beginning balance, shares at Dec. 31, 2021 |
290,460,047
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(702,790)
|
Ending balance, value at Jun. 30, 2022 |
$ 7,545
|
6,470,716
|
(3,972,684)
|
20,219
|
10,601
|
2,536,397
|
Ending balance, shares at Jun. 30, 2022 |
75,452,012
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 7,545
|
6,470,716
|
(3,557,784)
|
81,375
|
316
|
3,002,168
|
Beginning balance, shares at Mar. 31, 2022 |
75,452,012
|
|
|
|
|
|
Net loss |
|
|
(414,900)
|
|
10,556
|
(404,344)
|
Foreign currency translation adjustment |
|
|
|
(61,156)
|
(271)
|
(61,427)
|
Ending balance, value at Jun. 30, 2022 |
$ 7,545
|
6,470,716
|
(3,972,684)
|
20,219
|
10,601
|
2,536,397
|
Ending balance, shares at Jun. 30, 2022 |
75,452,012
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 7,545
|
6,470,716
|
(4,945,586)
|
9,266
|
20,513
|
1,562,454
|
Beginning balance, shares at Dec. 31, 2022 |
75,452,012
|
|
|
|
|
|
Net loss |
|
|
(425,840)
|
|
(8,235)
|
(434,075)
|
Foreign currency translation adjustment |
|
|
|
2,077
|
17
|
2,094
|
Ending balance, value at Mar. 31, 2023 |
$ 7,545
|
6,470,716
|
(5,371,426)
|
11,343
|
12,295
|
1,130,473
|
Ending balance, shares at Mar. 31, 2023 |
75,452,012
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 7,545
|
6,470,716
|
(4,945,586)
|
9,266
|
20,513
|
1,562,454
|
Beginning balance, shares at Dec. 31, 2022 |
75,452,012
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(813,524)
|
Ending balance, value at Jun. 30, 2023 |
$ 7,545
|
6,470,716
|
(5,746,112)
|
11,612
|
6,893
|
750,654
|
Ending balance, shares at Jun. 30, 2023 |
75,452,012
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 7,545
|
6,470,716
|
(5,371,426)
|
11,343
|
12,295
|
1,130,473
|
Beginning balance, shares at Mar. 31, 2023 |
75,452,012
|
|
|
|
|
|
Net loss |
|
|
(374,686)
|
|
(4,763)
|
(379,449)
|
Foreign currency translation adjustment |
|
|
|
269
|
(639)
|
(370)
|
Ending balance, value at Jun. 30, 2023 |
$ 7,545
|
$ 6,470,716
|
$ (5,746,112)
|
$ 11,612
|
$ 6,893
|
$ 750,654
|
Ending balance, shares at Jun. 30, 2023 |
75,452,012
|
|
|
|
|
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (813,524)
|
$ (702,790)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
36,177
|
36,661
|
Amortization |
3,087
|
897
|
Amortization of operating right-of-use assets |
78,333
|
75,241
|
Unrealized holding (gain) loss on marketable securities |
(8,710)
|
52,889
|
Deferred tax (benefit) provision |
(6,655)
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivables |
(2,751)
|
(214)
|
Amount due from related parties |
(209)
|
2,201
|
Inventories |
(23,013)
|
28,790
|
Prepaid taxes |
238,064
|
296,219
|
Prepayments and deposits |
80,651
|
102,099
|
Customer deposits |
(31,655)
|
(175,936)
|
Operating lease liabilities |
(79,551)
|
(75,200)
|
Income tax payable |
|
5,261
|
Net cash used in operating activities |
(742,175)
|
(495,727)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of equipment |
(6,499)
|
(750)
|
Net cash used in investing activities |
(6,499)
|
(750)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Deferred offering costs |
(22,861)
|
(178,926)
|
Net cash used in financing activities |
(22,861)
|
(178,926)
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS |
(13,141)
|
(115,008)
|
DECREASE IN CASH AND CASH EQUIVALENTS |
(784,676)
|
(790,411)
|
CASH AND CASH EQUIVALENTS, beginning of period |
1,438,430
|
2,597,848
|
CASH AND CASH EQUIVALENTS, end of period |
653,754
|
1,807,437
|
SUPPLEMENTAL CASH FLOWS INFORMATION |
|
|
Income taxes paid |
20,849
|
77,117
|
SUPPLEMENTAL NON-CASH FLOWS INFORMATION |
|
|
Increase in right-of-use assets and lease liabilities due to lease renewal |
283,220
|
|
Nonrelated Party [Member] |
|
|
Changes in operating assets and liabilities: |
|
|
Accounts payable |
24,608
|
7,804
|
Other payables and accrued liabilities |
(228,812)
|
(166,137)
|
Related Party [Member] |
|
|
Changes in operating assets and liabilities: |
|
|
Accounts payable –related parties |
(4,758)
|
14,407
|
Other payable – related parties |
$ (3,457)
|
$ 2,081
|
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v3.23.2
ORGANIZATION AND BUSINESS BACKGROUND
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BUSINESS BACKGROUND |
1.
ORGANIZATION AND BUSINESS BACKGROUND
Agape
ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016.
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.
Agape
ATP Corporation, incorporated in Labuan, Malaysia, is an investment holding company with 100% equity interest in Agape ATP International
Holding Limited (“AATP HK”), a company incorporated in Hong Kong.
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
9,590,596 ordinary shares, no par value, equivalent to approximately 99.99% of the equity interest in Agape Superior Living Sdn. Bhd.,
a network marketing entity incorporated in Malaysia.
Agape
Superior Living Sdn. Bhd. is a limited company incorporated on August 8, 2003, under the laws of Malaysia.
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.
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 60% of the equity interest, to pursue the business of providing
complementary health therapies.
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.
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.
Details
of the Company’s subsidiaries:
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES
| |
Subsidiary company name | |
Place and date of incorporation | |
Particulars of issued capital | |
Principal activities | |
Proportional of ownership interest and voting power held | |
| |
| |
| |
| |
| |
| |
1. | |
Agape ATP Corporation | |
Labuan, March 6, 2017 | |
100 shares of ordinary share of US$1 each | |
Investment holding | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
2. | |
Agape ATP International Holding Limited | |
Hong Kong, June 1, 2017 | |
1,000,000 shares of ordinary share of HK$1 each | |
Wholesaling of health and wellness products; and health solution advisory services | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
3. | |
Agape Superior Living Sdn. Bhd. | |
Malaysia, August 8, 2003 | |
9,590,598 shares of ordinary share of RM1 each | |
Health and wellness products and health solution advisory services via network marketing | |
| 99.99 | % |
| |
| |
| |
| |
| |
| | |
4. | |
Agape S.E.A. Sdn. Bhd. | |
Malaysia, March 4, 2004 | |
2 shares of ordinary share of RM1 each | |
VIE of Agape Superior Living Sdn. Bhd. | |
| VIE | |
| |
| |
| |
| |
| |
| | |
5. | |
Wellness ATP International Holdings Sdn, Bhd | |
Malaysia, September 11, 2020 | |
100 shares of ordinary share of RM1 each | |
The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
6. | |
DSY Wellness International Sdn Bhd. | |
Malaysia, November 11, 2021 | |
1,000 shares of ordinary share of RM1 each | |
Provision of complementary health therapies | |
| 60 | % |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
1.
ORGANIZATION AND BUSINESS BACKGROUND (Continued)
Business
Overview
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.
In
order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99% 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.
Via
ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE
and BEAUNIQUE.
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.
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.
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.
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.
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 60% of the equity interest, to pursue the business of providing complementary health therapies.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
GOING CONCERN
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
2.
GOING CONCERN
In
assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure
commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure
obligations. Equity financing is used to supplement working capital requirements of the Company.
The
Company’s management has considered whether there is substantial doubt about its ability to continue as a going concern due to
(1) the net loss of $379,449 and $813,524 for the three and six months ended June 30, 2023; (2) accumulated deficit of $5,746,112 as
of June 30, 2023; (3) working capital deficit of $26,892 as of June 30, 2023; and (4) the unexpectedly long turnaround time that the
Company’s distributors and members are taking to revert to pre-pandemic mode to generate sales.
Management
has determined there is substantial doubt about its ability to continue as a going concern. If the Company is unable to generate significant
revenue, the Company may be required to curtail or cease its operations. Management is trying to alleviate the going concern risk through
the following sources:
● |
Equity
financing from the Company’s second listing on NASDAQ to support its working capital and future growth; |
|
|
● |
Other
available sources of financing (including debt) from banks and other financial institutions; and |
|
|
● |
Financial
support and credit guarantee commitments from the Company’s related parties. |
Based
on the above measures, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital
requirements and debt obligations as they become due one year from the filing date of these unaudited condensed consolidated financial
statements.
There
is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available
to the Company on commercially reasonable terms, or at all. There are a number of factors that could potentially arise that could undermine
the Company’s plans, such as (i) undue delay in the Company’s current pursuit in seeking second listing on NASDAQ, (ii) the
slow rate in which the Company’s distributors and members re-ignite their sales activities, (iii) changes in the demand for the
Company’s products and services due to the diminishing effect on the purchasing power of the public in general, as a result of
the COVID-19 pandemic, and (iv) if the Company’s new business in the provision of complementary health therapies fail to grow in
the manner and at the rate as planned. The Company’s inability to secure needed financing when required could require material
changes to the Company’s business plans and could have a material adverse effect on the Company’s viability and results of
operations.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”).
The
interim unaudited financial information as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared
without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures,
which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant
to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited consolidated
financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2022, which was filed with
the SEC on March 31, 2023.
In
the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s
unaudited financial position as of June 30, 2023, its unaudited results of operations for the three and six months ended June 30, 2023
and 2022, and its unaudited cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. The unaudited
interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
The
unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable
interest entity (“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.
Principles
of consolidation
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.
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 three and six months ended June 30, 2023, SEA, the only VIE of the Company has no significant
operations.
Use
of estimates
The
preparation of unaudited condensed 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods
presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include
allowance for inventories obsolescence, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ
from these estimates.
Cash
and cash equivalents
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Accounts
receivable
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 June 30, 2023 and December 31, 2022, no allowance of doubtful accounts was recorded.
Inventories
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. For the three and six months ended June 30, 2023 and 2022, the Company did not recognize any inventory write-downs
nor write-off.
Prepaid
taxes
Prepaid
taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.
Prepayments
and deposits
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. There was no allowance for doubtful accounts recorded nor doubtful accounts written-off during the three and six months
ended June 30, 2023 and 2022. There was no allowance for doubtful accounts balances as of June 30, 2023 and December 31, 2022.
Property
and equipment, net
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:
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Useful Life |
Computer and office equipment | |
5-7 years |
Furniture & fixtures | |
6-7 years |
Leasehold improvements | |
Shorter of the remaining lease terms or the estimated useful lives |
Vehicle | |
5 years |
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 unaudited condensed consolidated statements of operations and comprehensive loss. 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.
Intangible
assets, net
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:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET
Classification | |
Useful Life |
| |
|
Computer software | |
5 years |
Impairment
for long-lived assets
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 June 30, 2023 and December
31, 2022, no impairment of long-lived assets was recognized.
Deferred
offering costs
Deferred
offering costs represents costs associated with the Company’s current offering which will be netted against the proceeds from the
Company’s proposed offering for uplisting.
Investment
in marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value
with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive
loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment
in non-marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. 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.
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.
Customer
deposits
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.
Revenue
recognition
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.
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.
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Sales
of Health and Wellness products
-
Performance obligations satisfied at a point in time
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.
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 three months ended June 30, 2023 and 2022, the Company recognized $6,422 and $4,824, as forfeited coupon income, respectively. For
the six months ended June 30, 2023 and 2022, the Company recognized $28,872 and $5,777, as forfeited coupon income, respectively.
The
Company had contracts for the sales of health and wellness products amounting to $7,790 which it is expected to fulfill within 12 months
from June 30, 2023.
Sales
of products for the provision of complementary health therapies
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.
Provision
of Health and Wellness services
-
Performance obligations satisfied at a point in time
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 session in person.
The
Company also separately derives its revenues from sales contracts with its customers with revenues being recognized when the health camp
program was completed in the final day of the health camp. For the three months ended June 30, 2023 and 2022, revenues from health and
wellness services were $58,862 and $30,072 respectively. For the six months ended June 30, 2023 and 2022, revenues from health and wellness
services were $124,214 and $31,139 respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Disaggregated
information of revenues by products are as follows:
SCHEDULE
OF DIS-AGGREGATED INFORMATION OF REVENUES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended | | |
For the six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Survivor Select | |
$ | - | | |
$ | 13,941 | | |
$ | 28,210 | | |
$ | 22,753 | |
Ionized Cal-Mag | |
| 37,221 | | |
| 14,278 | | |
| 84,802 | | |
| 62,368 | |
Omega Blend | |
| - | | |
| 42,747 | | |
| 22,471 | | |
| 179,177 | |
Beta Maxx | |
| - | | |
| 23,564 | | |
| 21,206 | | |
| 47,637 | |
Iron | |
| 9,929 | | |
| 3,118 | | |
| 21,617 | | |
| 7,186 | |
Young Formula | |
| - | | |
| 1,075 | | |
| - | | |
| 34,269 | |
ATPR Mito+ | |
| - | | |
| 76,605 | | |
| - | | |
| 187,926 | |
Hyaluronic Acid Serum | |
| - | | |
| 1,698 | | |
| - | | |
| 3,006 | |
Mousse Facial Cleanser | |
| - | | |
| 4,355 | | |
| - | | |
| 7,394 | |
Trim+ | |
| 3,702 | | |
| 2,765 | | |
| 9,587 | | |
| 6,236 | |
LIVO 5 | |
| 21,812 | | |
| - | | |
| 21,812 | | |
| - | |
Others – Products for the provision of complementary health therapies | |
| 154,411 | | |
| 182,101 | | |
| 330,968 | | |
| 216,188 | |
Others | |
| 17,998 | | |
| 388 | | |
| 19,816 | | |
| 388 | |
Total revenues - products | |
| 245,073 | | |
| 366,635 | | |
| 560,489 | | |
| 774,528 | |
Health and Wellness services | |
| 58,862 | | |
| 30,072 | | |
| 124,214 | | |
| 31,139 | |
Total revenues - products and services | |
$ | 303,935 | | |
$ | 396,707 | | |
$ | 684,703 | | |
$ | 805,667 | |
Cost
of revenue
Cost
of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and
products for the provision of complementary health therapies. For the three and six months ended June 30, 2023, cost of revenue were
$107,931 and $236,289, respectively. For the three and six months ended June 30, 2022, cost of revenue were $109,383 and $182,814, respectively.
Shipping
and handling
Shipping
and handling charges amounted to $1,131 and $4,272 for the three months ended June 30, 2023 and 2022, respectively. Shipping and handling
charges amounted to $2,656 and $7,179 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling charges are
expensed as incurred and included in selling expenses.
Advertising
costs
There
were no advertising costs incurred for the three and six months ended June 30, 2023. Advertising costs amounted to $4,765 and $4,765
for the three and six months ended June 30, 2022. Advertising costs are expensed as incurred and included in selling expenses.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Commission
expenses
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 $21,942 and $62,557 for the three months ended June 30, 2023
and 2022, respectively. Commission expenses amounted to $55,884 and $176,666 for the six months ended June 30, 2023 and 2022, respectively.
Defined
contribution plan
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.
Total expenses for the plans were $35,759 and $35,936 for the three months ended June 30, 2023 and 2022, respectively. Total expenses
for the plans were $79,472 and $63,408 for the six months ended June 30, 2023 and 2022, respectively.
The
related contribution plans include:
|
- |
Social
Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Employees
Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and
12% for employee earning RM5,001 and above. |
|
- |
Employment
Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Human
Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary |
Income
taxes
The
Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for
the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred
taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the
liability is settled.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. No penalties and interest incurred related to underpayment of income taxes for the three and six months ended
June 30, 2023 and 2022.
The
Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these 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.
Comprehensive
income (loss)
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.
Non-controlling
interest
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. 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.
Earnings
(loss) per share
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 (loss) 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 common stocks (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 common stocks 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.
For the three and six months ended June 30, 2023 and 2022, there were no dilutive shares.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Foreign
currencies translation and transaction
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the consolidated statements of operations and comprehensive loss.
The
reporting currency of the Company is United States Dollars (“US$”) 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$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and
maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.
In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance
sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation
of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the
statements of stockholders’ equity. 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.
Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:
SCHEDULE
OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Period-end MYR : US$1 exchange rate | |
| 4.67 | | |
| 4.41 | |
Period-end HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.80 | |
Foreign currency exchange
rate, translation | |
| 7.84 | | |
| 7.80 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Period-average MYR : US$1 exchange rate | |
| 4.58 | | |
| 4.37 | | |
| 4.48 | | |
| 4.28 | |
Period-average HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
Foreign currency exchange
rate period average | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Related
parties
Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
Fair
value of financial instruments
The
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.
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:
|
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value. |
Financial
instruments 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.
Leases
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
Recent
accounting pronouncements
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.
In
March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance
in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful
life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use
of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment
to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods
beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been
issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company
is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.
Except
for the above-mentioned pronouncements, there are no other new recent issued accounting standards that will have a material impact
on the consolidated financial position, statements of operations and cash flows.
Recently
adopted Accounting Pronouncements
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 has accordingly adopted
ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting
standards has no material impact on the unaudited condensed consolidated financial statements for the three and six months ended June
30, 2023.
|
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v3.23.2
VARIABLE INTEREST ENTITY (“VIE”)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
VARIABLE INTEREST ENTITY (“VIE”) |
4.
VARIABLE INTEREST ENTITY (“VIE”)
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 100% 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:
|
a. |
The
power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and |
|
b. |
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. |
Accordingly,
the accounts of SEA is consolidated in the accompanying financial statements.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
4.
VARIABLE INTEREST ENTITY (“VIE”) (Continued)
The
carrying amount of the VIE’s assets and liabilities were as follows:
SCHEDULE
OF VARIABLE INTEREST ENTITY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets | |
$ | 2,817 | | |
$ | 3,350 | |
Current liabilities | |
| (41,057 | ) | |
| (43,512 | ) |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,146 | | |
$ | 1,609 | |
Prepaid taxes | |
| 1,643 | | |
| 1,741 | |
Prepayment and deposits | |
| 28 | | |
| - | |
Total current assets | |
$ | 2,817 | | |
$ | 3,350 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable – intercompany | |
$ | 40,029 | | |
$ | 42,422 | |
Other payables and accrued liabilities | |
| 1,028 | | |
| 1,090 | |
Total current liabilities | |
$ | 41,057 | | |
$ | 43,512 | |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
The
summarized operating results of the VIE’s are as follows:
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Gross profit | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Profit (Loss) from operations | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
Net loss | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
|
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v3.23.2
CASH AND CASH EQUIVALENTS
|
6 Months Ended |
Jun. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS |
5.
CASH AND CASH EQUIVALENTS
As
of June 30, 2023 and December 31, 2022 the Company has $653,754 and $1,438,430, respectively, of cash and cash equivalents, which consists
of $332,431 and $523,619, respectively, of cash and cash in banks and $321,323 and $914,811, 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 ranged between 1.22% to 1.88% per annum for the three and six months ended June 30, 2023. The effective
interest rate ranged between 1.10% to 1.17% per annum for the three and six months ended June 30, 2022. As of June 30, 2023 and December
31, 2022, $397,809 and $231,187 of these balances are not covered by deposit insurance, respectively.
|
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v3.23.2
ACCOUNTS RECEIVABLE
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
ACCOUNTS RECEIVABLE |
6.
ACCOUNTS RECEIVABLE
SCHEDULE
OF ACCOUNTS RECEIVABLES - RELATED PARTY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
Allowance for doubtful accounts | |
| - | | |
| - | |
Total accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
INVENTORIES
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
7.
INVENTORIES
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Finished goods | |
$ | 66,056 | | |
$ | 46,277 | |
There
were no inventory write-downs nor write-off for the three and six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
PREPAYMENTS AND DEPOSITS
|
6 Months Ended |
Jun. 30, 2023 |
Prepayments And Deposits |
|
PREPAYMENTS AND DEPOSITS |
8.
PREPAYMENTS AND DEPOSITS
SCHEDULE
OF PREPAID EXPENSES AND DEPOSITS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Receivables from sales distributors | |
$ | 28,219 | | |
$ | 43,596 | |
Deposits to suppliers | |
| 94,719 | | |
| 147,504 | |
Subtotal | |
| 122,938 | | |
| 191,100 | |
Less: Allowance for doubtful accounts | |
| - | | |
| - | |
Total | |
$ | 122,938 | | |
$ | 191,100 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
8.
PREPAYMENTS AND DEPOSITS (Continued)
Movements
of allowance for doubtful accounts are as follows:
SCHEDULE
OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
For the
six months ended June
30, 2023 | | |
For the
year ended December 31,
2022 | |
| |
| | |
| |
Beginning balance | |
$ | - | | |
$ | 121,095 | |
Addition | |
| - | | |
| - | |
Write off | |
| - | | |
| (120,372 | ) |
Exchange rate effect | |
| - | | |
| (723 | ) |
Ending balance | |
$ | - | | |
$ | - | |
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v3.23.2
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
9.
PROPERTY AND EQUIPMENT, NET
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer and office equipment | |
$ | 88,641 | | |
$ | 87,428 | |
Furniture & fixtures | |
| 109,342 | | |
| 115,789 | |
Leasehold improvements | |
| 181,136 | | |
| 191,965 | |
Vehicle | |
| 88,259 | | |
| 93,535 | |
Subtotal | |
| 467,378 | | |
| 488,717 | |
Less: accumulated depreciation | |
| (361,704 | ) | |
| (346,568 | ) |
Total | |
$ | 105,674 | | |
$ | 142,149 | |
Depreciation
expense for the three months ended June 30, 2023 and 2022 amounted to $18,124 and $17,954, respectively. Depreciation expense for the
six months ended June 30, 2023 and 2022 amounted to $36,177 and $36,661, respectively.
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v3.23.2
INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
10.
INTANGIBLE ASSETS, NET
Intangible
assets, net, consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer software | |
$ | 52,225 | | |
$ | 55,348 | |
Less: accumulated amortization | |
| (32,497 | ) | |
| (31,304 | ) |
Total | |
$ | 19,728 | | |
$ | 24,044 | |
Amortization
expense for the three months ended June 30, 2023 and 2022 amounted to $1,506 and $439, respectively. Amortization expense for the six
months ended June 30, 2023 and 2022 amounted to $3,087 and $897, respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
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v3.23.2
INVESTMENT IN MARKETABLE SECURITIES
|
6 Months Ended |
Jun. 30, 2023 |
Investment In Marketable Securities |
|
INVESTMENT IN MARKETABLE SECURITIES |
11.
INVESTMENT IN MARKETABLE SECURITIES
|
(i) |
On
May 17, 2018, the Company purchased 83,333 shares of common stock in Greenpro Capital Corp. for $500,000 at a purchase price of $6
per share. |
|
|
|
|
(ii) |
On
July 30, 2018, the Company disposed 20 shares of common stock in Greenpro Capital Corp. for $125 at a purchase price of $6.2613 per
share. |
|
|
|
|
(iii) |
On
October 16, 2018, the Company purchased 33,333 shares of common stock in Greenpro Capital Corp. for $1,000 at a purchase price of
$0.03 per share. |
|
|
|
|
(iv) |
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 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. |
|
|
|
|
(v) |
On
November 3, 2020, the Company received dividend of 6,667 shares of common stock in DSwiss, Inc. for $76,671 at fair value of $11.50
per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares |
|
|
|
|
(vi) |
On
December 9, 2020, the Company received dividend of 16,663 shares of common stock in DSwiss, Inc. for $83,315 at fair value of $5
per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares. |
|
|
|
|
(vii) |
On
September 27, 2021, the Company received dividend of 11,665 shares of common stock in SEATech Ventures Corp. for $18,874 at fair
value of $1.62 per share from Greenpro Capital Corp as a dividend income since Greenpro Capital Corp previously owned these shares. |
|
|
|
|
(viii) |
On
April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. (a non-marketable security)
for $1,500 at purchase price of $0.0001 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 July 13, 2023, there
were only 200 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. |
SCHEDULE
OF INVESTMENT IN MARKETABLE SECURITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December
31, 2022 | |
Cost of investment | |
$ | 16,687 | | |
$ | 89,001 | |
Transfer from non-marketable security | |
| - | | |
| 1,500 | |
Dividend income from Greenpro Capital Corp. | |
| - | | |
| - | |
Unrealized holding gain (loss) | |
| 8,710 | | |
| (73,519 | ) |
Exchange rate effect | |
| (66 | ) | |
| (295 | ) |
Investment in marketable securities | |
$ | 25,331 | | |
$ | 16,687 | |
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v3.23.2
INVESTMENT IN NON-MARKETABLE SECURITIES
|
6 Months Ended |
Jun. 30, 2023 |
Investment In Non-marketable Securities |
|
INVESTMENT IN NON-MARKETABLE SECURITIES |
12.
INVESTMENT IN NON-MARKETABLE SECURITIES
On
April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. for $1,500 at purchase
price of $0.0001 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.
SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES
| |
| | |
| |
| |
As of | |
Phoenix Plus Corporation | |
June 30, 2023 | | |
December
31, 2022 | |
Cost of investment | |
$ | - | | |
$ | 1,500 | |
Less: Transfer to investment in marketable securities | |
| - | | |
| (1,500 | ) |
Investment in non-marketable securities | |
$ | - | | |
$ | - | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
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v3.23.2
CUSTOMER DEPOSITS
|
6 Months Ended |
Jun. 30, 2023 |
Customer Deposits |
|
CUSTOMER DEPOSITS |
13.
CUSTOMER DEPOSITS
SCHEDULE
OF CUSTOMER DEPOSITS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Customer deposits | |
$ | 265,300 | | |
$ | 289,487 | |
Unexpired product coupons | |
| 46,889 | | |
| 73,531 | |
Total | |
$ | 312,189 | | |
$ | 363,018 | |
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.
|
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v3.23.2
OTHER PAYABLES AND ACCRUED LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
OTHER PAYABLES AND ACCRUED LIABILITIES |
14.
OTHER PAYABLES AND ACCRUED LIABILITIES
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Professional fees | |
$ | 140,672 | | |
$ | 324,629 | |
Promotion expenses | |
| 38,583 | | |
| 38,583 | |
Payroll | |
| 17,944 | | |
| 21,164 | |
Amounts held in eWallets (a) | |
| 195,000 | | |
| 216,049 | |
Tax penalty | |
| 75,000 | | |
| 75,000 | |
Others | |
| 8,468 | | |
| 37,852 | |
Total | |
$ | 475,667 | | |
$ | 713,277 | |
(a) | | The
Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with
the Company. The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.70). Commission payment
exceeding the RM100 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 RM100. Amounts held in eWallets are reflected on the balance
sheet as a current liability. |
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v3.23.2
RELATED PARTY BALANCES AND TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY BALANCES AND TRANSACTIONS |
15.
RELATED PARTY BALANCES AND TRANSACTIONS
Related
party balances
Amount
due from related parties
SCHEDULE OF RELATED PARTIES
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Prepayment of IT expenses | |
$ | 1,178 | | |
$ | 1,273 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Deposits
for products purchases | |
| - | | |
| 9,261 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Expenses paid for DSYWLC | |
| 239 | | |
| - | |
| |
| |
| |
| | | |
| | |
Total | |
| |
| |
$ | 1,417 | | |
$ | 10,534 | |
Accounts
payable – related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | | |
| | |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 19,601 | | |
$ | 25,387 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 4 | | |
| 224 | |
Total | |
| |
| |
$ | 19,605 | | |
$ | 25,611 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party balances
Other
payable - related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 391 | | |
$ | 2,149 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 316 | | |
| 2,147 | |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
| 323 | | |
| 584 | |
Total | |
| |
| |
$ | 1,030 | | |
$ | 4,880 | |
Related
party transactions
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 55,614 | | |
$ | 63,142 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 212 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 55,826 | | |
$ | 63,664 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 116,269 | | |
$ | 74,909 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 17,761 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 134,030 | | |
$ | 75,431 | |
Other
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 1,291 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 1,151 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 212 | | |
| - | |
Total | |
| |
| |
$ | 2,654 | | |
$ | 69 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
purchases
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 2,233 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 3,407 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 280 | | |
| - | |
Total | |
| |
| |
$ | 5,920 | | |
$ | 69 | |
Commission
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 1,626 | | |
$ | 2,443 | |
Total | |
| |
| |
$ | 1,626 | | |
$ | 2,443 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Commission
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 3,538 | | |
$ | 5,148 | |
Total | |
| |
| |
$ | 3,538 | | |
$ | 5,148 | |
Other
Income
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 670 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 2,010 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 2,747 | | |
$ | - | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 1,340 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 4,021 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 5,428 | | |
$ | - | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
expenses
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 13,647 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 8,254 | | |
| 5,602 | |
Total | |
| |
| |
$ | 21,901 | | |
$ | 5,602 | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 27,718 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 16,363 | | |
| 11,203 | |
Total | |
| |
| |
$ | 44,081 | | |
$ | 11,203 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
16.
STOCKHOLDERS’ EQUITY
Preferred
stock
As
of June 30, 2023 and December 31, 2022, there were 200,000,000 preferred stocks authorized but none were issued and outstanding.
Common
stock
As
of June 30, 2023 and December 31, 2022, there were 1,000,000,000 common stocks authorized; and 75,452,012 shares issued and outstanding.
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 215,008,035 shares of common stock
of the Company. As a result, the outstanding shares was reduced by 215,008,035 shares of common stock.
There
were no stock options, warrants or other potentially dilutive securities outstanding as of June 30, 2023 and December 31, 2022.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
|
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- DefinitionThe entire disclosure for equity.
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v3.23.2
NON-CONTROLLING INTEREST
|
6 Months Ended |
Jun. 30, 2023 |
Noncontrolling Interest [Abstract] |
|
NON-CONTROLLING INTEREST |
17.
NON-CONTROLLING INTEREST
The
Company’s non-controlling interest consists of the following:
SCHEDULE OF NON CONTROLLING INTEREST
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
DSY Wellness: | |
| | | |
| | |
Paid-in capital | |
$ | 97 | | |
$ | 97 | |
Retained earnings | |
| 7,386 | | |
| 20,384 | |
Accumulated other comprehensive (loss) income | |
| (590 | ) | |
| 32 | |
Noncontrolling interest gross | |
| 6,893 | | |
| 20,513 | |
ASL | |
| - | | |
| - | |
Total | |
$ | 6,893 | | |
$ | 20,513 | |
|
X |
- DefinitionThe entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
18.
INCOME TAXES
The
United States and foreign components of income (loss) before income taxes were comprised of the following:
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Tax jurisdictions from: | |
| | | |
| | | |
| | | |
| | |
Local – United States | |
$ | (142,912 | ) | |
$ | (187,379 | ) | |
$ | (310,697 | ) | |
$ | (293,804 | ) |
Foreign – Malaysia | |
| (241,867 | ) | |
| (189,395 | ) | |
| (516,152 | ) | |
| (354,459 | ) |
Foreign – Hong Kong | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
Foreign, Tax Jurisdictions | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
| |
| | | |
| | | |
| | | |
| | |
The
benefit of (provision for) income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Current: | |
| | | |
| | | |
| | | |
| | |
- Local | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
- Foreign | |
| - | | |
| (392 | ) | |
| - | | |
| (8,680 | ) |
| |
| | | |
| | | |
| | | |
| | |
Deferred: | |
| | | |
| | | |
| | | |
| | |
- Local | |
| - | | |
| - | | |
| - | | |
| - | |
- Foreign | |
| 2,439 | | |
| - | | |
| 6,655 | | |
| - | |
Benefit of (Provision for) income tax | |
$ | 2,439 | | |
$ | (392 | ) | |
$ | 6,655 | | |
$ | (8,680 | ) |
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, as follows:
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
18.
INCOME TAXES (Continued)
United
States of America
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 21% 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 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.
For
the three and six months ended June 30, 2023 and 2022, the Company’s foreign subsidiaries did not generate any income that are
subject to Subpart F tax and GILTI tax.
As
of June 30, 2023 and December 31, 2022, the operations in the United States of America incurred approximately $1,668,000 and $1,357,000,
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 June 30, 2023
and December 31, 2022 were approximately $350,000 and $285,000, respectively.
Malaysia
Agape
ATP Corporation, Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd., Wellness ATP International Holdings Sdn Bhd. and DSY Wellness International
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. 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 three and six months ended June 30, 2023 and 2022, with the remaining balance
being taxed at the 24% rate.
As
of June 30, 2023 and December 31, 2022, the operations in Malaysia incurred approximately $2,149,000 and $1,723,000, respectively, of
cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income. Approximately $35,000,
$778,000, $858,000 and $478,000 of the net operating loss carry forwards will expire in 2030, 2031, 2032 and 2033, respectively, if unutilized.
The deferred tax valuation allowance as of June 30, 2023 and December 31, 2022 were approximately $501,000 and $408,000, respectively.
Hong
Kong
Agape
ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on
its assessable income derived from Hong Kong. Business income derived or business expenses incurred outside the Special Administrative
Region is not subject to Hong Kong Profits Tax or deduction.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
18.
INCOME TAXES (Continued)
The
following table sets forth the significant components of the aggregate deferred tax assets of the Company:
SCHEDULE OF DEFERRED TAX ASSETS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards in U.S. | |
$ | 350,216 | | |
$ | 284,959 | |
Net operating loss carry forwards in Malaysia | |
| 507,709 | | |
| 408,226 | |
Net operating Loss carry forward | |
| 507,709 | | |
| 408,226 | |
| |
| | | |
| | |
Less: valuation allowance | |
| (851,545 | ) | |
| (693,185 | ) |
Deferred tax assets, net | |
$ | 6,382 | | |
$ | - | |
Uncertain
tax positions
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. As of June 30, 2023 and December 31, 2022, the Company
did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties tax for the three
and six months ended June 30, 2023 and 2022.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
CONCENTRATIONS OF RISKS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS OF RISKS |
19.
CONCENTRATIONS OF RISKS
(a)
Major customers
For
the three months ended June 30, 2023 and 2022, no customer accounted for 10% or more of the Company’s total revenues. For the six
months ended June 30, 2023 and 2022, no customer accounted for 10% or more of the Company’s total revenues.
As
of June 30, 2023, two individual customers accounted for approximately 19.9%
and 18.7% of the Company’s balance of accounts receivable, respectively. As of December 31, 2022, five individual customers accounted for
approximately 72.0%
of the Company’s balance of accounts receivable.
(b)
Major vendors
For
the three months ended June 30, 2023, three vendors accounted for approximately 43.1%, 27.5% and 26.0% of the Company’s total purchases.
For the three months ended June 30, 2022, three vendors accounted for approximately 70.0%, 17.0% and 11% of the Company’s total
purchases, respectively.
For
the six months ended June 30, 2023, the same three vendors accounted for approximately 47.2%, 26.5% and 13.6% of the Company’s
total purchases. For the six months ended June 30, 2022, two vendors accounted for approximately 46.0% and 43.0% of the Company’s
total purchases.
As
of June 30, 2023, two vendors accounted for approximately 62.3% and 27.8% of the Company’s total balance of accounts payable, respectively.
As of December 31, 2022, three vendors accounted for approximately 46.6%, 25.8% and 23.9% of the Company’s total balance of accounts
payable, respectively.
CTA
Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 27.8% and 46.6% of the Company’s total balance of
accounts payable as of June 30, 2023 and December 31, 2022, respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
19.
CONCENTRATIONS OF RISKS (Continued)
(c)
Commission Expenses to Sales Distributors and Stockists
One
sales distributor accounted for 10% or more of the Company’s commission expense for the three months ended June 30, 2023 and 2022.
For
the six months ended June 30, 2023, one sales distributor accounted for 10% or more of the Company’s commission expense. For the
six months ended June 30, 2022, no sales distributor accounted for 10% or more of the Company’s commission expense.
(d)
Credit risk
Financial
instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30,
2023 and December 31, 2022, $630,285 and $1,427,963 were deposited with financial institutions, respectively, $397,809 and $231,187 of
these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions are of
high credit quality, it also continually monitors their credit worthiness.
Financial
instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration
of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically,
the Company did not have any bad debt on its account receivable.
(e)
Exchange rate risk
The
Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could
post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower
profit depending on exchange rate of RM and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes
in political and economic environments without notice.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
20.
COMMITMENTS AND CONTINGENCIES
Lease
commitments
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 $490,000, 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 5.5%, which was determined using the Company’s estimated incremental borrowing rate.
On
May 31, 2021, the Company entered into two separate two-year leases extension with the modified lease expiring May 31, 2023 for its office
space and expiring August 31, 2023 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 $3,250 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 5.5%, which was determined using the Company’s estimated incremental borrowing rate. On June 1, 2023, upon the expiry of the
two-years lease for its office space, the Company entered into a new three-years lease with the same landlord. The Company recognized
lease liabilities of approximately $283,220, 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 5.5%, which was determined
using the Company’s estimated incremental borrowing rate.
On
October 1, 2021, the Company entered into a two-years lease for an apartment to serve as staff accommodation. The Company recognized
lease liabilities of approximately $9,777, 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 5.5%, which was determined using
the Company’s estimated incremental borrowing rate.
On
November 1, 2021, the Company entered into a two-years lease for a branch office and operating centre. The Company recognized lease liabilities
of approximately $10,864, 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 5.5%, which was determined using the Company’s
estimated incremental borrowing rate.
Amortization
of operating right-of-use assets for the three months ended June 30, 2023 and 2022 were $38,683 and $36,162 respectively. Amortization
of operating right-of-use assets for the six months ended June 30, 2023 and 2022 were $78,333 and $75,241 respectively.
As
of June 30, 2023, the weighted remaining term of the lease is approximately 2.81 years.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
20.
COMMITMENTS AND CONTINGENCIES (Continued)
The
five-year maturity of the Company’s operating lease liabilities is as follow:
SCHEDULE OF LEASE COMMITMENTS
Twelve Months Ending June 30, | |
Operating lease liabilities | |
| |
| |
2024 | |
$ | 111,362 | |
2025 | |
| 102,501 | |
2026 | |
| 93,959 | |
Thereafter | |
| - | |
Total lease payments | |
| 307,822 | |
Less: interest | |
| (22,834 | ) |
Present value of lease liabilities | |
$ | 284,988 | |
The
Company also leases 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 June 30, 2023,
the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $16,020.
Rent
expense for the three months ended June 30, 2023 and 2022 was $48,727 and $54,237, respectively. Rent expense for the six months ended
June 30, 2023 and 2022 was $99,434 and $98,312, respectively.
Contingencies
Legal
From
time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued,
as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed
to be material to the consolidated financial statements.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
20.
COMMITMENTS AND CONTINGENCIES (Continued)
COVID-19
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.
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:
|
● |
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; |
|
● |
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; and |
|
● |
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. |
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.
|
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
21.
SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through the date of issuance of this unaudited condensed consolidated financial statements, and
does not identify any events with material financial impact on the Company’s unaudited condensed consolidated financial statements.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”).
The
interim unaudited financial information as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared
without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures,
which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant
to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited consolidated
financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2022, which was filed with
the SEC on March 31, 2023.
In
the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s
unaudited financial position as of June 30, 2023, its unaudited results of operations for the three and six months ended June 30, 2023
and 2022, and its unaudited cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. The unaudited
interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
The
unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable
interest entity (“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.
|
Principles of consolidation |
Principles
of consolidation
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.
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 three and six months ended June 30, 2023, SEA, the only VIE of the Company has no significant
operations.
|
Use of estimates |
Use
of estimates
The
preparation of unaudited condensed 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods
presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include
allowance for inventories obsolescence, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ
from these estimates.
|
Cash and cash equivalents |
Cash
and cash equivalents
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Accounts receivable |
Accounts
receivable
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 June 30, 2023 and December 31, 2022, no allowance of doubtful accounts was recorded.
|
Inventories |
Inventories
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. For the three and six months ended June 30, 2023 and 2022, the Company did not recognize any inventory write-downs
nor write-off.
|
Prepaid taxes |
Prepaid
taxes
Prepaid
taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.
|
Prepayments and deposits |
Prepayments
and deposits
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. There was no allowance for doubtful accounts recorded nor doubtful accounts written-off during the three and six months
ended June 30, 2023 and 2022. There was no allowance for doubtful accounts balances as of June 30, 2023 and December 31, 2022.
|
Property and equipment, net |
Property
and equipment, net
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:
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Useful Life |
Computer and office equipment | |
5-7 years |
Furniture & fixtures | |
6-7 years |
Leasehold improvements | |
Shorter of the remaining lease terms or the estimated useful lives |
Vehicle | |
5 years |
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 unaudited condensed consolidated statements of operations and comprehensive loss. 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.
|
Intangible assets, net |
Intangible
assets, net
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:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET
Classification | |
Useful Life |
| |
|
Computer software | |
5 years |
|
Impairment for long-lived assets |
Impairment
for long-lived assets
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 June 30, 2023 and December
31, 2022, no impairment of long-lived assets was recognized.
|
Deferred offering costs |
Deferred
offering costs
Deferred
offering costs represents costs associated with the Company’s current offering which will be netted against the proceeds from the
Company’s proposed offering for uplisting.
|
Investment in marketable equity securities |
Investment
in marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value
with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive
loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Investment in non-marketable equity securities |
Investment
in non-marketable equity securities
The
Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. 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.
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.
|
Customer deposits |
Customer
deposits
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.
|
Revenue recognition |
Revenue
recognition
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.
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.
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Sales
of Health and Wellness products
-
Performance obligations satisfied at a point in time
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.
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 three months ended June 30, 2023 and 2022, the Company recognized $6,422 and $4,824, as forfeited coupon income, respectively. For
the six months ended June 30, 2023 and 2022, the Company recognized $28,872 and $5,777, as forfeited coupon income, respectively.
The
Company had contracts for the sales of health and wellness products amounting to $7,790 which it is expected to fulfill within 12 months
from June 30, 2023.
Sales
of products for the provision of complementary health therapies
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.
Provision
of Health and Wellness services
-
Performance obligations satisfied at a point in time
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 session in person.
The
Company also separately derives its revenues from sales contracts with its customers with revenues being recognized when the health camp
program was completed in the final day of the health camp. For the three months ended June 30, 2023 and 2022, revenues from health and
wellness services were $58,862 and $30,072 respectively. For the six months ended June 30, 2023 and 2022, revenues from health and wellness
services were $124,214 and $31,139 respectively.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Disaggregated
information of revenues by products are as follows:
SCHEDULE
OF DIS-AGGREGATED INFORMATION OF REVENUES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended | | |
For the six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Survivor Select | |
$ | - | | |
$ | 13,941 | | |
$ | 28,210 | | |
$ | 22,753 | |
Ionized Cal-Mag | |
| 37,221 | | |
| 14,278 | | |
| 84,802 | | |
| 62,368 | |
Omega Blend | |
| - | | |
| 42,747 | | |
| 22,471 | | |
| 179,177 | |
Beta Maxx | |
| - | | |
| 23,564 | | |
| 21,206 | | |
| 47,637 | |
Iron | |
| 9,929 | | |
| 3,118 | | |
| 21,617 | | |
| 7,186 | |
Young Formula | |
| - | | |
| 1,075 | | |
| - | | |
| 34,269 | |
ATPR Mito+ | |
| - | | |
| 76,605 | | |
| - | | |
| 187,926 | |
Hyaluronic Acid Serum | |
| - | | |
| 1,698 | | |
| - | | |
| 3,006 | |
Mousse Facial Cleanser | |
| - | | |
| 4,355 | | |
| - | | |
| 7,394 | |
Trim+ | |
| 3,702 | | |
| 2,765 | | |
| 9,587 | | |
| 6,236 | |
LIVO 5 | |
| 21,812 | | |
| - | | |
| 21,812 | | |
| - | |
Others – Products for the provision of complementary health therapies | |
| 154,411 | | |
| 182,101 | | |
| 330,968 | | |
| 216,188 | |
Others | |
| 17,998 | | |
| 388 | | |
| 19,816 | | |
| 388 | |
Total revenues - products | |
| 245,073 | | |
| 366,635 | | |
| 560,489 | | |
| 774,528 | |
Health and Wellness services | |
| 58,862 | | |
| 30,072 | | |
| 124,214 | | |
| 31,139 | |
Total revenues - products and services | |
$ | 303,935 | | |
$ | 396,707 | | |
$ | 684,703 | | |
$ | 805,667 | |
|
Cost of revenue |
Cost
of revenue
Cost
of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and
products for the provision of complementary health therapies. For the three and six months ended June 30, 2023, cost of revenue were
$107,931 and $236,289, respectively. For the three and six months ended June 30, 2022, cost of revenue were $109,383 and $182,814, respectively.
|
Shipping and handling |
Shipping
and handling
Shipping
and handling charges amounted to $1,131 and $4,272 for the three months ended June 30, 2023 and 2022, respectively. Shipping and handling
charges amounted to $2,656 and $7,179 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling charges are
expensed as incurred and included in selling expenses.
|
Advertising costs |
Advertising
costs
There
were no advertising costs incurred for the three and six months ended June 30, 2023. Advertising costs amounted to $4,765 and $4,765
for the three and six months ended June 30, 2022. Advertising costs are expensed as incurred and included in selling expenses.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Commission expenses |
Commission
expenses
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 $21,942 and $62,557 for the three months ended June 30, 2023
and 2022, respectively. Commission expenses amounted to $55,884 and $176,666 for the six months ended June 30, 2023 and 2022, respectively.
|
Defined contribution plan |
Defined
contribution plan
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.
Total expenses for the plans were $35,759 and $35,936 for the three months ended June 30, 2023 and 2022, respectively. Total expenses
for the plans were $79,472 and $63,408 for the six months ended June 30, 2023 and 2022, respectively.
The
related contribution plans include:
|
- |
Social
Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Employees
Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and
12% for employee earning RM5,001 and above. |
|
- |
Employment
Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000; |
|
- |
Human
Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary |
|
Income taxes |
Income
taxes
The
Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for
the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred
taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the
liability is settled.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. No penalties and interest incurred related to underpayment of income taxes for the three and six months ended
June 30, 2023 and 2022.
The
Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these 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.
|
Comprehensive income (loss) |
Comprehensive
income (loss)
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.
|
Non-controlling interest |
Non-controlling
interest
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. 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.
|
Earnings (loss) per share |
Earnings
(loss) per share
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 (loss) 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 common stocks (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 common stocks 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.
For the three and six months ended June 30, 2023 and 2022, there were no dilutive shares.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Foreign currencies translation and transaction |
Foreign
currencies translation and transaction
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the consolidated statements of operations and comprehensive loss.
The
reporting currency of the Company is United States Dollars (“US$”) 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$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and
maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.
In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance
sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation
of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the
statements of stockholders’ equity. 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.
Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:
SCHEDULE
OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Period-end MYR : US$1 exchange rate | |
| 4.67 | | |
| 4.41 | |
Period-end HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.80 | |
Foreign currency exchange
rate, translation | |
| 7.84 | | |
| 7.80 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Period-average MYR : US$1 exchange rate | |
| 4.58 | | |
| 4.37 | | |
| 4.48 | | |
| 4.28 | |
Period-average HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
Foreign currency exchange
rate period average | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Related parties |
Related
parties
Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
|
Fair value of financial instruments |
Fair
value of financial instruments
The
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.
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:
|
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value. |
Financial
instruments 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.
|
Leases |
Leases
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.
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
|
Recent accounting pronouncements |
Recent
accounting pronouncements
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.
In
March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance
in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful
life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use
of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment
to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods
beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been
issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company
is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.
Except
for the above-mentioned pronouncements, there are no other new recent issued accounting standards that will have a material impact
on the consolidated financial position, statements of operations and cash flows.
|
Recently adopted Accounting Pronouncements |
Recently
adopted Accounting Pronouncements
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 has accordingly adopted
ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting
standards has no material impact on the unaudited condensed consolidated financial statements for the three and six months ended June
30, 2023.
|
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v3.23.2
ORGANIZATION AND BUSINESS BACKGROUND (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES |
Details
of the Company’s subsidiaries:
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES
| |
Subsidiary company name | |
Place and date of incorporation | |
Particulars of issued capital | |
Principal activities | |
Proportional of ownership interest and voting power held | |
| |
| |
| |
| |
| |
| |
1. | |
Agape ATP Corporation | |
Labuan, March 6, 2017 | |
100 shares of ordinary share of US$1 each | |
Investment holding | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
2. | |
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 | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
3. | |
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 | |
| 99.99 | % |
| |
| |
| |
| |
| |
| | |
4. | |
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. | |
| VIE | |
| |
| |
| |
| |
| |
| | |
5. | |
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 | |
| 100 | % |
| |
| |
| |
| |
| |
| | |
6. | |
DSY Wellness International Sdn Bhd. | |
Malaysia, November 11, 2021 | |
1,000 shares of ordinary share of RM1 each | |
Provision of complementary health therapies | |
| 60 | % |
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT |
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Useful Life |
Computer and office equipment | |
5-7 years |
Furniture & fixtures | |
6-7 years |
Leasehold improvements | |
Shorter of the remaining lease terms or the estimated useful lives |
Vehicle | |
5 years |
|
SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET |
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:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET
Classification | |
Useful Life |
| |
|
Computer software | |
5 years |
|
SCHEDULE OF DIS-AGGREGATED INFORMATION OF REVENUES |
Disaggregated
information of revenues by products are as follows:
SCHEDULE
OF DIS-AGGREGATED INFORMATION OF REVENUES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended | | |
For the six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Survivor Select | |
$ | - | | |
$ | 13,941 | | |
$ | 28,210 | | |
$ | 22,753 | |
Ionized Cal-Mag | |
| 37,221 | | |
| 14,278 | | |
| 84,802 | | |
| 62,368 | |
Omega Blend | |
| - | | |
| 42,747 | | |
| 22,471 | | |
| 179,177 | |
Beta Maxx | |
| - | | |
| 23,564 | | |
| 21,206 | | |
| 47,637 | |
Iron | |
| 9,929 | | |
| 3,118 | | |
| 21,617 | | |
| 7,186 | |
Young Formula | |
| - | | |
| 1,075 | | |
| - | | |
| 34,269 | |
ATPR Mito+ | |
| - | | |
| 76,605 | | |
| - | | |
| 187,926 | |
Hyaluronic Acid Serum | |
| - | | |
| 1,698 | | |
| - | | |
| 3,006 | |
Mousse Facial Cleanser | |
| - | | |
| 4,355 | | |
| - | | |
| 7,394 | |
Trim+ | |
| 3,702 | | |
| 2,765 | | |
| 9,587 | | |
| 6,236 | |
LIVO 5 | |
| 21,812 | | |
| - | | |
| 21,812 | | |
| - | |
Others – Products for the provision of complementary health therapies | |
| 154,411 | | |
| 182,101 | | |
| 330,968 | | |
| 216,188 | |
Others | |
| 17,998 | | |
| 388 | | |
| 19,816 | | |
| 388 | |
Total revenues - products | |
| 245,073 | | |
| 366,635 | | |
| 560,489 | | |
| 774,528 | |
Health and Wellness services | |
| 58,862 | | |
| 30,072 | | |
| 124,214 | | |
| 31,139 | |
Total revenues - products and services | |
$ | 303,935 | | |
$ | 396,707 | | |
$ | 684,703 | | |
$ | 805,667 | |
|
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES |
Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:
SCHEDULE
OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Period-end MYR : US$1 exchange rate | |
| 4.67 | | |
| 4.41 | |
Period-end HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.80 | |
Foreign currency exchange
rate, translation | |
| 7.84 | | |
| 7.80 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Period-average MYR : US$1 exchange rate | |
| 4.58 | | |
| 4.37 | | |
| 4.48 | | |
| 4.28 | |
Period-average HKD : US$1 exchange rate | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
Foreign currency exchange
rate period average | |
| 7.84 | | |
| 7.85 | | |
| 7.84 | | |
| 7.83 | |
|
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v3.23.2
VARIABLE INTEREST ENTITY (“VIE”) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF VARIABLE INTEREST ENTITY |
The
carrying amount of the VIE’s assets and liabilities were as follows:
SCHEDULE
OF VARIABLE INTEREST ENTITY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets | |
$ | 2,817 | | |
$ | 3,350 | |
Current liabilities | |
| (41,057 | ) | |
| (43,512 | ) |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,146 | | |
$ | 1,609 | |
Prepaid taxes | |
| 1,643 | | |
| 1,741 | |
Prepayment and deposits | |
| 28 | | |
| - | |
Total current assets | |
$ | 2,817 | | |
$ | 3,350 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable – intercompany | |
$ | 40,029 | | |
$ | 42,422 | |
Other payables and accrued liabilities | |
| 1,028 | | |
| 1,090 | |
Total current liabilities | |
$ | 41,057 | | |
$ | 43,512 | |
Net deficit | |
$ | (38,240 | ) | |
$ | (40,162 | ) |
The
summarized operating results of the VIE’s are as follows:
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Gross profit | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Profit (Loss) from operations | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
Net loss | |
$ | (81 | ) | |
$ | 1,723 | | |
$ | (359 | ) | |
$ | (3,219 | ) |
|
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v3.23.2
ACCOUNTS RECEIVABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLES - RELATED PARTY |
SCHEDULE
OF ACCOUNTS RECEIVABLES - RELATED PARTY
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
Allowance for doubtful accounts | |
| - | | |
| - | |
Total accounts receivable | |
$ | 5,303 | | |
$ | 2,826 | |
|
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v3.23.2
PREPAYMENTS AND DEPOSITS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Prepayments And Deposits |
|
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS |
SCHEDULE
OF PREPAID EXPENSES AND DEPOSITS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Receivables from sales distributors | |
$ | 28,219 | | |
$ | 43,596 | |
Deposits to suppliers | |
| 94,719 | | |
| 147,504 | |
Subtotal | |
| 122,938 | | |
| 191,100 | |
Less: Allowance for doubtful accounts | |
| - | | |
| - | |
Total | |
$ | 122,938 | | |
$ | 191,100 | |
|
SCHEDULE OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS |
Movements
of allowance for doubtful accounts are as follows:
SCHEDULE
OF CHANGES IN ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
For the
six months ended June
30, 2023 | | |
For the
year ended December 31,
2022 | |
| |
| | |
| |
Beginning balance | |
$ | - | | |
$ | 121,095 | |
Addition | |
| - | | |
| - | |
Write off | |
| - | | |
| (120,372 | ) |
Exchange rate effect | |
| - | | |
| (723 | ) |
Ending balance | |
$ | - | | |
$ | - | |
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v3.23.2
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT, NET |
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer and office equipment | |
$ | 88,641 | | |
$ | 87,428 | |
Furniture & fixtures | |
| 109,342 | | |
| 115,789 | |
Leasehold improvements | |
| 181,136 | | |
| 191,965 | |
Vehicle | |
| 88,259 | | |
| 93,535 | |
Subtotal | |
| 467,378 | | |
| 488,717 | |
Less: accumulated depreciation | |
| (361,704 | ) | |
| (346,568 | ) |
Total | |
$ | 105,674 | | |
$ | 142,149 | |
|
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v3.23.2
INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS, NET |
Intangible
assets, net, consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS, NET
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Computer software | |
$ | 52,225 | | |
$ | 55,348 | |
Less: accumulated amortization | |
| (32,497 | ) | |
| (31,304 | ) |
Total | |
$ | 19,728 | | |
$ | 24,044 | |
|
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v3.23.2
INVESTMENT IN MARKETABLE SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investment In Marketable Securities |
|
SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES |
SCHEDULE
OF INVESTMENT IN MARKETABLE SECURITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December
31, 2022 | |
Cost of investment | |
$ | 16,687 | | |
$ | 89,001 | |
Transfer from non-marketable security | |
| - | | |
| 1,500 | |
Dividend income from Greenpro Capital Corp. | |
| - | | |
| - | |
Unrealized holding gain (loss) | |
| 8,710 | | |
| (73,519 | ) |
Exchange rate effect | |
| (66 | ) | |
| (295 | ) |
Investment in marketable securities | |
$ | 25,331 | | |
$ | 16,687 | |
|
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v3.23.2
CUSTOMER DEPOSITS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Customer Deposits |
|
SCHEDULE OF CUSTOMER DEPOSITS |
SCHEDULE
OF CUSTOMER DEPOSITS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Customer deposits | |
$ | 265,300 | | |
$ | 289,487 | |
Unexpired product coupons | |
| 46,889 | | |
| 73,531 | |
Total | |
$ | 312,189 | | |
$ | 363,018 | |
|
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v3.23.2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | | |
| | |
Professional fees | |
$ | 140,672 | | |
$ | 324,629 | |
Promotion expenses | |
| 38,583 | | |
| 38,583 | |
Payroll | |
| 17,944 | | |
| 21,164 | |
Amounts held in eWallets (a) | |
| 195,000 | | |
| 216,049 | |
Tax penalty | |
| 75,000 | | |
| 75,000 | |
Others | |
| 8,468 | | |
| 37,852 | |
Total | |
$ | 475,667 | | |
$ | 713,277 | |
(a) | | The
Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with
the Company. The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.70). Commission payment
exceeding the RM100 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 RM100. Amounts held in eWallets are reflected on the balance
sheet as a current liability. |
|
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v3.23.2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTIES |
SCHEDULE OF RELATED PARTIES
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Prepayment of IT expenses | |
$ | 1,178 | | |
$ | 1,273 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Deposits
for products purchases | |
| - | | |
| 9,261 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Expenses paid for DSYWLC | |
| 239 | | |
| - | |
| |
| |
| |
| | | |
| | |
Total | |
| |
| |
$ | 1,417 | | |
$ | 10,534 | |
Accounts
payable – related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | | |
| | |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 19,601 | | |
$ | 25,387 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 4 | | |
| 224 | |
Total | |
| |
| |
$ | 19,605 | | |
$ | 25,611 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party balances
Other
payable - related parties
| |
| |
| |
As of | |
Name of Related Party | |
Relationship | |
Nature | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 391 | | |
$ | 2,149 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 316 | | |
| 2,147 | |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
| 323 | | |
| 584 | |
Total | |
| |
| |
$ | 1,030 | | |
$ | 4,880 | |
Related
party transactions
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 55,614 | | |
$ | 63,142 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 212 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 55,826 | | |
$ | 63,664 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 116,269 | | |
$ | 74,909 | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchases of beauty products | |
| 17,761 | | |
| 395 | |
DSY Wellness and Longevity Center Sdn Bhd (“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 | |
| - | | |
| 127 | |
Total | |
| |
| |
$ | 134,030 | | |
$ | 75,431 | |
Other
Purchases
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 1,291 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 1,151 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 212 | | |
| - | |
Total | |
| |
| |
$ | 2,654 | | |
$ | 69 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
purchases
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) | |
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 | |
$ | 2,233 | | |
$ | - | |
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) | |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Purchase of products for general use | |
| 3,407 | | |
| 69 | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Purchase of products for general use | |
| 280 | | |
| - | |
Total | |
| |
| |
$ | 5,920 | | |
$ | 69 | |
Commission
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 1,626 | | |
$ | 2,443 | |
Total | |
| |
| |
$ | 1,626 | | |
$ | 2,443 | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Commission
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Mr. How Kok Choong | |
Mr. How Kok Choong, the CEO and director of the Company | |
Commission expense | |
$ | 3,538 | | |
$ | 5,148 | |
Total | |
| |
| |
$ | 3,538 | | |
$ | 5,148 | |
Other
Income
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 670 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 2,010 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 2,747 | | |
$ | - | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
Ando Design Sdn Bhd (“Ando”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Rental income | |
$ | 1,340 | | |
$ | - | |
Redboy Picture Sdn Bhd (“Redboy”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Rental income | |
| 4,021 | | |
| - | |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Rental income | |
| 67 | | |
| - | |
Total | |
| |
| |
$ | 5,428 | | |
$ | - | |
AGAPE
ATP CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
15.
RELATED PARTY BALANCES AND TRANSACTIONS (Continued)
Related
party transactions
Other
expenses
| |
| |
| |
For the three months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 13,647 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 8,254 | | |
| 5,602 | |
Total | |
| |
| |
$ | 21,901 | | |
$ | 5,602 | |
| |
| |
| |
For the six months ended June 30, | |
Name of Related Party | |
Relationship | |
Nature | |
2023 | | |
2022 | |
| |
| |
| |
| | |
| |
TH3 Technology Sdn Bhd (“TH3”) | |
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
IT support services fee | |
$ | 27,718 | | |
$ | - | |
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) | |
Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Office rental expense | |
| 16,363 | | |
| 11,203 | |
Total | |
| |
| |
$ | 44,081 | | |
$ | 11,203 | |
|
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v3.23.2
NON-CONTROLLING INTEREST (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Noncontrolling Interest [Abstract] |
|
SCHEDULE OF NON CONTROLLING INTEREST |
The
Company’s non-controlling interest consists of the following:
SCHEDULE OF NON CONTROLLING INTEREST
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
DSY Wellness: | |
| | | |
| | |
Paid-in capital | |
$ | 97 | | |
$ | 97 | |
Retained earnings | |
| 7,386 | | |
| 20,384 | |
Accumulated other comprehensive (loss) income | |
| (590 | ) | |
| 32 | |
Noncontrolling interest gross | |
| 6,893 | | |
| 20,513 | |
ASL | |
| - | | |
| - | |
Total | |
$ | 6,893 | | |
$ | 20,513 | |
|
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v3.23.2
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX |
The
United States and foreign components of income (loss) before income taxes were comprised of the following:
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Tax jurisdictions from: | |
| | | |
| | | |
| | | |
| | |
Local – United States | |
$ | (142,912 | ) | |
$ | (187,379 | ) | |
$ | (310,697 | ) | |
$ | (293,804 | ) |
Foreign – Malaysia | |
| (241,867 | ) | |
| (189,395 | ) | |
| (516,152 | ) | |
| (354,459 | ) |
Foreign – Hong Kong | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
Foreign, Tax Jurisdictions | |
| 2,891 | | |
| (27,178 | ) | |
| 6,670 | | |
| (45,847 | ) |
| |
| | | |
| | | |
| | | |
| | |
|
SCHEDULE OF PROVISION FOR INCOME TAX |
The
benefit of (provision for) income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAX
| |
| | |
| | |
| | |
| |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Current: | |
| | | |
| | | |
| | | |
| | |
- Local | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
- Foreign | |
| - | | |
| (392 | ) | |
| - | | |
| (8,680 | ) |
| |
| | | |
| | | |
| | | |
| | |
Deferred: | |
| | | |
| | | |
| | | |
| | |
- Local | |
| - | | |
| - | | |
| - | | |
| - | |
- Foreign | |
| 2,439 | | |
| - | | |
| 6,655 | | |
| - | |
Benefit of (Provision for) income tax | |
$ | 2,439 | | |
$ | (392 | ) | |
$ | 6,655 | | |
$ | (8,680 | ) |
|
SCHEDULE OF DEFERRED TAX ASSETS |
The
following table sets forth the significant components of the aggregate deferred tax assets of the Company:
SCHEDULE OF DEFERRED TAX ASSETS
| |
| | |
| |
| |
As of | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards in U.S. | |
$ | 350,216 | | |
$ | 284,959 | |
Net operating loss carry forwards in Malaysia | |
| 507,709 | | |
| 408,226 | |
Net operating Loss carry forward | |
| 507,709 | | |
| 408,226 | |
| |
| | | |
| | |
Less: valuation allowance | |
| (851,545 | ) | |
| (693,185 | ) |
Deferred tax assets, net | |
$ | 6,382 | | |
$ | - | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF LEASE COMMITMENTS |
The
five-year maturity of the Company’s operating lease liabilities is as follow:
SCHEDULE OF LEASE COMMITMENTS
Twelve Months Ending June 30, | |
Operating lease liabilities | |
| |
| |
2024 | |
$ | 111,362 | |
2025 | |
| 102,501 | |
2026 | |
| 93,959 | |
Thereafter | |
| - | |
Total lease payments | |
| 307,822 | |
Less: interest | |
| (22,834 | ) |
Present value of lease liabilities | |
$ | 284,988 | |
|
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v3.23.2
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES (Details)
|
6 Months Ended |
Jun. 30, 2023 |
Subsidiary Company [Member] |
|
Subsidiary company name |
Agape ATP Corporation
|
Place and date of incorporation |
Labuan, March 6, 2017
|
Particulars of issued capital |
100 shares of ordinary share of US$1 each
|
Principal activities |
Investment holding
|
Proportional of ownership interest and voting power held |
100.00%
|
Subsidiary Company One [Member] |
|
Subsidiary company name |
Agape ATP International Holding Limited
|
Place and date of incorporation |
Hong Kong, June 1, 2017
|
Particulars of issued capital |
1,000,000 shares of ordinary share of HK$1 each
|
Principal activities |
Wholesaling of health and wellness products; and health solution advisory services
|
Proportional of ownership interest and voting power held |
100.00%
|
Subsidiary Company Two [Member] |
|
Subsidiary company name |
Agape Superior Living Sdn. Bhd.
|
Place and date of incorporation |
Malaysia, August 8, 2003
|
Particulars of issued capital |
9,590,598 shares of ordinary share of RM1 each
|
Principal activities |
Health and wellness products and health solution advisory services via network marketing
|
Proportional of ownership interest and voting power held |
99.99%
|
Subsidiary Company Three [Member] |
|
Subsidiary company name |
Agape S.E.A. Sdn. Bhd.
|
Place and date of incorporation |
Malaysia, March 4, 2004
|
Particulars of issued capital |
2 shares of ordinary share of RM1 each
|
Principal activities |
VIE of Agape Superior Living Sdn. Bhd.
|
Subsidiary Company Four [Member] |
|
Subsidiary company name |
Wellness ATP International Holdings Sdn, Bhd
|
Place and date of incorporation |
Malaysia, September 11, 2020
|
Particulars of issued capital |
100 shares of ordinary share of RM1 each
|
Principal activities |
The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns
|
Proportional of ownership interest and voting power held |
100.00%
|
Subsidiary Company Five [Member] |
|
Subsidiary company name |
DSY Wellness International Sdn Bhd.
|
Place and date of incorporation |
Malaysia, November 11, 2021
|
Particulars of issued capital |
1,000 shares of ordinary share of RM1 each
|
Principal activities |
Provision of complementary health therapies
|
Proportional of ownership interest and voting power held |
60.00%
|
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v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Profit loss |
$ 379,449
|
$ 404,344
|
$ 813,524
|
$ 702,790
|
|
Accumulated deficit |
5,746,112
|
|
5,746,112
|
|
$ 4,945,586
|
Working capital |
$ 26,892
|
|
$ 26,892
|
|
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|
Jun. 30, 2023 |
Computer Equipment [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, estimated useful life |
5 years
|
Computer Equipment [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, estimated useful life |
7 years
|
Furniture and Fixtures [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, estimated useful life |
6 years
|
Furniture and Fixtures [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, estimated useful life |
7 years
|
Leasehold Improvements [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] |
Useful Life, Lease Term [Member]
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Vehicles [Member] |
|
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v3.23.2
SCHEDULE OF DIS-AGGREGATED INFORMATION OF REVENUES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
$ 303,935
|
$ 396,707
|
$ 684,703
|
$ 805,667
|
Survivor Select [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
13,941
|
28,210
|
22,753
|
Ionized Cal Mag [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
37,221
|
14,278
|
84,802
|
62,368
|
Omega Blend [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
42,747
|
22,471
|
179,177
|
Beta Maxx [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
23,564
|
21,206
|
47,637
|
Iron [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
9,929
|
3,118
|
21,617
|
7,186
|
Young Formula [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
1,075
|
|
34,269
|
ATPR MITO Plus [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
76,605
|
|
187,926
|
Hyaluronic Acid Serum [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
1,698
|
|
3,006
|
Mousse Facial Cleanser [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
|
4,355
|
|
7,394
|
Trim Plus [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
3,702
|
2,765
|
9,587
|
6,236
|
LIVO5 [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
21,812
|
|
21,812
|
|
Product Health Therapies [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
154,411
|
182,101
|
330,968
|
216,188
|
Others [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
17,998
|
388
|
19,816
|
388
|
Product [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
245,073
|
366,635
|
560,489
|
774,528
|
Health and Wellness Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues - products and services |
$ 58,862
|
$ 30,072
|
$ 124,214
|
$ 31,139
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2023
MYR (RM)
shares
|
Jun. 30, 2022
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Product Information [Line Items] |
|
|
|
|
|
|
Accounts receivable, allowance for credit loss |
|
|
|
|
|
|
Wrote-off allowance for doubtful accounts |
|
|
|
|
|
120,372
|
Allowance for doubtful accounts |
0
|
|
0
|
|
|
0
|
Impairment of long-lived assets |
|
|
0
|
|
|
$ 0
|
Value of coupons |
6,422
|
$ 4,824
|
28,872
|
|
5,777
|
|
Cost of revenue |
107,931
|
109,383
|
236,289
|
|
182,814
|
|
Revenues |
303,935
|
396,707
|
684,703
|
|
805,667
|
|
Selling expenses |
64,126
|
79,587
|
140,224
|
|
194,198
|
|
Advertising costs |
0
|
4,765
|
0
|
|
4,765
|
|
Commission expenses |
21,942
|
62,557
|
55,884
|
|
176,666
|
|
Defined contribution plan expense |
35,759
|
35,936
|
$ 79,472
|
|
63,408
|
|
Income tax description |
|
|
greater than 50%
|
greater than 50%
|
|
|
Income tax examination, penalties and interest expense |
$ 0
|
$ 0
|
$ 0
|
|
$ 0
|
|
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
|
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
|
|
|
Potentially dilutive securities outstanding | shares |
0
|
0
|
0
|
0
|
0
|
0
|
Social Security Organization [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Salary percentage |
|
|
1.75%
|
1.75%
|
|
|
Monthly salary | RM |
|
|
|
RM 5,000
|
|
|
Employees Provident Fund [Member] | Minimum [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Salary percentage |
|
|
13.00%
|
13.00%
|
|
|
Monthly salary | RM |
|
|
|
RM 5,000
|
|
|
Employees Provident Fund [Member] | Maximum [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Salary percentage |
|
|
12.00%
|
12.00%
|
|
|
Monthly salary | RM |
|
|
|
RM 5,001
|
|
|
Employment Insurance System [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Salary percentage |
|
|
0.20%
|
0.20%
|
|
|
Monthly salary | RM |
|
|
|
RM 5,000
|
|
|
Human Resource Development Fund [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Salary percentage |
|
|
1.00%
|
1.00%
|
|
|
Health and Wellness Services [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Cost of revenue |
|
|
$ 7,790
|
|
|
|
Revenues |
$ 58,862
|
$ 30,072
|
124,214
|
|
$ 31,139
|
|
Shipping and Handling [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Selling expenses |
$ 1,131
|
$ 4,272
|
$ 2,656
|
|
$ 7,179
|
|
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v3.23.2
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Trading Activity, Gains and Losses, Net [Line Items] |
|
|
|
|
|
Total current assets |
$ 941,436
|
|
$ 941,436
|
|
$ 2,028,534
|
Current liabilities |
(968,329)
|
|
(968,329)
|
|
(1,229,295)
|
Net deficit |
743,761
|
|
743,761
|
|
1,541,941
|
Cash |
653,754
|
|
653,754
|
|
1,438,430
|
Prepaid taxes |
91,968
|
|
91,968
|
|
339,367
|
Prepayment and deposits |
122,938
|
|
122,938
|
|
191,100
|
Other payables and accrued liabilities |
475,667
|
|
475,667
|
|
713,277
|
Total current liabilities |
968,329
|
|
968,329
|
|
1,229,295
|
Operating revenues |
303,935
|
$ 396,707
|
684,703
|
$ 805,667
|
|
Gross profit |
196,004
|
287,324
|
448,414
|
622,853
|
|
Profit (Loss) from operations |
(359,533)
|
(306,183)
|
(813,417)
|
(578,415)
|
|
Net loss |
(374,686)
|
(414,900)
|
(800,526)
|
(713,997)
|
|
Variable Income Interest Rate [Member] |
|
|
|
|
|
Trading Activity, Gains and Losses, Net [Line Items] |
|
|
|
|
|
Total current assets |
2,817
|
|
2,817
|
|
3,350
|
Current liabilities |
(41,057)
|
|
(41,057)
|
|
(43,512)
|
Net deficit |
(38,240)
|
|
(38,240)
|
|
(40,162)
|
Cash |
1,146
|
|
1,146
|
|
1,609
|
Prepaid taxes |
1,643
|
|
1,643
|
|
1,741
|
Prepayment and deposits |
28
|
|
28
|
|
|
Accounts payable – intercompany |
40,029
|
|
40,029
|
|
42,422
|
Other payables and accrued liabilities |
1,028
|
|
1,028
|
|
1,090
|
Total current liabilities |
41,057
|
|
41,057
|
|
$ 43,512
|
Operating revenues |
|
|
|
|
|
Gross profit |
|
|
|
|
|
Profit (Loss) from operations |
(81)
|
1,723
|
(359)
|
(3,219)
|
|
Net loss |
$ (81)
|
$ 1,723
|
$ (359)
|
$ (3,219)
|
|
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CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Cash and cash equivalents |
$ 653,754
|
$ 1,438,430
|
|
Cash in bank |
332,431
|
523,619
|
|
Time deposits |
321,323
|
914,811
|
|
Time deposit uninsured |
$ 397,809
|
$ 231,187
|
|
Minimum [Member] |
|
|
|
Percentage of Interest rate for time deposits |
1.22%
|
|
1.10%
|
Maximum [Member] |
|
|
|
Percentage of Interest rate for time deposits |
1.88%
|
|
1.17%
|
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SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Prepayments And Deposits |
|
|
Receivables from sales distributors |
$ 28,219
|
$ 43,596
|
Deposits to suppliers |
94,719
|
147,504
|
Subtotal |
122,938
|
191,100
|
Less: Allowance for doubtful accounts |
|
|
Total |
$ 122,938
|
$ 191,100
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 467,378
|
$ 488,717
|
Less: accumulated depreciation |
(361,704)
|
(346,568)
|
Total |
105,674
|
142,149
|
Computer And Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
88,641
|
87,428
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
109,342
|
115,789
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
181,136
|
191,965
|
Vehicle [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 88,259
|
$ 93,535
|
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PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation |
$ 18,124
|
$ 17,954
|
$ 36,177
|
$ 36,661
|
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v3.23.2
INVESTMENT IN MARKETABLE SECURITIES (Details Narrative) - USD ($)
|
|
14 Months Ended |
|
|
|
|
|
|
|
|
|
|
Jul. 19, 2022 |
Jul. 13, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jul. 28, 2022 |
Sep. 27, 2021 |
Dec. 09, 2020 |
Nov. 03, 2020 |
Apr. 03, 2019 |
Oct. 16, 2018 |
Jul. 30, 2018 |
May 17, 2018 |
Investment amount |
|
|
$ 16,687
|
$ 89,001
|
|
|
|
|
|
|
|
|
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 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
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
|
200
|
|
|
|
|
|
|
|
|
|
|
Phoenix Plus Corporation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Investment amount |
|
|
|
|
|
|
|
|
$ 1,500
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
Equity interest percentage |
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
Phoenix Plus Corporation [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased during period |
|
|
|
|
|
|
|
|
15,000,000
|
|
|
|
Greenpro Capital Corp. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased during period |
11,665
|
|
|
|
116,646
|
|
|
|
|
33,333
|
20
|
83,333
|
Investment amount |
|
|
|
|
|
|
|
|
|
$ 1,000
|
$ 125
|
$ 500,000
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
$ 0.03
|
$ 6.2613
|
$ 6
|
DSwiss Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased during period |
|
|
|
|
|
|
16,663
|
6,667
|
|
|
|
|
Investment amount |
|
|
|
|
|
|
$ 83,315
|
$ 76,671
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
$ 5
|
$ 11.50
|
|
|
|
|
SEATech Ventures Corp. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased during period |
|
|
|
|
|
11,665
|
|
|
|
|
|
|
Investment amount |
|
|
|
|
|
$ 18,874
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
$ 1.62
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details)
|
6 Months Ended |
|
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
MYR (RM)
|
Dec. 31, 2022
USD ($)
|
Professional fees |
|
$ 140,672
|
|
$ 324,629
|
Promotion expenses |
|
38,583
|
|
38,583
|
Payroll |
|
17,944
|
|
21,164
|
Amounts held in eWallets (a) |
[1] |
195,000
|
|
216,049
|
Tax penalty |
|
75,000
|
|
75,000
|
Others |
|
8,468
|
|
37,852
|
Total |
|
$ 475,667
|
|
$ 713,277
|
Commission payments descriptions |
|
The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.70)
|
|
|
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|
|
RM 100
|
|
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|
|
|
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|
|
RM 100
|
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v3.23.2
SCHEDULE OF RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Purchases |
$ 55,826
|
$ 63,664
|
$ 134,030
|
$ 75,431
|
|
Purchases |
2,654
|
69
|
5,920
|
69
|
|
Commission expense |
21,942
|
62,557
|
55,884
|
176,666
|
|
Office rental expense |
2,747
|
|
5,428
|
|
|
Other expenses |
$ 21,901
|
$ 5,602
|
$ 44,081
|
11,203
|
|
TH3 Technology Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
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
|
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
|
Nature |
Rental income
|
Rental income
|
Prepayment of IT expenses
|
|
Prepayment of IT expenses
|
Due from related parties |
$ 1,178
|
|
$ 1,178
|
|
$ 1,273
|
Office rental expense |
67
|
|
|
|
|
DSY Beauty Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
Nature |
|
|
Deposits
for products purchases
|
|
Deposits
for products purchases
|
Due from related parties |
|
|
|
|
$ 9,261
|
DSY Wellness and Longevity Center Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
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
|
Nature |
|
|
Expenses paid for DSYWLC
|
|
Expenses paid for DSYWLC
|
Due from related parties |
239
|
|
$ 239
|
|
|
Related Party [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Due from related parties |
1,417
|
|
1,417
|
|
10,534
|
Accounts payable, related parties, current |
19,605
|
|
19,605
|
|
25,611
|
Due to related parties |
1,030
|
|
$ 1,030
|
|
$ 4,880
|
CTA Nutriceuticals Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
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
|
|
The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
|
Nature |
|
|
Purchases of products for the provision of complementary health therapies
|
|
Purchases of products for the provision of complementary health therapies
|
Accounts payable, related parties, current |
19,601
|
|
$ 19,601
|
|
$ 25,387
|
DSY Beauty Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
Nature |
|
|
Purchases of beauty products
|
|
Purchases of beauty products
|
Accounts payable, related parties, current |
4
|
|
$ 4
|
|
$ 224
|
CTA Nutriceuticals Asia Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
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
|
|
The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
|
Nature |
|
|
Purchase of products for general use
|
|
Purchase of products for general use
|
Due to related parties |
391
|
|
$ 391
|
|
$ 2,149
|
DSY Beauty Sdn Bhd Two [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
Nature |
|
|
Purchase of products for general use
|
|
Purchase of products for general use
|
Due to related parties |
316
|
|
$ 316
|
|
$ 2,147
|
How Kok Choong [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
Mr. How Kok Choong, the CEO and director of the Company
|
|
Mr. How Kok Choong, the CEO and director of the Company
|
Nature |
|
|
Commission expense
|
|
Commission expense
|
Due to related parties |
323
|
|
$ 323
|
|
$ 584
|
How Kok Choong [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Commission expense |
$ 1,626
|
$ 2,443
|
$ 3,538
|
$ 5,148
|
|
CTA Nutriceuticals Sdn Bhd One [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
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
|
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
|
The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
|
|
Nature |
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
|
Purchases |
$ 55,614
|
$ 63,142
|
$ 116,269
|
$ 74,909
|
|
DSY Beauty Sdn Bhd Three [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
|
Nature |
Purchases of beauty products
|
Purchases of beauty products
|
Purchases of beauty products
|
Purchases of beauty products
|
|
Purchases |
$ 212
|
$ 395
|
$ 17,761
|
$ 395
|
|
D S Y Wellnessand Longevity Center Sdn Bhd Two [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
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
|
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
|
|
Nature |
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
Purchases of products for the provision of complementary health therapies
|
|
Purchases |
|
$ 127
|
|
$ 127
|
|
Other expenses |
$ 8,254
|
|
|
|
|
CTA Nutriceuticals Asia Sdn Bhd One [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
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
|
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
|
The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
|
|
Nature |
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
|
Purchases |
$ 1,291
|
|
$ 2,233
|
|
|
DSY Beauty Sdn Bhd Four [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
|
|
Nature |
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
|
Purchases |
$ 1,151
|
$ 69
|
$ 3,407
|
$ 69
|
|
DSY Beauty Sdn Bhd Five [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
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
|
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
|
|
Nature |
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
Purchase of products for general use
|
|
Purchases |
$ 212
|
|
$ 280
|
|
|
How Kok Choong One [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
Mr. How Kok Choong, the CEO and director of the Company
|
Mr. How Kok Choong, the CEO and director of the Company
|
Mr. How Kok Choong, the CEO and director of the Company
|
Mr. How Kok Choong, the CEO and director of the Company
|
|
Nature |
Commission expense
|
Commission expense
|
Commission expense
|
Commission expense
|
|
Commission expense |
$ 1,626
|
$ 2,443
|
$ 3,538
|
$ 5,148
|
|
Ando Design Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
|
|
Nature |
Rental income
|
Rental income
|
Rental income
|
Rental income
|
|
Office rental expense |
$ 670
|
|
$ 1,340
|
|
|
Redboy Picture Sdn Bhd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy
|
Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy
|
|
Nature |
Rental income
|
Rental income
|
Rental income
|
Rental income
|
|
Office rental expense |
$ 2,010
|
|
$ 4,021
|
|
|
TH3 Technology Sdn Bhd Th3 [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
|
|
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
|
|
Nature |
|
|
Rental income
|
Rental income
|
|
Office rental expense |
|
|
$ 67
|
|
|
TH3 Technology Sdn Bhd Two [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
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
|
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
|
|
Nature |
IT support services fee
|
IT support services fee
|
IT support services fee
|
IT support services fee
|
|
Other expenses |
$ 13,647
|
|
$ 27,718
|
|
|
DSYWellness And Longevity Center SdnBhdDsywlc Two [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Relationship |
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
|
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
|
|
Nature |
Office rental expense
|
Office rental expense
|
Office rental expense
|
|
|
Other expenses |
|
$ 5,602
|
$ 16,363
|
$ 11,203
|
|
DSYWellnessa And Longev [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Nature |
|
|
|
Office rental expense
|
|
X |
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - shares
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
200,000,000
|
|
200,000,000
|
|
200,000,000
|
Preferred stock, shares issued |
0
|
|
0
|
|
0
|
Preferred stock, shares outstanding |
0
|
|
0
|
|
0
|
Common stock, shares authorized |
1,000,000,000
|
|
1,000,000,000
|
|
1,000,000,000
|
Common stock, shares issued |
75,452,012
|
|
75,452,012
|
|
75,452,012
|
Common stock, shares outstanding |
75,452,012
|
|
75,452,012
|
|
75,452,012
|
Potentially dilutive securities outstanding |
0
|
0
|
0
|
0
|
0
|
Share Forfeiture Agreements [Member] | How Kok Choong [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Number of shares forfeited |
|
|
215,008,035
|
|
|
Reduction in outstanding shares |
|
|
215,008,035
|
|
|
X |
- References
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v3.23.2
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Local – United States |
$ (142,912)
|
$ (187,379)
|
$ (310,697)
|
$ (293,804)
|
Loss before income tax |
(381,888)
|
(403,952)
|
(820,179)
|
(694,110)
|
MALAYSIA |
|
|
|
|
Foreign, Tax Jurisdictions |
(241,867)
|
(189,395)
|
(516,152)
|
(354,459)
|
HONG KONG |
|
|
|
|
Foreign, Tax Jurisdictions |
$ 2,891
|
$ (27,178)
|
$ 6,670
|
$ (45,847)
|
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v3.23.2
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Current: |
|
|
|
|
- Local |
|
|
|
|
- Foreign |
|
(392)
|
|
(8,680)
|
Deferred: |
|
|
|
|
- Local |
|
|
|
|
- Foreign |
2,439
|
|
6,655
|
|
Benefit of (Provision for) income tax |
$ 2,439
|
$ (392)
|
$ 6,655
|
$ (8,680)
|
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v3.23.2
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Less: valuation allowance |
$ (851,545)
|
$ (693,185)
|
Deferred tax assets, net |
6,382
|
|
UNITED STATES |
|
|
Net operating Loss carry forward |
350,216
|
284,959
|
Less: valuation allowance |
(350,000)
|
(285,000)
|
MALAYSIA |
|
|
Net operating Loss carry forward |
507,709
|
408,226
|
Less: valuation allowance |
$ (501,000)
|
$ (408,000)
|
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v3.23.2
INCOME TAXES (Details Narrative)
|
6 Months Ended |
|
|
Jun. 30, 2023
MYR (RM)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
MYR (RM)
|
Dec. 31, 2022
USD ($)
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
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
|
|
|
|
|
Deferred tax valuation allowance |
|
|
$ 851,545
|
|
$ 693,185
|
2030 [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Operating loss carryforwards |
|
|
35,000
|
|
|
Two Thousand Thirty One [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Operating loss carryforwards |
|
|
778,000
|
|
|
Two Thousand Thirty Two [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Operating loss carryforwards |
|
|
858,000
|
|
|
Two Thousand Thirty Three [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Operating loss carryforwards |
|
|
478,000
|
|
|
UNITED STATES |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Operating loss carryforwards |
|
|
1,668,000
|
|
1,357,000
|
Deferred tax valuation allowance |
|
|
350,000
|
|
285,000
|
MALAYSIA |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Tax percentage |
17.00%
|
|
|
|
|
Operating loss carryforwards |
|
|
2,149,000
|
|
1,723,000
|
Deferred tax valuation allowance |
|
|
$ 501,000
|
|
$ 408,000
|
Income tax examination, description |
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 three and six months ended June 30, 2023 and 2022, with the remaining balance
being taxed at the 24% rate
|
|
|
|
|
Paid in capital | RM |
|
|
|
RM 2,500,000
|
|
Additional paid in capital stock split |
RM 600,000
|
$ 150,000
|
|
|
|
HONG KONG |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Tax percentage |
16.50%
|
|
|
|
|
State and Local Jurisdiction [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Tax percentage |
21.00%
|
|
|
|
|
Foreign Tax Authority [Member] |
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
Tax percentage |
35.00%
|
|
|
|
|
X |
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v3.23.2
CONCENTRATIONS OF RISKS (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Concentration Risk [Line Items] |
|
|
|
|
|
Deposits |
$ 630,285
|
|
$ 630,285
|
|
$ 1,427,963
|
Time deposit uninsured |
$ 397,809
|
|
$ 397,809
|
|
$ 231,187
|
No Customer [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
10.00%
|
10.00%
|
|
10.00%
|
|
Two Individual Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
19.90%
|
|
|
Five Individual Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
18.70%
|
|
72.00%
|
Vendor One [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
43.10%
|
70.00%
|
|
|
|
Vendor One [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
47.20%
|
46.00%
|
46.60%
|
Vendor Two [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
27.50%
|
17.00%
|
|
|
|
Vendor Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
26.50%
|
43.00%
|
25.80%
|
Vendor Three [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
26.00%
|
11.00%
|
|
|
|
Vendor Three [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
13.60%
|
|
23.90%
|
Vendor Accounted Approximately One [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
62.30%
|
|
|
Vendor Accounted Approximately Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
27.80%
|
|
|
Vendor [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
|
|
27.80%
|
|
46.60%
|
One Sales Distributor [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentrations of risk percentage |
10.00%
|
|
10.00%
|
10.00%
|
|
X |
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v3.23.2
SCHEDULE OF LEASE COMMITMENTS (Details) - USD ($)
|
Jun. 30, 2023 |
Nov. 01, 2021 |
Apr. 01, 2020 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
2024 |
$ 111,362
|
|
|
2025 |
102,501
|
|
|
2026 |
93,959
|
|
|
Thereafter |
|
|
|
Total lease payments |
307,822
|
|
|
Less: interest |
(22,834)
|
|
|
Present value of lease liabilities |
$ 284,988
|
$ 10,864
|
$ 490,000
|
X |
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
May 31, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 01, 2023 |
Dec. 31, 2022 |
Nov. 01, 2021 |
Oct. 01, 2021 |
Apr. 01, 2020 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
Operating lease liability |
|
$ 284,988
|
|
$ 284,988
|
|
|
|
$ 10,864
|
|
$ 490,000
|
Reduction in ROU assets and liabilities |
$ 3,250
|
|
|
|
|
$ 283,220
|
|
|
|
|
Operating lease effective interest rate |
5.50%
|
|
|
|
|
5.50%
|
|
5.50%
|
5.50%
|
|
Operating lease term |
|
|
|
|
|
|
|
|
2 years
|
|
Operating right-of-use assets |
|
284,670
|
|
284,670
|
|
|
$ 81,133
|
$ 10,864
|
$ 9,777
|
|
Operating Lease, Right-of-Use Asset |
|
$ 38,683
|
$ 36,162
|
$ 78,333
|
$ 75,241
|
|
|
|
|
|
Operating lease, weighted average remaining lease term |
|
2 years 9 months 21 days
|
|
2 years 9 months 21 days
|
|
|
|
|
|
|
Operating lease payments |
|
|
|
$ 16,020
|
|
|
|
|
|
|
Operating lease, expense |
|
$ 48,727
|
$ 54,237
|
$ 99,434
|
$ 98,312
|
|
|
|
|
|
Training Center [Member] |
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
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Lease expiration term |
Aug. 31, 2023
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