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CONSOLIDATED BALANCE SHEETS - USD ($)
|
Dec. 31, 2017 |
Dec. 31, 2016 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 691,199
|
$ 105,432
|
Accounts receivable |
|
1,944
|
Inventories |
28,525
|
53,913
|
Amount due from related parties |
136,010
|
32,509
|
Other receivables, prepayments and other current assets |
44,305
|
27,048
|
Total Current Assets |
900,039
|
220,846
|
NON-CURRENT ASSETS |
|
|
Investment in associated companies |
|
|
Property, plant and equipment, net |
231,058
|
194,669
|
Total Non-Current Assets |
231,058
|
194,669
|
TOTAL ASSETS |
1,131,097
|
415,515
|
CURRENT LIABILITIES |
|
|
Amounts due to related parties |
2,370,003
|
911,458
|
Commission payables |
152,871
|
115,915
|
Accounts payable |
31,406
|
8,251
|
Accruals and other payables |
492,813
|
446,487
|
Total Current Liabilities |
3,047,093
|
1,482,111
|
TOTAL LIABILITIES |
3,047,093
|
1,482,111
|
Commitments and Contingencies (Note 10) |
|
|
STOCKHOLDERS' EQUITY |
|
|
Preferred stock par value $0.0001:1,000,000 shares authorized; and 0 outstanding |
|
|
Common stock par value $0.0001: 70,000,000 shares authorized; 54,087,903 outstanding (2016: par value $0.000001: 7,000,000,000 shares authorized; 50,987,250 outstanding); |
5,409
|
5,099
|
Additional paid-in capital |
4,749,798
|
1,340,504
|
Accumulated deficit |
(6,776,474)
|
(2,639,138)
|
Accumulated other comprehensive income |
105,271
|
226,939
|
Total Stockholders' Equity |
(1,915,996)
|
(1,066,596)
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 1,131,097
|
$ 415,515
|
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Dec. 31, 2017 |
Dec. 31, 2016 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, authorized |
1,000,000
|
1,000,000
|
Preferred stock, outstanding |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.000001
|
Common stock, authorized |
70,000,000
|
70,000,000
|
Common stock, issued |
54,087,903
|
50,987,250
|
X |
- DefinitionFace amount or stated value per share of common stock.
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
REVENUE |
|
|
Revenue |
$ 107,894
|
$ 1,865,789
|
Revenue - Related parties |
455,651
|
|
Total Revenue |
563,545
|
1,865,789
|
COST OF REVENUE |
|
|
Cost of revenue |
(73,456)
|
(1,226,851)
|
Cost of revenue - Related parties |
(39,103)
|
|
Total Cost of Revenue |
(112,559)
|
(1,226,851)
|
GROSS PROFIT |
450,986
|
638,938
|
OPERATING EXPENSES |
|
|
Selling expense |
(2,398)
|
(2,152)
|
General and administrative expenses |
(4,652,853)
|
(1,663,937)
|
Total Operating Expenses |
(4,655,251)
|
(1,666,089)
|
LOSS FROM OPERATIONS |
(4,204,265)
|
(1,027,151)
|
OTHER INCOME / (EXPENSE), NET |
|
|
Other Income |
66,980
|
189,501
|
Other Expense |
(51)
|
(42,139)
|
Share of loss in an associated company |
|
(25,716)
|
Total Other Income / (Expense), net |
66,929
|
121,646
|
NET LOSS BEFORE TAXES |
(4,137,336)
|
(905,505)
|
Income tax expense |
|
|
Net loss |
(4,137,336)
|
(905,505)
|
OTHER COMPREHENSIVE (LOSS) / INCOME |
|
|
Foreign currency translation adjustment |
(121,668)
|
47,084
|
TOTAL COMPREHENSIVE LOSS |
$ (4,259,004)
|
$ (858,421)
|
Weighted average number of common shares outstanding - basic and diluted (in shares) |
54,087,903
|
49,364,705
|
Net loss per share - basic and diluted (in dollars per share) |
$ (0.08)
|
$ (0.02)
|
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
|
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Accumulated Deficit [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total |
Balance, at beginning (in shares) at Dec. 31, 2014 |
[1] |
|
|
|
|
|
39,990,000
|
|
Effect from reverse stock split (in shares) |
|
|
|
|
|
|
|
|
Balance, at end at Dec. 31, 2015 |
|
$ 3,999
|
|
$ 510,448
|
$ (1,733,633)
|
$ 179,855
|
$ (1,039,331)
|
|
Balance, at end (in shares) at Dec. 31, 2015 |
|
39,990,000
|
[2] |
|
|
|
50,987,250
|
[1] |
Effect from reverse stock split (in shares) |
|
|
|
|
|
|
|
|
Reverse merger recapitalization |
|
$ 1,100
|
|
(1,100)
|
|
|
|
|
Reverse merger recapitalization (in shares) |
[2] |
10,997,250
|
|
|
|
|
|
|
Cancellation Debt |
|
|
|
831,156
|
|
|
$ 831,156
|
|
Net loss |
|
|
|
|
(905,505)
|
|
(905,505)
|
|
Foreign currency translation adjustment |
|
|
|
|
|
47,084
|
47,084
|
|
Balance, at end at Dec. 31, 2016 |
|
$ 5,099
|
|
1,340,504
|
(2,639,138)
|
226,939
|
$ (1,066,596)
|
|
Balance, at end (in shares) at Dec. 31, 2016 |
|
50,987,250
|
[2] |
|
|
|
50,987,250
|
[1] |
Equity incentive plan |
|
$ 310
|
|
3,409,294
|
|
|
$ 3,409,604
|
|
Equity incentive plan (in shares) |
[2] |
3,100,290
|
|
|
|
|
|
|
Effect from reverse stock split (in shares) |
|
363
|
[2] |
|
|
|
363
|
|
Net loss |
|
|
|
|
(4,137,336)
|
|
$ (4,137,336)
|
|
Foreign currency translation adjustment |
|
|
|
|
|
(121,668)
|
(121,668)
|
|
Balance, at end at Dec. 31, 2017 |
|
$ 5,409
|
|
$ 4,749,798
|
$ (6,776,474)
|
$ 105,271
|
$ (1,915,996)
|
|
Balance, at end (in shares) at Dec. 31, 2017 |
|
54,087,903
|
[2] |
|
|
|
54,087,903
|
|
|
|
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (4,137,336)
|
$ (905,505)
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
Depreciation - property, plant and equipment |
28,234
|
19,165
|
Issuance of employee equity incentive plan |
3,409,604
|
|
Other receivables, prepayments and other current assets |
(17,257)
|
32,716
|
Inventories |
25,388
|
(44,043)
|
Accounts receivable |
1,944
|
(1,944)
|
Advance from related parties |
|
(27,082)
|
Due from a director |
|
441
|
Amount due from related parties |
(108,928)
|
831,156
|
Trade creditor |
23,155
|
8,251
|
Commission payables |
36,956
|
(421,740)
|
Other payables and accrued expenses |
46,326
|
(288,656)
|
Tax payable |
|
(17,586)
|
Net cash used in generated from operating activities |
(691,914)
|
(814,827)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property, plant and equipment |
(64,623)
|
(108,977)
|
Net cash used in investing activities |
(64,623)
|
(108,977)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from directors |
5,427
|
|
Proceeds from related parties |
1,458,545
|
678,358
|
Net cash provided by financing activities |
1,463,972
|
678,358
|
EFFECT OF EXCHANGE RATES ON CASH |
(121,668)
|
47,084
|
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS |
585,767
|
(198,362)
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
105,432
|
303,794
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
691,199
|
105,432
|
SUPPLEMENTAL OF CASH FLOW INFORMATION |
|
|
Cash paid for interest expenses |
|
|
Cash paid for income tax |
|
|
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ORGANIZATION AND BUSINESS
|
12 Months Ended |
Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS |
1. |
ORGANIZATION
AND BUSINESS |
Vitaxel
Group Limited (formerly Albero, Corp., the “Company”), incorporated in Nevada, is engaged in direct selling industry
and online shopping platform primarily through its operating entities in Malaysia.
Vitaxel
SDN BHD (“Vitaxel”), was incorporated in Malaysia on August 10, 2012. The Company is primarily engaged in the direct
selling industry utilizing a multi-level marketing model with an emphasis on travel, entertainment and lifestyle products and
services.
Vitaxel
Online Mall SDN BHD (“Vionmall”), was incorporated in Malaysia on September 22, 2015. The Company is primarily in
developing online shopping platforms geared to Vitaxel and its members and the third-party suppliers of products and services.
Vitaxel
Singapore PTE. Ltd. (“Vitaxel Singapore”) was incorporated in Singapore on February 16, 2016. This subsidiary was
disposed on August 21, 2017.
Reverse
Acquisition
On
January 18, 2016, the Company completed and closed a share exchange (the “Share Exchange”) under a Share Exchange
Agreement (the “Share Exchange Agreement”) of the same date among us, Vitaxel SDN BHD, a Malaysian corporation (“Vitaxel”),
the shareholders of Vitaxel, Vitaxel Online Mall SDN BHD, a Malaysian corporation (“Vionmall”) and the shareholders
of Vionmall pursuant to which Vitaxel and Vionmall each became wholly owned subsidiaries of ours. In the Share Exchange, all of
the outstanding shares of Vitaxel and Vionmall were converted into shares of our Common Stock, as described in more detail below.
On
January 18, 2016, in connection with the Share Exchange and pursuant to the Split-Off Agreement, we transferred our pre-Share
Exchange assets and liabilities of our former horse breeding business to our pre-Share Exchange majority stockholder, in exchange
for the surrender by him and cancellation of 3,000,000 shares of our Common Stock.
As
a result of the Share Exchange and Split-Off, we discontinued our pre-Share Exchange business and acquired the businesses of Vitaxel
and Vionmall, and will continue the existing business operations of Vitaxel and Vionmall as a publicly-traded company under the
name Vitaxel Group Limited.
In
accordance with “reverse acquisition” accounting treatment, our historical financial statements as of period ends,
and for periods ended, prior to the acquisition will be replaced with the historical financial statements of Vitaxel and Vionmall
prior to the Share Exchange in all future filings with the U.S. Securities and Exchange Commission, (the “SEC”).
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES |
Basis
of presentation
The
accompanying 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”).
This
basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned,
and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars.
Fiscal
year end is December 31.
Use
of estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting periods. Actual results could differ from those estimates.
Foreign
currency translation and transactions
The
functional currency of the Company is the Malaysian Ringgit (“MYR”) and reporting currency of the Company is United
States Dollar “USD”). The financial statements of the Company are translated into USD using the exchange rate as of
the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation
gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity.
Cash
and cash equivalents
Cash
and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, and
which have original maturities of three months or less when purchased.
Accounts
receivable
Accounts
receivable are recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An
estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.
The Company generally does not require collateral from its customers. For the year ended December 31, 2017 and 2016, the Company
did not write off any accounts receivable as bad debts.
Fair
value of financial instruments
FASB
ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to
those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent
sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:
Level
1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has
the ability to access.
Level
2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly.
Level
3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair
value measurements.
ASC
820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure
fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is
based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize
the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2017 and 2016, none of the Company’s
assets and liabilities was required to be reported at fair value on a recurring basis. Carrying values of non-derivative financial
instruments, including cash, accounts receivables, payables and accrued liabilities, approximate their fair values due to the
short-term nature of these financial instruments. There were no changes in methods or assumptions during the periods presented.
Inventories
Inventories
are stated at lower of cost or net realizable value, with cost determined on a weighted-average method, and not to exceed net
realizable value. The Company writes down its inventory balances for obsolete amounts estimated on an individual basis for the
finished goods and the raw material items with large amounts, and by a category basis for low value raw material items. There
was no inventories written down and inventories written off as of December 31, 2017 and 2016.
Long-term
investment
The
Company’s interests in associated companies are accounted for under equity method under U.S. GAAP. Under the equity method,
if the Company’s share of losses of an associated company equals or exceeds the amount of investment plus advances made
by the Company, the Company ordinarily discontinues including its share of losses and the investment is reported at nil value.
If the associated company subsequently reports net income, the Company will resume applying the equity method only after its share
of that net income equals the share of net losses not recognized during the period the equity method was suspended.
Property,
plant and equipment, net
Property,
plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over
the following estimated useful lives:
|
Office
equipment |
10
years |
|
|
|
|
Computer
equipment |
10
years |
|
|
|
|
Furniture
and fixtures |
10
years |
|
|
|
|
Electrical
& fitting |
10
years |
|
|
|
|
Software
and website |
10
years |
|
|
|
|
Leasehold
improvement |
10
years |
Revenue
recognition
Product
sales − The Company generally recognizes revenue upon delivery and when both the title and risk and rewards pass to the
independent members or purchasers of the products. Product sales are recognized net of product returns, discounts and taxes. A
reserve for product returns is accrued based on historical experience.
Membership
fee − The Company recognizes the membership fee revenue over the term of the membership, which is 12 months. The revenue
will not be recognized until the 10 days cooling-off period is expired. For the year ended December 31, 2017 and 2016, all membership
fees were waived by the Company for promotion purpose.
Loyalty
program
The
Company operates loyalty program which allows customer to accumulate redemption points when they purchase products from the Company.
The redemption points can be used to purchase a selection of products at discounted price or redeem products.
The
Company allocates consideration received from the product sales to redemption points credited as a liability.
The
consideration allocated to the redemptions points issued is measured at fair value of the redemption points. It is recognized
as a liability (deferred revenue) in the statement of financial position and recognized as revenue when the points are redeemed,
have expired or are no longer expected to be redeemed. The amount of revenue recognized is based on the number of points that
have been redeemed, relative to the number expected to redeem.
As
of December 31, 2017 and December 31, 2016, there was no such deferred revenue recorded.
Commission
expense
Commission
expense incurred by the Company is recognized as cost of revenue and as a liability (commission payable in the consolidated balance
sheet. Commission expense is not recoverable once recognized and is expensed as incurred.
Income
taxes
Current
income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined financial
statements.Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a
portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are
individually classified as current and non-current based on their characteristics.
U.S.
Corporate Income Tax
The
Company is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after
December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. Recent U.S. federal
tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on
December 22, 2017. The U.S. Tax Reform significantly modified the U.S. Internal Revenue Code by, among other things, reducing
the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017;
limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition
tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain
limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes
on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump-sum
payment. See Note 8 – Income Tax.
To
the extent that portions of its U.S. taxable income, such as Subpart F income or global intangible low-taxed income (“GILTI”),
are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign
tax credits to offset its U.S. income tax liabilities. Any remaining liabilities are accrued in the Company’s consolidated
statements of comprehensive income and estimated tax payments are made when required by U.S. law.
Uncertain
Tax Positions
The
impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not
to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less
than a 50% likelihood of being sustained. Interest and penalties on income taxes are classified as a component of the provisions
for income taxes. The Company did not recognize any income tax due to uncertain tax positions or incur any interest and penalties
related to potential underpaid income tax expense as of December 31, 2017 and 2016.
Comprehensive
loss
Comprehensive
loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Combined Statement of Comprehensive
Loss.
Loss
per share
The
loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the years ended
December 31, 2017 and 2016, there was no dilutive effect due to net loss.
Related
party transactions
A
related party is generally defined as:
(i)
any person that holds the Company’s securities including such person’s immediate families,
(ii)
the Company’s management,
(iii)
someone that directly or indirectly controls, is controlled by or is under common control with the Company, or
(iv)
anyone who can significantly influence the financial and operating decisions of the Company.
A
transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related
parties.
Recently
issued accounting pronouncements
Revenue
Recognition: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The
amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain
not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods
beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted
only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting
period. We will apply the new revenue standard
beginning January 1, 2018. Each of the revenue streams has been analysed in accordance with the new revenue standard to determine
the impact on our consolidated financial statements. We do not expect the new revenue standard to have a material impact on our
consolidated financial statements.
Financial
instrument: In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The standard addresses
certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for
fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted.
Accordingly, the standard is effective for us on September 1, 2018. We are currently evaluating the impact that the standard will
have on our consolidated financial statements.
Leases:
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-2”), which provides guidance on lease
amendments to the FASB Accounting Standard Codification. This ASU will be effective for us beginning in May 1, 2019. We are currently
in the process of evaluating the impact of the adoption of ASU 2016-2 on our consolidated financial statements.
The
Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact
on our financial position or results of operations.
Reclassification:
Certain reclassifications have been made to the prior period amounts to conform to the current period’s presentation.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. 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). Accounting policies describe all significant accounting policies of the reporting entity.
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|
GOING CONCERN
|
12 Months Ended |
Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
These
consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.
For
the year ended December 31, 2017, the Company reported a net loss of $4,137,336 and working capital deficit of $2,147,054. The
Company had an accumulated deficit of $6,776,474 as of December 31, 2017 due to the fact that the Company incurred losses during
the year ended December 31, 2017.
The
ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining
the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become
due. These combined financial statements do not include any adjustments to the recoverability and classification of recorded asset
amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
The
Company expects to finance operations primarily through cash flow from revenue and capital contributions from principal shareholders.
In the event that we require additional funding to finance the growth of the Company’s current and expected future operations
as well as to achieve our strategic objectives, our principal shareholders have indicated the intent and ability to provide additional
equity financing.
These
conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation
as a going concern is dependent on our ability to meet obligations as they become due and to obtain additional equity or alternative
financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance
that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable
terms, or if at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENTASSETS
|
12 Months Ended |
Dec. 31, 2017 |
Other Receivables And Other Assets |
|
OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENTASSETS |
4. |
OTHER RECEIVABLES,
PREPAYMENTS AND OTHER CURRENTASSETS |
Other
receivables, prepayments and other current assets consist of the following:
|
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Deposits
(1) |
|
|
$ |
11,157 |
|
|
$ |
19,497 |
|
|
Prepayments (2) |
|
|
|
1,679 |
|
|
|
5,070 |
|
|
Others
(3) |
|
|
|
31,469 |
|
|
|
2,481 |
|
|
|
|
|
$ |
44,305 |
|
|
$ |
27,048 |
|
(1) Deposits
represented payments for rental, utilities, and construction funds to government department.
(2) Prepayments
mainly consists of prepayment for insurance and IT related fees.
(3) Others
mainly consists other miscellaneous payments
|
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|
LONG-TERM INVESTMENT
|
12 Months Ended |
Dec. 31, 2017 |
Equity Method Investments and Joint Ventures [Abstract] |
|
LONG-TERM INVESTMENT |
On
April 20, 2016, the Company invested 959,800 Thai Baht or $27,539 to Vitaxel Corp. (Thailand) Ltd., a company registered in Thailand,
and holds 47.99% shares of it. The long-term investment is accounted using the equity method.
Long-term
investment consists of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Long-term
investment – In an associated company |
|
$ |
27,539 |
|
|
$ |
27,539 |
|
Long-term investment
– share of loss in investment in an associated company |
|
|
(25,716 |
) |
|
|
(25,716 |
) |
Foreign
currency translation adjustment |
|
|
(1,823 |
) |
|
|
(1,823 |
) |
|
|
$ |
— |
|
|
$ |
— |
|
|
X |
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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PROPERTY, PLANT AND EQUIPMENT
|
12 Months Ended |
Dec. 31, 2017 |
Property, Plant and Equipment, Net [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
6. |
PROPERTY, PLANT
AND EQUIPMENT |
Property,
plant and equipment, net consist of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Office
equipment |
|
$ |
36,471 |
|
|
$ |
30,476 |
|
Computer equipment |
|
|
102,862 |
|
|
|
61,516 |
|
Furniture and fittings |
|
|
7,978 |
|
|
|
7,131 |
|
Electrical & fitting |
|
|
375 |
|
|
|
337 |
|
Motor vehicle |
|
|
16,983 |
|
|
|
15,315 |
|
Software and website |
|
|
11,580 |
|
|
|
7,544 |
|
Renovations |
|
|
108,860 |
|
|
|
98,167 |
|
|
|
|
285,109 |
|
|
|
220,486 |
|
Less:
Accumulated depreciation |
|
|
(54,051 |
) |
|
|
(25,817 |
) |
Balance
at end of year |
|
$ |
231,058 |
|
|
$ |
194,669 |
|
Depreciation
expenses charged to the statements of operations for the year ended December 31, 2017 and 2016 were $28,234 and $19,165 respectively.
|
X |
- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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|
ACCRUALS AND OTHER PAYABLES
|
12 Months Ended |
Dec. 31, 2017 |
Payables and Accruals [Abstract] |
|
ACCRUALS AND OTHER PAYABLES |
7. |
ACCRUALS AND
OTHER PAYABLES |
Accruals
and other payables consist of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Provisions
and accruals |
|
$ |
148,326 |
|
|
$ |
21,243 |
|
Others (1) |
|
|
344,487 |
|
|
|
425,244 |
|
Balance
at end of year |
|
$ |
492,813 |
|
|
$ |
446,487 |
|
(1) Other
payables mainly consist of members allocated redemption points and commission payable.
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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|
INCOME TAX
|
12 Months Ended |
Dec. 31, 2017 |
Disclosure Text Block [Abstract] |
|
INCOME TAX |
Income
taxes consisted of Malaysia income tax, Singaporean income tax and U.S. income tax. There was no provision of income taxes made
in respect of the 3 countries for the years ended December 31, 2017 and 2016.
Malaysia
The
Company’s two main operating subsidiaries, Vitaxel SDN BHD and Vitaxel Online Mall SDN BHD are companies incorporated in
Malaysia. They recorded a loss before income tax of $382,695 and $680,391 for the year ended December 31, 2017 and 2016 respectively.
The management has evaluated that the unused tax lossess carried forward will not be utilized in the near foreseeable future.
A reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% and
24% for the years ended December 31, 2017 and 2016, respectively, to income before income taxes is as follows:
|
|
For
the year ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Profit
(loss) before income tax |
|
$ |
(382,695 |
) |
|
$ |
(680,391 |
) |
Permanent difference |
|
|
382,695 |
|
|
|
680,391 |
|
Taxable income |
|
$ |
— |
|
|
$ |
— |
|
Malaysian income tax
rate |
|
|
24 |
% |
|
|
24 |
% |
Current tax expenses |
|
$ |
— |
|
|
$ |
— |
|
Less:
Valuation allowance |
|
|
— |
|
|
|
— |
|
Income
tax expenses |
|
$ |
— |
|
|
$ |
— |
|
United
States of America
Vitaxel
Group Limited is a company incorporated in State of Nevada and recorded a loss before income tax of $3,754,641 and $225,114 for
the year ended December 31, 2017 and 2016 respectively. A reconciliation of the provision for income taxes with amounts determined
by applying the United States Federal income tax rate of 34% for the years ended December 31, 2017 and 2016, respectively, to
income before income taxes is as follows:
|
|
For
the year ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Profit
(loss) before income tax |
|
$ |
(3,754,641 |
) |
|
$ |
(225,114 |
) |
Permanent difference |
|
|
3,754,641 |
|
|
|
225,114 |
|
Taxable income |
|
$ |
— |
|
|
$ |
— |
|
Malaysian income tax
rate |
|
|
34 |
% |
|
|
34 |
% |
Current tax expenses |
|
$ |
— |
|
|
$ |
— |
|
Less:
Valuation allowance |
|
|
— |
|
|
|
— |
|
Income
tax expenses |
|
$ |
— |
|
|
$ |
— |
|
U.S.
Corporate Income Tax
The
Company’s management has yet to evaluate the effect of the U.S. Tax Reform on Vitaxel Group Limited. Management may update
its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S Department
of the Treasury, and specific actions the Company may take in the future.
One-Time
Transition Tax Related to U.S. Tax Reform
The
Company’s management has evaluated the on-time transition tax and estimated that there will not be such tax due by the Company.
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RELATED PARTIES TRANSCTIONS
|
12 Months Ended |
Dec. 31, 2017 |
Related Party Transactions [Abstract] |
|
RELATED PARTIES TRANSCTIONS |
9. |
RELATED PARTY
TRANSACTIONS |
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
Amount
due from related parties |
|
|
|
|
|
|
|
|
Ho Wah
Genting Berhad (1) |
|
$ |
— |
|
|
$ |
9,020 |
|
Ho Wah Genting Group
Sdn Berhad (2) |
|
|
18,149 |
|
|
|
— |
|
Beedo
Sdn Bhd (3) |
|
|
14,837 |
|
|
|
18,062 |
|
Balance
at end of year |
|
$ |
32,986 |
|
|
$ |
27,082 |
|
|
|
|
|
|
|
|
Amount due from
director |
|
|
|
|
|
|
Lim Wee
Kiat |
|
$ |
— |
|
|
$ |
1,482 |
|
Leong
Yee Ming |
|
|
— |
|
|
|
3,945 |
|
Balance
at end of year |
|
$ |
— |
|
|
$ |
5,427 |
|
|
|
|
|
|
|
|
Amount of due from
an associated company |
|
|
|
|
|
|
Vitaxel
Corporation (Thailand) Limited (4) |
|
$ |
103,024 |
|
|
$ |
— |
|
Balance
at end of year |
|
|
103,024 |
|
|
|
— |
|
Total
Amount due from related parties |
|
$ |
136,010 |
|
|
$ |
32,509 |
|
|
|
|
|
|
|
|
Amount of due to
related parties |
|
|
|
|
|
|
Dato’
Lim Hui Boon (5) |
|
$ |
40,491 |
|
|
$ |
— |
|
Ho Wah Genting Group
Sdn Berhad (1) |
|
|
— |
|
|
|
607,918 |
|
Ho Wah Genting Holiday
Sdn Bhd (6) |
|
|
1,703 |
|
|
|
8,087 |
|
Genting Highlands Taxi
Services Sdn Bhd (7) |
|
|
11,820 |
|
|
|
16,234 |
|
VSpark Malaysia Sdn
Bhd (8) |
|
|
4,967 |
|
|
|
— |
|
Grande
Legacy Inc. (9) |
|
|
2,311,022 |
|
|
|
— |
|
Balance
at end of year |
|
$ |
2,370,003 |
|
|
$ |
632,239 |
|
|
|
|
|
|
|
|
Amount of due to
an associated company |
|
|
|
|
|
|
Vitaxel
Corporation (Thailand) Limited |
|
$ |
— |
|
|
$ |
279,219 |
|
Balance
at end of year |
|
$ |
— |
|
|
$ |
279,219 |
|
Total
Amount due to related parties |
|
$ |
2,370,003 |
|
|
$ |
911,458 |
|
The
related parties balances are unsecured, interest-free and repayable on demand.
|
(1) |
The President of the Company, Dato’ Lim
Hui Boon, is also the Group President of Ho Wah Genting Berhad, a company listed in Bursa Malaysia Main Market. |
The
Company recognized an expense of rent totalling $77,010 and $20,304 during the year ended December 31, 2017 and December 31, 2016
respectively. Of the total rent, $19,261 and $20,304 was paid to Ho Wah Genting Berhad during the year ended December 31, 2017
and December 31, 2016 respectively, and $57,784 and $0 was paid to its affiliate, Malaysia-Beijing Travel Services Sdn Bhd during
the year ended December 31, 2017 and December 31, 2016 respectively.
The
operating lease commitment to Ho Wah Genting Berhad as of December 31, 2017 was $19,261 and $0 to Malaysia-Beijing Travel
Services Sdn Bhd. The lease commitment are disclosed in note 10 COMMITMENTS AND CONTINGENCIES below under the heading
Operation Commitments.
|
(2) |
The President of the Company, Dato’ Lim
Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad, subsidiary of Ho Wah Genting Group Ltd, a company
listed on the US OTC Market. Amount owing to Ho Wah Genting Group Sdn Berhad in prior year were advances, whereby settlement
has been performed in current year. |
|
(3) |
Beedo SDN BHD was a subsidiary of related company
Ho Wah Genting Group Sdn Berhad from June 25, 2015 to August 12, 2016. |
The
Company recognized an expense of $32,102 and $74,882 pertaining for website maintenance expense during the year ended December
31, 2017 and December 31, 2016 respectively, which was charged by its related party, Beedo Sdn. Bhd. The balances due from Beedo
Sdn Bhd in current year was due to discount received by the Company.
|
(4) |
The Company recognized an income of $0 and $172,348
pertaining to royalties during the year ended December 31, 2017 and December 31, 2016 respectively, which was paid by an associated
company, Vitaxel Corp. (Thailand) Limited. In addition, the Company also recognized product sales of $455,361 and $0 to Vitaxel
Corp. (Thailand) Limited during the year ended December 31, 2017 and December 31, 2016 respectively. |
|
(5) |
As of December 31, 2017 and December 31, 2016,
the amount due to the President of the Company, Dato’ Lim Hui Boon was $40,491 and $0, respectively. These were advances
made to the Company. |
|
(6) |
A former director of the Company, Lim Chun Hoo,
is also a director of Ho Wah Genting Holiday Sdn Bhd. On March 31, 2017, Lim Chun Hoo has resigned from the Company. |
The
Company recognized an expense of $127,728 and $110,439 pertaining to event, traveling and accommodation expenses during the year
ended December 31, 2017 and December 31, 2016 respectively, which was charged by its related party, Ho Wah Genting Holiday Sdn.
Bhd.
|
(7) |
A director of the Company, Lim Wee Kiat, is
also a director of Genting Highlands Taxi Services Sdn Bhd and of Vitaxel Sdn Bhd. |
The
Company purchased a motor vehicle Genting Highlands Taxi Services Sdn. Bhd for $0 and $16,601 during the year ended December 31,
2017 and December 31, 2016 respectively.
|
(8) |
A director of a subsidiary (Vitaxel Online Mall
Sdn Bhd), Liew Jenn Lim, is also a director of VSpark Malaysia Sdn Bhd. |
|
|
The Company has engaged with VSpark Malaysia
Sdn Bhd during the year for marketing purposes. The Company also recognize product sales of $300 and $0 to VSpark Malaysia
Sdn Bhd during the year ended December 31, 2017 and December 31, 2016 respectively. |
|
(9) |
A director of the Company, Leong Yee Ming, is
also a director of Grande Legacy Inc. |
On
January 5, 2017, the Company executed a license agreement with Grande Legacy Inc (“GL”). The agreement grants GL exclusive
use of Vitaxel Marks to operate a Vitaxel Business in countries other than Malaysia, Singapore and Thailand. However, GL is still
in the process of obtaining online payment gateway for its credit card sales, GL is currently engaging Vitaxel Sdn Bhd, a wholly-owned
subsidiary of the Company, to collect credit card sales proceeds on behalf.
On
January 22, 2018, the Company has acquired 100% of Grande Legacy Inc. Refer note 12 SUBSEQUENT EVENTS for further details on the
acquisition.
|
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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COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
10. |
COMMITMENTS AND
CONTIGENCIES |
Capital
Commitments
As
of December 31, 2017 and 2016, Company has no capital commitments.
Operation
Commitments
The
total future minimum lease payments under the non-cancellable operating lease with respect to the office and the dormitory, as
well as hardware trading platform as of December 31, 2017 are payable as follows:
Year ending
December 31, 2018 |
|
|
|
19,261 |
|
Total |
|
|
$ |
19,261 |
|
Rental
expense of the Company was $77,010 and $115,826 for the years ended December 31, 2017 and 2016, respectively.
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- DefinitionThe entire disclosure for commitments and contingencies.
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VITAXEL GROUP LIMITED SHAREHOLDERS' EQUITY
|
12 Months Ended |
Dec. 31, 2017 |
Stockholders' Equity Note [Abstract] |
|
VITAXEL GROUP LIMITED SHAREHOLDERS' EQUITY |
11. |
VITAXEL GROUP
LIMITED SHAREHOLDERS’ EQUITY |
Vitaxel
Group Limited has 1,000,000 shares authorized for preferred stock, with 0 outstanding during the year ended December 31, 2017
and December 31, 2016.
The
Company also has 70,000,000 shares authorized for common stock, with 54,087,903 and 50,987,250 outstanding during the year December
31, 2017 and December 31, 2016 respectively.
Summary
of Vitaxel Group Limited outstanding shares:
|
|
Number
of Outstanding Shares (in thousands) |
|
|
|
As
of December 31, |
|
|
|
2015 |
|
|
2016 |
|
|
2017 |
|
Common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of year (1) |
|
|
39,990,000 |
|
|
|
50,987,250 |
|
|
|
50,987,250 |
|
Reverse
merger recapitalization |
|
|
10,997,250 |
|
|
|
— |
|
|
|
— |
|
Equity
incentive plan issuance |
|
|
— |
|
|
|
— |
|
|
|
3,100,290 |
|
Effect
from reverse stock split |
|
|
— |
|
|
|
— |
|
|
|
363 |
|
Balance
at end of year |
|
|
50,987,250 |
|
|
|
50,987,250 |
|
|
|
54,087,903 |
|
|
(1) |
The outstanding shares were adjusted retrospectively
due to the reverse stock split that has been completed during the year. |
Forward
Stock split
On
January 27, 2016, our Board of Directors declared a 1333-for-1 forward stock split of our outstanding common stock, par value
$0.000001 per share in the form of a dividend (the “Stock Split”) with a record date of February 8, 2016 (the “Record
Date”). On February 22, 2016, Financial Industry Regulatory Authority, Inc. (“FINRA”) notified us of its announcement
of the payment date of the Stock Split as February 23, 2016 (the “Payment Date”). On the Payment Date, as a result
of the Stock split, each holder of our common stock as of the Record Date received 1332 additional shares of our common stock
for each one share owned, rounded up to the nearest whole share. All common stock share amounts referenced in this Annual Report
give retroactive effect to the Stock Split.
Reverse
Stock split
On
May 25, 2017, the Board of Directors of the Company authorized and approved an amendment (the “Amendment”) to Vitaxel’s
Amended and Restated Articles of Incorporation, which authorized a one hundred-to-one reverse stock split (the “Reverse
Split”) of Vitaxel’s outstanding common stock, par value $0.000001 per share, with a record date of June 12, 2017
(the “Record Date”).
As
of the effective date of the Reverse Split, every 100 outstanding shares of the Company’s common stock automatically became
one share of common stock. The Company’s authorized shares of common stock were reduced in proportion to the reverse split
ratio, from 7,000,000,000 shares of authorized common stock prior to the effective date to 70,000,000 shares of authorized common
stock on the effective date, and from 100,000,000 shares of authorized preferred stock prior to the effective date to 1,000,000
shares of authorized preferred stock on the effective date. Additionally, as part of the Reverse Split, the par value of both
the Company’s common stock and its preferred stock was increased from $0.000001 per share to $0.0001 per share. Immediately
prior to the Reverse Split the Company had 5,408,754,000 common shares issued and outstanding and had approximately 54,087,540
common shares issued and outstanding immediately after the Reverse Split.
We
expect that the Reverse Stock Split will (i) increase the marketability and liquidity of our common stock; (ii) address - liquidity
of our common stock; (iii) address the reluctance of brokerage firms and institutional investors to recommend lower priced stocks
to their clients or to hold in their own portfolios; and (iv) enable us to maintain the quotation of our common stock on the OTC
Markets, Inc. QB Tier.
Separately,
on May 30, 2017, the Board of Directors of the Company authorized and approved a related increase in the par value of Vitaxel
common stock from $0.000001 to $0.0001.
On
June 13, 2017, the Company received approval from the Financial Industry Regulatory Authority (“FINRA”) to effectuate
the Reverse Split at the open of business on June 15, 2017.
Equity
Compensation Plans
On
January 18, 2016, our board of directors adopted, and on the same date, our stockholders holding a majority of our outstanding
shares of Common Stock approved, the 2016 Equity Incentive Plan (“2016 Plan”), which reserves a total of 10,000,000
shares of our Common Stock for issuance under the 2016 Plan. In December 2017, the Board of Directors of the Company increased
the number of shares under the 2016 Plan to 40,000,000 shares.
During
the year ended December 31, 2017, the Company has issued 3,100,290 shares of non-restricted stock under the 2016 Plan pursuant
to Form S-8 filed with SEC on October 25, 2016.
|
X |
- DefinitionThe entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.
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EARNINGS (LOSS) PER SHARE
|
12 Months Ended |
Dec. 31, 2017 |
Earnings Per Share [Abstract] |
|
EARNINGS (LOSS) PER SHARE |
12. |
EARNINGS
(LOSS) PER SHARE |
The
Company has adopted ASC Topic No. 260,“Earnings Per Share,” (“EPS”) which requires presentation
of basic and diluted EPS on the face of the income statement, and requires a reconciliation of the numerator and denominator of
the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements,
basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock
outstanding during the year.
The
following table sets forth the computation of basic and diluted earnings per share:
|
|
For
the years ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Net loss
applicable to common shares |
|
$ |
(4,137,336 |
) |
|
$ |
(905,505 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding (Basic) |
|
|
54,087,903 |
|
|
|
49,364,705 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding (Diluted) |
|
|
54,087,903 |
|
|
|
49,364,705 |
|
|
|
|
|
|
|
|
|
|
Loss per share basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.02 |
) |
The
Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.
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SUBSEQUENT EVENT
|
12 Months Ended |
Dec. 31, 2017 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
The
Company has evaluated the period after the balance sheet date through the day that the financial statements were issued, and determined
that there were no subsequent events or transactions that required recognition or disclosure in the financial statements except
the following:
The
Company entered into a Share Sale Agreement (the “Agreement”) effective December 15, 2017 with Lim Hui Sing and Leong
Yee Ming (together, the “Sellers”) and Vitaxel Sdn. Bhd., a wholly-owned subsidiary of the Company (the “Purchaser”),
as previously described in the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2017.
Pursuant to the terms of the Agreement, the Sellers will sell to the Purchaser all their shares in Grande Legacy Inc., a British
Virgin Islands company (“Grande Legacy”), so that the Company shall become the indirect owner of all of the issued
and outstanding shares of the capital stock of Grande Legacy. In consideration for such sale, the Company shall issue to each
of the Sellers 37,500,000 shares of the Registrant’s common stock.
On
January 3, 2018 the parties to the Agreement executed and delivered an amendment (the “Amendment”) to the Agreement
which provided that the acquisition of Grande Legacy shall close upon the completion of the financial statements of Grande Legacy
being audited. The Amendment also provides that the 75,000,000 shares to be issued to the Sellers, will be issued within 30 days
of the shareholders of the Company authorizing the amendment to the Articles of Incorporation of the Company for increasing the
amount of shares that will be issued. Since the audited financial statements of Grande Legacy were delivered on January 22, 2018,
the acquisition of Grande Legacy was consummated on said date.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
accompanying 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”).
This
basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned,
and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars.
Fiscal
year end is December 31.
|
Use of estimates |
Use
of estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting periods. Actual results could differ from those estimates.
|
Foreign currency translation and transactions |
Foreign
currency translation and transactions
The
functional currency of the Company is the Malaysian Ringgit (“MYR”) and reporting currency of the Company is United
States Dollar “USD”). The financial statements of the Company are translated into USD using the exchange rate as of
the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation
gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity.
|
Cash and cash equivalents |
Cash
and cash equivalents
Cash
and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, and
which have original maturities of three months or less when purchased.
|
Accounts receivable |
Accounts
receivable
Accounts
receivable are recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An
estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.
The Company generally does not require collateral from its customers. For the year ended December 31, 2017 and 2016, the Company
did not write off any accounts receivable as bad debts.
|
Fair value of financial instruments |
Fair
value of financial instruments
FASB
ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to
those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent
sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:
Level
1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has
the ability to access.
Level
2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly.
Level
3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair
value measurements.
ASC
820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure
fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is
based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize
the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2017 and 2016, none of the Company’s
assets and liabilities was required to be reported at fair value on a recurring basis. Carrying values of non-derivative financial
instruments, including cash, accounts receivables, payables and accrued liabilities, approximate their fair values due to the
short-term nature of these financial instruments. There were no changes in methods or assumptions during the periods presented.
|
Inventories |
Inventories
Inventories
are stated at lower of cost or net realizable value, with cost determined on a weighted-average method, and not to exceed net
realizable value. The Company writes down its inventory balances for obsolete amounts estimated on an individual basis for the
finished goods and the raw material items with large amounts, and by a category basis for low value raw material items. There
was no inventories written down and inventories written off as of December 31, 2017 and 2016.
|
Long-term investment |
Long-term
investment
The
Company’s interests in associated companies are accounted for under equity method under U.S. GAAP. Under the equity method,
if the Company’s share of losses of an associated company equals or exceeds the amount of investment plus advances made
by the Company, the Company ordinarily discontinues including its share of losses and the investment is reported at nil value.
If the associated company subsequently reports net income, the Company will resume applying the equity method only after its share
of that net income equals the share of net losses not recognized during the period the equity method was suspended.
|
Property, plant and equipment, net |
Property,
plant and equipment, net
Property,
plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over
the following estimated useful lives:
|
Office
equipment |
10
years |
|
|
|
|
Computer
equipment |
10
years |
|
|
|
|
Furniture
and fixtures |
10
years |
|
|
|
|
Electrical
& fitting |
10
years |
|
|
|
|
Software
and website |
10
years |
|
|
|
|
Leasehold
improvement |
10
years |
|
Revenue recognition |
Revenue
recognition
Product
sales − The Company generally recognizes revenue upon delivery and when both the title and risk and rewards pass to the
independent members or purchasers of the products. Product sales are recognized net of product returns, discounts and taxes. A
reserve for product returns is accrued based on historical experience.
Membership
fee − The Company recognizes the membership fee revenue over the term of the membership, which is 12 months. The revenue
will not be recognized until the 10 days cooling-off period is expired. For the year ended December 31, 2017 and 2016, all membership
fees were waived by the Company for promotion purpose.
|
Loyalty program |
Loyalty
program
The
Company operates loyalty program which allows customer to accumulate redemption points when they purchase products from the Company.
The redemption points can be used to purchase a selection of products at discounted price or redeem products.
The
Company allocates consideration received from the product sales to redemption points credited as a liability.
The
consideration allocated to the redemptions points issued is measured at fair value of the redemption points. It is recognized
as a liability (deferred revenue) in the statement of financial position and recognized as revenue when the points are redeemed,
have expired or are no longer expected to be redeemed. The amount of revenue recognized is based on the number of points that
have been redeemed, relative to the number expected to redeem.
As
of December 31, 2017 and December 31, 2016, there was no such deferred revenue recorded.
|
Commission expense |
Commission
expense
Commission
expense incurred by the Company is recognized as cost of revenue and as a liability (commission payable in the consolidated balance
sheet. Commission expense is not recoverable once recognized and is expensed as incurred.
|
Income taxes |
Income
taxes
Current
income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined financial
statements.Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a
portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are
individually classified as current and non-current based on their characteristics.
|
U.S. Corporate Income Tax |
U.S.
Corporate Income Tax
The
Company is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after
December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. Recent U.S. federal
tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on
December 22, 2017. The U.S. Tax Reform significantly modified the U.S. Internal Revenue Code by, among other things, reducing
the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017;
limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition
tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain
limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes
on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump-sum
payment. See Note 8 – Income Tax.
To
the extent that portions of its U.S. taxable income, such as Subpart F income or global intangible low-taxed income (“GILTI”),
are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign
tax credits to offset its U.S. income tax liabilities. Any remaining liabilities are accrued in the Company’s consolidated
statements of comprehensive income and estimated tax payments are made when required by U.S. law.
|
Uncertain Tax Positions |
Uncertain
Tax Positions
The
impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not
to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less
than a 50% likelihood of being sustained. Interest and penalties on income taxes are classified as a component of the provisions
for income taxes. The Company did not recognize any income tax due to uncertain tax positions or incur any interest and penalties
related to potential underpaid income tax expense as of December 31, 2017 and 2016.
|
Comprehensive loss |
Comprehensive
loss
Comprehensive
loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Combined Statement of Comprehensive
Loss.
|
Loss per share |
Loss
per share
The
loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the years ended
December 31, 2017 and 2016, there was no dilutive effect due to net loss.
|
Related party transactions |
Related
party transactions
A
related party is generally defined as:
(i)
any person that holds the Company’s securities including such person’s immediate families,
(ii)
the Company’s management,
(iii)
someone that directly or indirectly controls, is controlled by or is under common control with the Company, or
(iv)
anyone who can significantly influence the financial and operating decisions of the Company.
A
transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related
parties.
|
Recently issued accounting pronouncements |
Recently
issued accounting pronouncements
Revenue
Recognition: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The
amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain
not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods
beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted
only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting
period. We will apply the new revenue standard
beginning January 1, 2018. Each of the revenue streams has been analysed in accordance with the new revenue standard to determine
the impact on our consolidated financial statements. We do not expect the new revenue standard to have a material impact on our
consolidated financial statements.
Financial
instrument: In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The standard addresses
certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for
fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted.
Accordingly, the standard is effective for us on September 1, 2018. We are currently evaluating the impact that the standard will
have on our consolidated financial statements.
Leases:
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-2”), which provides guidance on lease
amendments to the FASB Accounting Standard Codification. This ASU will be effective for us beginning in May 1, 2019. We are currently
in the process of evaluating the impact of the adoption of ASU 2016-2 on our consolidated financial statements.
The
Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact
on our financial position or results of operations.
Reclassification:
Certain reclassifications have been made to the prior period amounts to conform to the current period’s presentation.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] |
|
Schedule of property, plant and equipment estimated useful lives |
Property,
plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over
the following estimated useful lives:
|
Office
equipment |
10
years |
|
|
|
|
Computer
equipment |
10
years |
|
|
|
|
Furniture
and fixtures |
10
years |
|
|
|
|
Electrical
& fitting |
10
years |
|
|
|
|
Software
and website |
10
years |
|
|
|
|
Leasehold
improvement |
10
years |
|
X |
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OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENTASSETS (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Other Receivables And Other Assets |
|
Schedule of other receivables and other assets |
Other
receivables, prepayments and other current assets consist of the following:
|
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Deposits
(1) |
|
|
$ |
11,157 |
|
|
$ |
19,497 |
|
|
Prepayments (2) |
|
|
|
1,679 |
|
|
|
5,070 |
|
|
Others
(3) |
|
|
|
31,469 |
|
|
|
2,481 |
|
|
|
|
|
$ |
44,305 |
|
|
$ |
27,048 |
|
(1) Deposits
represented payments for rental, utilities, and construction funds to government department.
(2) Prepayments
mainly consists of prepayment for insurance and IT related fees.
(3) Others
mainly consists other miscellaneous payments
|
X |
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LONG-TERM INVESTMENT (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of long-term investment |
Long-term
investment consists of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Long-term
investment – In an associated company |
|
$ |
27,539 |
|
|
$ |
27,539 |
|
Long-term investment
– share of loss in investment in an associated company |
|
|
(25,716 |
) |
|
|
(25,716 |
) |
Foreign
currency translation adjustment |
|
|
(1,823 |
) |
|
|
(1,823 |
) |
|
|
$ |
— |
|
|
$ |
— |
|
|
X |
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PROPERTY, PLANT AND EQUIPMENT (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Property, Plant and Equipment, Net [Abstract] |
|
Schedule of property, plant and equipment, net |
Property,
plant and equipment, net consist of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Office
equipment |
|
$ |
36,471 |
|
|
$ |
30,476 |
|
Computer equipment |
|
|
102,862 |
|
|
|
61,516 |
|
Furniture and fittings |
|
|
7,978 |
|
|
|
7,131 |
|
Electrical & fitting |
|
|
375 |
|
|
|
337 |
|
Motor vehicle |
|
|
16,983 |
|
|
|
15,315 |
|
Software and website |
|
|
11,580 |
|
|
|
7,544 |
|
Renovations |
|
|
108,860 |
|
|
|
98,167 |
|
|
|
|
285,109 |
|
|
|
220,486 |
|
Less:
Accumulated depreciation |
|
|
(54,051 |
) |
|
|
(25,817 |
) |
Balance
at end of year |
|
$ |
231,058 |
|
|
$ |
194,669 |
|
|
X |
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ACCRUALS AND OTHER PAYABLES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Payables and Accruals [Abstract] |
|
Schedule of accruals and other payables |
Accruals
and other payables consist of the following:
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
|
|
|
|
|
|
|
Provisions
and accruals |
|
$ |
148,326 |
|
|
$ |
21,243 |
|
Others (1) |
|
|
344,487 |
|
|
|
425,244 |
|
Balance
at end of year |
|
$ |
492,813 |
|
|
$ |
446,487 |
|
(1) Other
payables mainly consist of members allocated redemption points and commission payable.
|
X |
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INCOME TAX (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Disclosure Text Block [Abstract] |
|
Schedule of provision for income taxes |
A
reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% and
24% for the years ended December 31, 2017 and 2016, respectively, to income before income taxes is as follows:
|
|
For
the year ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Profit
(loss) before income tax |
|
$ |
(382,695 |
) |
|
$ |
(680,391 |
) |
Permanent difference |
|
|
382,695 |
|
|
|
680,391 |
|
Taxable income |
|
$ |
— |
|
|
$ |
— |
|
Malaysian income tax
rate |
|
|
24 |
% |
|
|
24 |
% |
Current tax expenses |
|
$ |
— |
|
|
$ |
— |
|
Less:
Valuation allowance |
|
|
— |
|
|
|
— |
|
Income
tax expenses |
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of income before income tax |
A
reconciliation of the provision for income taxes with amounts determined by applying the United States Federal income tax rate
of 34% for the years ended December 31, 2017 and 2016, respectively, to income before income taxes is as follows:
|
|
For
the year ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Profit
(loss) before income tax |
|
$ |
(3,754,641 |
) |
|
$ |
(225,114 |
) |
Permanent difference |
|
|
3,754,641 |
|
|
|
225,114 |
|
Taxable income |
|
$ |
— |
|
|
$ |
— |
|
Malaysian income tax
rate |
|
|
34 |
% |
|
|
34 |
% |
Current tax expenses |
|
$ |
— |
|
|
$ |
— |
|
Less:
Valuation allowance |
|
|
— |
|
|
|
— |
|
Income
tax expenses |
|
$ |
— |
|
|
$ |
— |
|
|
X |
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- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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- DefinitionTabular disclosure of income before income tax between domestic and foreign jurisdictions.
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|
RELATED PARTY TRANSACTIONS (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Related Party Transactions [Abstract] |
|
Schedule of related party transactions |
|
|
As of December
31, 2017 |
|
|
As of December 31, 2016 |
|
Amount
due from related parties |
|
|
|
|
|
|
|
|
Ho Wah
Genting Berhad (1) |
|
$ |
— |
|
|
$ |
9,020 |
|
Ho Wah Genting Group
Sdn Berhad (2) |
|
|
18,149 |
|
|
|
— |
|
Beedo
Sdn Bhd (3) |
|
|
14,837 |
|
|
|
18,062 |
|
Balance
at end of year |
|
$ |
32,986 |
|
|
$ |
27,082 |
|
|
|
|
|
|
|
|
Amount due from
director |
|
|
|
|
|
|
Lim Wee
Kiat |
|
$ |
— |
|
|
$ |
1,482 |
|
Leong
Yee Ming |
|
|
— |
|
|
|
3,945 |
|
Balance
at end of year |
|
$ |
— |
|
|
$ |
5,427 |
|
|
|
|
|
|
|
|
Amount of due from
an associated company |
|
|
|
|
|
|
Vitaxel
Corporation (Thailand) Limited (4) |
|
$ |
103,024 |
|
|
$ |
— |
|
Balance
at end of year |
|
|
103,024 |
|
|
|
— |
|
Total
Amount due from related parties |
|
$ |
136,010 |
|
|
$ |
32,509 |
|
|
|
|
|
|
|
|
Amount of due to
related parties |
|
|
|
|
|
|
Dato’
Lim Hui Boon (5) |
|
$ |
40,491 |
|
|
$ |
— |
|
Ho Wah Genting Group
Sdn Berhad (1) |
|
|
— |
|
|
|
607,918 |
|
Ho Wah Genting Holiday
Sdn Bhd (6) |
|
|
1,703 |
|
|
|
8,087 |
|
Genting Highlands Taxi
Services Sdn Bhd (7) |
|
|
11,820 |
|
|
|
16,234 |
|
VSpark Malaysia Sdn
Bhd (8) |
|
|
4,967 |
|
|
|
— |
|
Grande
Legacy Inc. (9) |
|
|
2,311,022 |
|
|
|
— |
|
Balance
at end of year |
|
$ |
2,370,003 |
|
|
$ |
632,239 |
|
|
|
|
|
|
|
|
Amount of due to
an associated company |
|
|
|
|
|
|
Vitaxel
Corporation (Thailand) Limited |
|
$ |
— |
|
|
$ |
279,219 |
|
Balance
at end of year |
|
$ |
— |
|
|
$ |
279,219 |
|
Total
Amount due to related parties |
|
$ |
2,370,003 |
|
|
$ |
911,458 |
|
The
related parties balances are unsecured, interest-free and repayable on demand.
|
(1) |
The President of the Company, Dato’ Lim
Hui Boon, is also the Group President of Ho Wah Genting Berhad, a company listed in Bursa Malaysia Main Market. |
The
Company recognized an expense of rent totalling $77,010 and $20,304 during the year ended December 31, 2017 and December 31, 2016
respectively. Of the total rent, $19,261 and $20,304 was paid to Ho Wah Genting Berhad during the year ended December 31, 2017
and December 31, 2016 respectively, and $57,784 and $0 was paid to its affiliate, Malaysia-Beijing Travel Services Sdn Bhd during
the year ended December 31, 2017 and December 31, 2016 respectively.
The
operating lease commitment to Ho Wah Genting Berhad as of December 31, 2017 was $19,261 and $0 to Malaysia-Beijing Travel Services
Sdn Bhd.The lease commitment are disclosed in note 9 COMMITMENTS AND CONTINGENCIES below under the heading Operation Commitments.
|
(2) |
The President of the Company, Dato’ Lim
Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad, subsidiary of Ho Wah Genting Group Ltd, a company
listed on the US OTC Market. Amount owing to Ho Wah Genting Group Sdn Berhad in prior year were advances, whereby settlement
has been performed in current year. |
|
(3) |
Beedo SDN BHD was a subsidiary of related company
Ho Wah Genting Group Sdn Berhad from June 25, 2015 to August 12, 2016. |
The
Company recognized an expense of $32,102 and $74,882 pertaining for website maintenance expense during the year ended December
31, 2017 and December 31, 2016 respectively, which was charged by its related party, Beedo Sdn. Bhd. The balances due from Beedo
Sdn Bhd in current year was due to discount received by the Company.
|
(4) |
The Company recognized an income of $0 and $172,348
pertaining to royalties during the year ended December 31, 2017 and December 31, 2016 respectively, which was paid by an associated
company, Vitaxel Corp. (Thailand) Limited. In addition, the Company also recognized product sales of $455,361 and $0 to Vitaxel
Corp. (Thailand) Limited during the year ended December 31, 2017 and December 31, 2016 respectively. |
|
(5) |
As of December 31, 2017 and December 31, 2016,
the amount due to the President of the Company, Dato’ Lim Hui Boon was $40,491 and $0, respectively. These were advances
made to the Company. |
|
(6) |
A former director of the Company, Lim Chun Hoo,
is also a director of Ho Wah Genting Holiday Sdn Bhd. On March 31, 2017, Lim Chun Hoo has resigned from the Company. |
The
Company recognized an expense of $127,728 and $110,439 pertaining to event, traveling and accommodation expenses during the year
ended December 31, 2017 and December 31, 2016 respectively, which was charged by its related party, Ho Wah Genting Holiday Sdn.
Bhd.
|
(7) |
A director of the Company, Lim Wee Kiat, is
also a director of Genting Highlands Taxi Services Sdn Bhd and of Vitaxel Sdn Bhd. |
The
Company purchased a motor vehicle Genting Highlands Taxi Services Sdn. Bhd for $0 and $16,601 during the year ended December 31,
2017 and December 31, 2016 respectively.
|
(8) |
A director of a subsidiary (Vitaxel Online Mall
Sdn Bhd), Liew Jenn Lim, is also a director of VSpark Malaysia Sdn Bhd. |
|
|
The Company has engaged with VSpark Malaysia
Sdn Bhd during the year for marketing purposes. The Company also recognize product sales of $300 and $0 to VSpark Malaysia
Sdn Bhd during the year ended December 31, 2017 and December 31, 2016 respectively. |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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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VITAXEL GROUP LIMITED SHAREHOLDERS' EQUITY (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Stockholders' Equity Note [Abstract] |
|
Schedule of vitaxel group limited |
Summary
of Vitaxel Group Limited outstanding shares:
|
|
Number
of Outstanding Shares (in thousands) |
|
|
|
As
of December 31, |
|
|
|
2015 |
|
|
2016 |
|
|
2017 |
|
Common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of year (1) |
|
|
39,990,000 |
|
|
|
50,987,250 |
|
|
|
50,987,250 |
|
Reverse
merger recapitalization |
|
|
10,997,250 |
|
|
|
— |
|
|
|
— |
|
Equity
incentive plan issuance |
|
|
— |
|
|
|
— |
|
|
|
3,100,290 |
|
Effect
from reverse stock split |
|
|
— |
|
|
|
— |
|
|
|
363 |
|
Balance
at end of year |
|
|
50,987,250 |
|
|
|
50,987,250 |
|
|
|
54,087,903 |
|
|
(1) |
The outstanding shares were adjusted retrospectively
due to the reverse stock split that has been completed during the year. |
|
X |
- DefinitionTabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.
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EARNINGS (LOSS) PER SHARE (Table)
|
12 Months Ended |
Dec. 31, 2017 |
Earnings Per Share [Abstract] |
|
Schedule of earnings per share, basic and diluted |
The
following table sets forth the computation of basic and diluted earnings per share:
|
|
For
the years ended |
|
|
|
December 31,
2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Net loss
applicable to common shares |
|
$ |
(4,137,336 |
) |
|
$ |
(905,505 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding (Basic) |
|
|
54,087,903 |
|
|
|
49,364,705 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding (Diluted) |
|
|
54,087,903 |
|
|
|
49,364,705 |
|
|
|
|
|
|
|
|
|
|
Loss per share basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.02 |
) |
|
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GOING CONCERN (Details Narrative) - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Net Loss |
$ (4,137,336)
|
$ (905,505)
|
Working capital deficit |
(2,147,054)
|
|
Accumulated deficit |
$ 6,776,474
|
$ 2,639,138
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS (Details) - USD ($)
|
Dec. 31, 2017 |
Dec. 31, 2016 |
Other Receivables Prepayments And Other Current Assets Abstract |
|
|
|
Deposits |
[1] |
$ 11,157
|
$ 19,497
|
Prepayments |
[2] |
1,679
|
5,070
|
Others |
[3] |
31,469
|
2,481
|
Total other receivables, prepayments and other current assets |
|
$ 44,305
|
$ 27,048
|
|
|
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LONG-TERM INVESTMENT (Details) - USD ($)
|
12 Months Ended |
|
Dec. 31, 2017 |
Dec. 31, 2016 |
Apr. 20, 2016 |
Long-term investment |
|
|
|
Vitaxel Corp Thailand, Ltd [Member] |
|
|
|
Long-term investment - In an associated company |
27,539
|
27,539
|
$ 27,539
|
Long-term investment - share of loss in investment in an associated company |
(25,716)
|
(25,716)
|
|
Foreign currency translation adjustment |
(1,823)
|
(1,823)
|
|
Long-term investment |
|
|
|
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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
Dec. 31, 2017 |
Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
$ 285,109
|
$ 220,486
|
Less: Accumulated depreciation |
(54,051)
|
(25,817)
|
Balance at end of period/year |
231,058
|
194,669
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
36,471
|
30,476
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
102,862
|
61,516
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
7,978
|
7,131
|
Electrical and Fitting [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
375
|
337
|
Motor Vehicle [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
16,983
|
15,315
|
Software and Website [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
11,580
|
7,544
|
Renovations [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
$ 108,860
|
$ 98,167
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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INCOME TAX (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Profit (loss) before income tax |
$ (4,137,336)
|
$ (905,505)
|
Income tax expenses |
|
|
Malaysia [Member] |
|
|
Profit (loss) before income tax |
(382,695)
|
(680,391)
|
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382,695
|
680,391
|
Taxable income |
|
|
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24.00%
|
24.00%
|
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|
|
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|
|
Income tax expenses |
|
|
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|
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(3,754,641)
|
(225,114)
|
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3,754,641
|
225,114
|
Taxable income |
|
|
Income tax rate (in percent) |
34.00%
|
34.00%
|
Current tax expenses |
|
|
Less: Valuation allowance |
|
|
Income tax expenses |
|
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|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Loss before income tax |
$ 4,137,336
|
$ 905,505
|
Malaysia [Member] |
|
|
Loss before income tax |
$ 382,695
|
$ 680,391
|
Income tax rate (in percent) |
24.00%
|
24.00%
|
United States of America [Member] |
|
|
Loss before income tax |
$ 3,754,641
|
$ 225,114
|
Income tax rate (in percent) |
34.00%
|
34.00%
|
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RELATED PARTIES TRANSCTIONS (Details 3) - USD ($)
|
Dec. 31, 2017 |
Dec. 31, 2016 |
Due to a related party |
$ 2,370,003
|
$ 632,239
|
Dato Lim Hui Boon [Member] |
|
|
Due to a related party |
40,491
|
|
Ho Wah Genting Group Sdn Berhad [Member] |
|
|
Due to a related party |
|
607,918
|
Ho Wah Genting Group Sdn Bhd [Member] |
|
|
Due to a related party |
1,703
|
8,087
|
Genting Highlands Taxi Services SDN BHD [Member] |
|
|
Due to a related party |
11,820
|
16,234
|
V Spark Malaysia Sdn Bhd [Member] |
|
|
Due to a related party |
4,967
|
|
Grande LegacyInc [Member] |
|
|
Due to a related party |
$ 2,311,022
|
|
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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Junket commission revenue |
$ 455,651
|
|
Amounts due to related party |
2,370,003
|
911,458
|
Amounts due from related party |
136,010
|
32,509
|
Revenues |
107,894
|
1,865,789
|
Vitaxel Corp Thailand, Ltd [Member] |
|
|
Royalty revenue |
0
|
172,348
|
Revenues |
455,361
|
0
|
Ho Wah Genting Berhad [Member] |
|
|
Rental income |
19,261
|
20,304
|
Traveling and accommodation expenses |
$ 127,728
|
110,439
|
Description of debt |
Unsecured,
interest-free and repayable on demand.
|
|
Ho Wah Genting Berhad [Member] | Beedo SDN BHD [Member] |
|
|
Amounts due to related party |
$ 32,102
|
74,882
|
Dato' Lim Hui Boon [Member] |
|
|
Description of debt |
Unsecured,
interest-free and repayable on demand.
|
|
Gavin Lim Chun Hoo [Member] |
|
|
Description of debt |
Unsecured,
interest-free and repayable on demand.
|
|
Amount due from a director |
$ 77,010
|
20,304
|
Malaysia-Beijing Travel Services Sdn Bhd [Member] |
|
|
Junket commission revenue |
19,261
|
0
|
Amounts due to related party |
57,784
|
0
|
Lim Wee Kiat [Member] | Genting Highlands Taxi Services Sdn Bhd And Vitaxel Sdn Bhd [Member] |
|
|
Recognize product sales |
300
|
0
|
Purchased a motor vehicle |
$ 0
|
$ 16,601
|
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- DefinitionCash received for rents during the current period.
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VITAXEL GROUP LIMITED SHAREHOLDERS' EQUITY (Details) - shares
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Common stock: |
|
|
|
|
|
|
Balance, at beginning (in shares) |
[1] |
50,987,250
|
50,987,250
|
|
39,990,000
|
|
Reverse merger recapitalization |
|
|
|
|
10,997,250
|
|
Equity incentive plan issuance |
|
3,100,290
|
|
|
|
|
Effect from reverse stock split |
|
363
|
|
|
|
|
Balance, at end (in shares) |
|
54,087,903
|
50,987,250
|
[1] |
50,987,250
|
[1] |
|
|
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VITAXEL GROUP LIMITED SHAREHOLDERS' EQUITY (Details Narrative) - $ / shares
|
|
|
|
12 Months Ended |
|
|
|
|
|
|
|
Jun. 11, 2017 |
Jan. 25, 2017 |
Jan. 27, 2016 |
Dec. 31, 2017 |
Jun. 12, 2017 |
May 30, 2017 |
May 29, 2017 |
Dec. 31, 2016 |
Jan. 18, 2016 |
Dec. 31, 2015 |
[1] |
Dec. 31, 2014 |
[1] |
Common stock, par value |
|
|
|
$ 0.0001
|
|
|
|
$ 0.000001
|
|
|
|
|
Common stock, authorized |
|
|
|
70,000,000
|
|
|
|
70,000,000
|
|
|
|
|
Preferred stock, authorized |
|
|
|
1,000,000
|
|
|
|
1,000,000
|
|
|
|
|
Preferred stock, par value |
|
|
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
|
|
|
Common stock, issued |
|
|
|
54,087,903
|
|
|
|
50,987,250
|
|
|
|
|
Common stock, outstanding |
|
|
|
54,087,903
|
|
|
|
50,987,250
|
[1] |
|
50,987,250
|
39,990,000
|
Forward Stock Split [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Description of stock split |
|
|
Board of Directors declared a 1333-for-1 forward
stock split of our outstanding common stock.
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
$ 0.000001
|
|
|
|
|
|
|
|
|
|
Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Description of stock split |
|
Board of Directors of the Company authorized and
approved an amendment (the “Amendment”) to Vitaxel’s Amended and Restated Articles of Incorporation, which
authorized a one hundred-to-one reverse stock split.
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
$ 0.000001
|
|
|
$ 0.000001
|
$ 0.0001
|
$ 0.000001
|
|
|
|
|
|
Description for conversion of outstanding shares |
100 outstanding shares of the Company’s common
stock automatically became one share of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, authorized |
7,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, authorized |
100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
$ 0.000001
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, issued |
5,408,754,000
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, outstanding |
5,408,754,000
|
|
|
|
|
|
|
|
|
|
|
|
2016 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares reserved for issuance |
|
|
|
40,000,000
|
|
|
|
|
|
10,000,000
|
|
|
2016 Equity Incentive Plan [Member] | Non-Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
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Number of shares issued |
|
|
|
3,100,290
|
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|
|
|
|
|
|
|
|
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X |
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EARNINGS (LOSS) PER SHARE (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Earnings Per Share [Abstract] |
|
|
Net loss applicable to common shares |
$ (4,137,336)
|
$ (905,505)
|
Weighted average common shares outstanding (Basic) (in shares) |
54,087,903
|
49,364,705
|
Weighted average common shares outstanding (Diluted) (in shares) |
54,087,903
|
49,364,705
|
Loss per share basic and diluted (in dollars per share) |
$ (0.08)
|
$ (0.02)
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