| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
| Jun. 30, 2022 |
| Accounting Policies [Abstract] | |
| Going Concern | Going
Concern The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements for the period
ended June 30, 2022, the Company has accumulated deficit of $ 1,289,659 The
Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support
from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the
Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or,
if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing,
if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its
stock holders, in the case of equity financing. |
| Basis of presentation | Basis
of presentation The
accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in
the United States of America (“US GAAP”). |
| Basis of consolidation | Basis
of consolidation The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary
beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. |
| Use of estimates | Use
of estimates In
preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets
and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
| Revenue recognition | Revenue
recognition The
Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Revenue
from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the
customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the
customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are
based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues
are recorded. The
Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand
and medical consumables product are sold and accepted by the customers and there are no continuing obligations to the customer. |
| Cost of revenue | Cost
of revenue Cost
of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing
and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of
revenues. DSWISS,
INC. NOTES
TO CONDENSED FINANCIAL STATEMENTS FOR
THE SIX MONTHS ENDED JUNE 30, 2022 (Currency
expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
| Selling and distribution expenses | Selling
and distribution expenses Selling
and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking
and shipping and handling fees. |
| Cash and cash equivalents | Cash
and cash equivalents The
Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent. |
| Inventories | Inventories Inventories
consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the
first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due
to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and
promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of
revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income. |
| Plant and equipment | Plant
and equipment Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated
on the straight-line method over their estimated useful lives or lease terms generally as follows: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE
Classification Estimated
useful lives
Computer
and software 5
Furniture
and fittings 5
Office
equipment 10
Motor
vehicle 5
Plant
and machinery 10 |
| Intangible assets | Intangible
assets Intangible
assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia
and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years The
Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of
impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying
amounts. There were no |
| Leases | Leases Prior
to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, |
| Income taxes | Income
taxes The
provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”).
Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities
are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are
expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. ASC
740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements
uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the
financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax
positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% The
Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business
activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. DSWISS,
INC. NOTES
TO CONDENSED FINANCIAL STATEMENTS FOR
THE SIX MONTHS ENDED JUNE 30, 2022 (Currency
expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
| Net income/(loss) per share | Net
income/(loss) per share The
Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
| Foreign currencies translation | Foreign
currencies translation Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the Condensed Consolidated Statements of Operations and Comprehensive Income. The
reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed
in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia and Hong Kong maintains their books and record in their local
currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as
being the primary currency of the economic environment in which the entity operates. In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation
of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION
As
of and for the six months ended
2022 2021
Period-end
RM : US$1 exchange rate 4.41 4.14
Period-average
RM : US$1 exchange rate 4.29 4.07
Period-end
HK$ : US$1 exchange rate 7.85 7.76
Period-average
HK$ : US$1 exchange rate 7.83 7.77 |
| Related parties | Related
parties Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence. DSWISS,
INC. NOTES
TO CONDENSED FINANCIAL STATEMENTS FOR
THE SIX MONTHS ENDED JUNE 30, 2022 (Currency
expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
| Fair value of financial instruments | Fair
value of financial instruments The
carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, accounts payable,
other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments. The
Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level
1 Level
2 Level
3 |
| Segment reporting | Segment
reporting ASC
Topic 280, “ Segment Reporting three |
| Recent accounting pronouncements | Recent
accounting pronouncements FASB
issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014,
the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of
any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
