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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2018 |
Dec. 31, 2017 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 2,341,112
|
$ 691,199
|
Account receivable, net |
292
|
|
Amount due from related parties |
293,387
|
136,010
|
Inventories |
21,429
|
28,525
|
Other receivables, prepayments and other current assets |
68,442
|
44,305
|
Total Current Assets |
2,724,662
|
900,039
|
NON-CURRENT ASSETS |
|
|
Long term investments |
610,944
|
|
Property, plant and equipment, net |
219,271
|
231,058
|
Total Non-Current Assets |
830,215
|
231,058
|
TOTAL ASSETS |
3,554,877
|
1,131,097
|
CURRENT LIABILITIES |
|
|
Amounts due to related parties |
5,920,172
|
2,370,003
|
Commission payables |
150,678
|
152,871
|
Accounts payable |
495
|
31,406
|
Accrued expense and other payables |
411,785
|
492,813
|
Total Current Liabilities |
6,483,130
|
3,047,093
|
TOTAL LIABILITIES |
6,483,130
|
3,047,093
|
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 and 54,087,903 shares issued and outstanding, respectively |
5,409
|
5,409
|
Additional paid-in capital |
4,749,798
|
4,749,798
|
Accumulated deficit |
(7,817,673)
|
(6,776,474)
|
Accumulated other comprehensive income |
134,213
|
105,271
|
Total Stockholders' Equity |
(2,928,253)
|
(1,915,996)
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 3,554,877
|
$ 1,131,097
|
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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2018 |
Dec. 31, 2017 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized |
70,000,000
|
70,000,000
|
Common stock, issued |
54,087,903
|
54,087,903
|
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54,087,903
|
54,087,903
|
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$ 0.0001
|
$ 0.0001
|
Preferred stock, authorized |
1,000,000
|
1,000,000
|
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0
|
0
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Preferred stock, outstanding |
0
|
0
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X |
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
$ 10,373
|
$ 74,556
|
$ 23,088
|
$ 558,029
|
COST OF REVENUE |
(4,528)
|
(38,773)
|
(7,070)
|
(177,757)
|
GROSS PROFIT |
5,845
|
35,783
|
16,018
|
380,272
|
OPERATING EXPENSES |
|
|
|
|
Selling expense |
(6,714)
|
(155)
|
(7,395)
|
(258)
|
General and administrative expenses |
(616,620)
|
(227,549)
|
(923,556)
|
(4,213,494)
|
Total Operating Expenses |
(623,334)
|
(227,704)
|
(930,951)
|
(4,213,752)
|
LOSS FROM OPERATIONS |
(617,489)
|
(191,921)
|
(914,933)
|
(3,833,480)
|
OTHER INCOME/(EXPENSE), NET |
|
|
|
|
Other Income |
(5,541)
|
33,188
|
(5,541)
|
43,630
|
Other Expense |
(15,440)
|
(108)
|
(120,725)
|
(194)
|
Total Other Income / (Expense), net |
(20,981)
|
33,080
|
(126,266)
|
43,436
|
Net loss |
(638,470)
|
(158,841)
|
(1,041,199)
|
(3,790,044)
|
OTHER COMPREHENSIVE LOSS |
|
|
|
|
Foreign currency translation adjustment |
114,579
|
95,974
|
28,942
|
(226,939)
|
TOTAL COMPREHENSIVE LOSS |
$ (523,891)
|
$ (62,867)
|
$ (1,012,257)
|
$ (4,016,983)
|
Weighted average number of common shares outstanding - basic and diluted |
54,087,903
|
54,087,903
|
54,087,903
|
54,087,903
|
Net loss per share - Basic and diluted |
$ (0.01)
|
$ (0.00)
|
$ (0.02)
|
$ (0.07)
|
X |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (1,041,199)
|
$ (3,790,044)
|
Items not involving cash: |
|
|
Depreciation property and equipment |
14,425
|
10,899
|
Impairment on amount due from associate company |
154,225
|
|
Issuance of employee equity incentive plan |
|
3,409,604
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
(292)
|
1,944
|
Other receivables, prepayments and other current assets |
(24,137)
|
(45,846)
|
Inventories |
7,096
|
21,214
|
Accounts Payable |
(30,911)
|
(8,251)
|
Commission payables |
(2,193)
|
40,979
|
Accrued expense and other payables |
(81,028)
|
222,148
|
Net cash used in from operating activities |
(1,004,014)
|
(137,353)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Amount due from associated company |
(51,201)
|
|
Purchase of long term investments |
(610,944)
|
|
Purchase of property and equipment |
(2,638)
|
(15,617)
|
Net cash used in investing activities |
(664,783)
|
(15,617)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds (repayments) from directors |
(40,491)
|
5,427
|
Proceeds from related parties |
3,330,259
|
81,143
|
Net cash provided by financing activities |
3,289,768
|
86,570
|
EFFECT OF EXCHANGE RATES ON CASH |
28,942
|
(14,137)
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
1,649,913
|
(80,537)
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
691,199
|
105,432
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
2,341,112
|
24,895
|
SUPPLEMENTAL OF CASH FLOW INFORMATION |
|
|
Cash paid for interest expenses |
|
|
Cash paid for income tax |
|
|
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ORGANIZATION AND BUSINESS
|
6 Months Ended |
Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS |
1. |
ORGANIZATION AND BUSINESS |
Vitaxel Group Limited (the “Company”
or “Vitaxel”), incorporated in Nevada, is engaged in direct selling industry and online shopping platform primarily
through its operating entities in Malaysia.
Vitaxel SDN BHD (“Vitaxel SB”),
was incorporated in Malaysia on August 10, 2012 and 100% owned by the Company. It 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 and 100% owned by the Company. It 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.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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UNAUDITED INTERIM FINANCIAL STATEMENTS
|
6 Months Ended |
Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
UNAUDITED INTERIM FINANCIAL STATEMENTS |
2. |
UNAUDITED INTERIM FINANCIAL STATEMENTS |
The accompanying unaudited condensed
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) for interim financial information under Article 8 of Regulation S-X.
They do not include all information and foot notes required by U.S. GAAP for complete financial statements. Except as disclosed
herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statement for
the year ended December 31, 2017, included in the Company’s Form 10-K filed with the SEC. The interim unaudited consolidated
financial statements should be read in conjunction with those audited consolidated financial statements included in Form10-K.
In the opinion of management, we
have made all adjustments necessary to present a fair statements of the financial position as of June 30, 2018, results of operations
for the three and six months ended June 30, 2018 and 2017, and cash flows for the six months ended June 30, 2018 and 2017. All
significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the six months
ended June 30, 2018 are not necessarily indicative of the results of operations for the entire fiscal year.
Recent Pronouncements
From time to time, new accounting
pronouncements are issued that we adopt as of the specified effective date. The Company believes that the impact of recently issued
standards that are not yet effective may have an impact on our results of operations and financial position.
In February 2016, the FASB issued
ASU No. 2016-02, Leases, to improve financial reporting about leasing transactions. This ASU will require organizations that lease
assets (“lessees”) to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with
terms of more than twelve months. A lease liability is a lessee’s obligation to make lease payments arising from a lease,
measured on a discounted basis and a right-of-use asset represents the lessee’s right to use, or control use of, a specified
asset for the lease term. The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily because
lessees must recognize lease assets and lease liabilities. This ASU leaves the accounting for the organizations that own the assets
leased to the lessee (“lessor”) largely unchanged except for targeted improvements to align it with the lessee accounting
model and Topic 606, Revenue from Contracts with Customers. ASU No. 2016-02 is effective for reporting periods beginning after
December 15, 2018. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements.
In April 2016, the FASB issued ASU
2016 – 10 “Revenue from Contract with Customers: identifying Performance Obligations and Licensing”. The amendments
in this Update clarify the two following aspects (a) contracts with customers to transfer goods and services in exchange for consideration
and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s
intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which
is satisfied over time). The amendments in this Update are intended to reduce the degree of judgement necessary to comply with
Topic 606. This guidance is effective for reporting periods beginning after December 15, 2017. We do not expect the adoption of
this guidance to have an impact on our consolidated financial statements.
In August 2016, the FASB issued ASU
2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments”. The new guidance
is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15
is effective for the Company beginning in the first quarter of fiscal 2019. Early adoption is permitted, provided that all of the
amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company
is currently evaluating the impact of adopting this guidance.
In November 2016, the FASB issued
ASU 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash”. The new guidance requires that the reconciliation
of the beginning-of-period and end-of-period amounts shown in the statement of cash flows include restricted cash and restricted
cash equivalents. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies will
be required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies will
also need to disclose information about the nature of the restrictions. The guidance is effective for fiscal years beginning after
December 15, 2017, and interim periods within those fiscal years. The Company has determined that the adoption of this guidance
has no impact on its consolidated financial statements.
In January 2017, FASB issued ASU
2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business”. The amendments in this Update
is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions
should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas
of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning
after December 15, 2017, including interim periods within those periods. The Company has determined that the adoption of this guidance
has no impact on its consolidated financial statements.
On May 10, 2017, the Financial Accounting
Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2017-09 “Compensation—Stock
Compensation (Topic 718): Scope of Modification Accounting”, which provides guidance to clarify when to account for a change
to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is
required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as
a result of the change in terms or conditions. The guidance is effective prospectively for all companies for annual periods beginning
on or after December 15, 2017. Early adoption is permitted. The Company has determined that the adoption of this guidance has no
impact on its consolidated financial statements.
|
X |
- DefinitionThe entire disclosure for condensed financial statements.
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GOING CONCERN
|
6 Months Ended |
Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
These unaudited 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 period ended June 30 2018,
the Company reported a net loss of $1,041,199 and negative working capital of $3,758,468. The Company had an accumulated deficit
of $7,817,673 as of June 30, 2018 due to the fact that the Company incurred losses during the years prior to June 30, 2018.
The continuation of the Company as
a going concern is dependent upon improving the profitability and the continuing financial support from its stockholders or other
capital sources. Management believes that the continuing financial support from the existing shareholders or external debt financing
will provide the additional cash to meet the Company’s obligations as they become due.
These consolidated financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the
amounts and classification of liabilities that may result from the outcome of the Company’s ability to continue as a going
concern.
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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 ASSETS
|
6 Months Ended |
Jun. 30, 2018 |
Other Receivables And Other Assets |
|
OTHER RECEIVABLES, PREPAYMENTS AND OTHER ASSETS |
4. |
OTHER RECEIVABLES, PREPAYMENTS AND OTHER ASSETS |
Other receivables, prepayments and
other assets consist of the following:
|
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Deposits (1) |
|
|
$ |
11,174 |
|
|
$ |
11,157 |
|
Prepayments (2) |
|
|
|
55,416 |
|
|
|
1,679 |
|
Others (3) |
|
|
|
1,852 |
|
|
|
31,469 |
|
|
|
|
$ |
68,442 |
|
|
$ |
44,305 |
|
(1) Deposits represented payments
for rental, utilities, and construction funds to government department.
(2) Prepayments mainly consists of
prepayment for insurance, consultancy fee and IT related fees.
(3) Others mainly consists other miscellaneous payments
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LONG-TERM INVESTMENT
|
6 Months Ended |
Jun. 30, 2018 |
Equity Method Investments and Joint Ventures [Abstract] |
|
LONG-TERM INVESTMENT |
Long-term investment consists of
the following:
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
Investment in associated companies |
|
|
|
|
|
|
|
|
Vitaxel Corporation Thailand Co., Ltd (1) |
|
|
|
|
|
|
|
|
Cost |
|
$ |
27,539 |
|
|
$ |
27,539 |
|
Share of loss in investment in an associated company |
|
|
(25,716 |
) |
|
|
(25,716 |
) |
Foreign currency translation adjustment |
|
|
(1,823 |
) |
|
|
(1,823 |
) |
Total investment in associated companies |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Other long-term investments |
|
|
|
|
|
|
|
|
Ho Wah Genting Group Ltd (2) |
|
|
|
|
|
|
|
|
Cost |
|
$ |
638,786 |
|
|
$ |
— |
|
Foreign currency translation adjustment |
|
|
(27,792 |
) |
|
|
— |
|
Total other long-term investments |
|
$ |
610,994 |
|
|
$ |
— |
|
Total Long-Term Investments |
|
$ |
610,994 |
|
|
$ |
— |
|
|
(1) |
On April 20, 2016, the Company invested 958,000 Thai Baht or $27,539 to Vitaxel Corporation Thailand Co., Ltd., a company registered in Thailand, and holds 47.99% shares of it. The long-term investment is accounted using the equity method. |
The Company entered into a Sale
and Purchase Agreement dated July 2, 2018 to sell the all the total and outstanding shares of Vitaxel Corp (Thailand) Co. Ltd.
for total proceeds of $10,000. The disposal has been completed as of the date of this report.
As of June 30, 2018, the Company has provided impairment
on the amount due from Vitaxel Corporation Thailand Co., Ltd of $154,225.
|
(2) |
During the first quarter of 2018, the Company acquired 7,663,246 shares of common stock of Ho Wah Genting Group Limited (“HWGG”), which is listed on the U.S. OTC (Pink) Market (stock code: HWGG), for consideration of MYR2,466,993, equivalent to $638,786, from certain shareholders of HWGG. |
The President of the Company, Dato’
Lim Hui Boon, is also the President of HWGG. The relation are disclosed in note 9 RELATED PARTY TRANSACTIONS.
In the absence of active market
participants and liquidity for HWGG stock based on the review of the trading history of this stock, management concluded that there
is no active market for the stock. A quoted market price in an inactive market is not representative of fair value of the stock.
Thus the management deemed that the stock has no readily determinable fair value.
The Company has carried the investment
in HWGG at its cost minus impairment, if any. As of period ended June 30, 2018, management is evaluating the value of the investment
and will make necessary adjustment in future filing.
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PROPERTY, PLANT AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2018 |
Property, Plant and Equipment, Net [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
6. |
PROPERTY AND EQUIPMENT, NET |
Property and equipment, net consist of the following:
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Office equipment |
|
$ |
37,315 |
|
|
$ |
36,471 |
|
Computer equipment |
|
|
103,221 |
|
|
|
102,862 |
|
Furniture and fittings |
|
|
8,094 |
|
|
|
7,978 |
|
Electrical & fitting |
|
|
375 |
|
|
|
375 |
|
Motor vehicle |
|
|
17,009 |
|
|
|
16,983 |
|
Software and website |
|
|
12,712 |
|
|
|
11,580 |
|
Renovations |
|
|
109,021 |
|
|
|
108,860 |
|
|
|
|
287,747 |
|
|
|
285,109 |
|
Less: Accumulated depreciation |
|
|
(68,476 |
) |
|
|
(54,051 |
) |
Balance at end of period/year |
|
$ |
219,271 |
|
|
$ |
231,058 |
|
Depreciation expenses charged to the statements of operations
for the periods ended June 30, 2018 and 2017 were $14,425 (3 months $4,393) and $10,899 (3 months $5,449) 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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ACCRUED EXPENSE AND OTHER PAYABLES
|
6 Months Ended |
Jun. 30, 2018 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSE AND OTHER PAYABLES |
7. |
ACCRUED EXPENSE AND OTHER PAYABLES |
Accrued expense and other payables
consist of the following:
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Provisions and accruals |
|
$ |
73,578 |
|
|
$ |
148,326 |
|
Others (1) |
|
|
338,207 |
|
|
|
344,487 |
|
Balance at end of period/year |
|
$ |
411,785 |
|
|
$ |
492,813 |
|
|
(1) |
Other payables mainly consist of members allocated redemption points for commissions. |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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RELATED PARTIES TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2018 |
Related Party Transactions [Abstract] |
|
RELATED PARTIES TRANSACTIONS |
8. |
RELATED PARTY BALANCES AND TRANSACTIONS |
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Amount due from related parties |
|
|
|
|
|
|
|
|
Ho Wah Genting Berhad (1) |
|
$ |
5,145 |
|
|
$ |
— |
|
Ho Wah Genting Group Sdn Berhad (2) |
|
|
265,842 |
|
|
|
18,149 |
|
Beedo Sdn Bhd (3) |
|
|
22,400 |
|
|
|
14,837 |
|
Balance at end of year |
|
$ |
293,387 |
|
|
$ |
32,986 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
293,387 |
|
|
$ |
136,010 |
|
|
|
|
|
|
|
|
|
|
Amount of due to related parties |
|
|
|
|
|
|
|
|
Dato’ Lim Hui Boon (5) |
|
$ |
— |
|
|
$ |
40,491 |
|
Ho Wah Genting Holiday Sdn Bhd (6) |
|
|
4,307 |
|
|
|
1,703 |
|
Genting Highlands Taxi Services Sdn Bhd (7) |
|
|
4,408 |
|
|
|
11,820 |
|
VSpark Malaysia Sdn Bhd (8) |
|
|
3 |
|
|
|
4,967 |
|
Grande Legacy Inc. (9) |
|
|
5,911,454 |
|
|
|
2,311,022 |
|
Balance at end of year |
|
|
5,920,172 |
|
|
|
2,370,003 |
|
Total Amount due to related parties |
|
$ |
5,920,172 |
|
|
$ |
2,370,003 |
|
The related party 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 (“HWGB”), a company listed in Bursa Malaysia Main Market. |
The Company recognized rent expenses
of $10,203 (2017 - $9,635) to HWGB for the six months ended June 30, 2018.
The Company has lease commitment
under an operating lease for its corporate office facility with HWGB. The lease expires by December 31, 2018 and the remaining
commitment for fiscal 2018 is $10,203.
|
(2) |
The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad (“HWGGSB”), a subsidiary of HWGG. |
|
(3) |
The President of the Company, Dato’ Lim Hui Boon, is a major shareholder of Beedo SDN BHD, holding 51% of share interest. |
The Company recognized website maintenance
expenses of $nil (2017 - $51,553) to Beedo SDN BHD for the six months ended June 30, 2018.
|
(4) |
The Company recognized product sales of $nil (2017 - $440,000) to an associated company, Vitaxel Corp. (Thailand) Limited for the six months ended June 30, 2018. |
|
(5) |
The amount due to the President of the Company, Dato’ Lim Hui Boon, as at December 31, 2017 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. |
|
(7) |
A director of the Company, Lim Wee Kiat, is also a director of Genting Highlands Taxi Services Sdn Bhd. |
|
(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. There were no transactions during the period.
|
(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 SB to collect credit card sales proceeds
on behalf.
During the six months ended June
30, 2018, the Company incurred general and administrative expenses of $295,647 related to the operations of GL for no fee.
|
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PROPOSED TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2018 |
Notes to Financial Statements |
|
PROPOSED TRANSACTIONS |
10. |
PROPOSED TRANSACTIONS |
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 SB (the “Purchaser”), as previously described in the Current
Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2017 as amended on June 11, 2018. Pursuant
to the terms of the Agreement, the Sellers will sell to the Purchaser all their shares in GL, a British Virgin Islands company,
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 Company. Leong
Yee Ming is the Chief Executive Officer and a director of the Company.
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 GL shall close upon:
i. The
completion of the financial statements of GL being audited; and
ii.
The 75,000,000 consideration shares being issued to the Sellers within 30 days of the shareholders of the Company approving
the amendment to the Articles of Incorporation of the Company for increasing the amount of authorized shares.
As of date of this financial
statement, the transaction has not yet been closed due to conditions precedent have not been met.
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OTHER RECEIVABLES, PREPAYMENTS AND OTHER ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Other Receivables And Other Assets |
|
Schedule of Other receivables, prepayments and other assets |
Other receivables, prepayments and
other assets consist of the following:
|
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Deposits (1) |
|
|
$ |
11,174 |
|
|
$ |
11,157 |
|
Prepayments (2) |
|
|
|
55,416 |
|
|
|
1,679 |
|
Others (3) |
|
|
|
1,852 |
|
|
|
31,469 |
|
|
|
|
$ |
68,442 |
|
|
$ |
44,305 |
|
(1) Deposits represented payments
for rental, utilities, and construction funds to government department.
(2) Prepayments mainly consists of
prepayment for insurance, consultancy fee and IT related fees.
(3) Others mainly consists other miscellaneous payments
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LONG-TERM INVESTMENT (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of long-term investment |
Long-term investment consists of
the following:
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
Investment in associated companies |
|
|
|
|
|
|
|
|
Vitaxel Corporation Thailand Co., Ltd (1) |
|
|
|
|
|
|
|
|
Cost |
|
$ |
27,539 |
|
|
$ |
27,539 |
|
Share of loss in investment in an associated company |
|
|
(25,716 |
) |
|
|
(25,716 |
) |
Foreign currency translation adjustment |
|
|
(1,823 |
) |
|
|
(1,823 |
) |
Total investment in associated companies |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Other long-term investments |
|
|
|
|
|
|
|
|
Ho Wah Genting Group Ltd (2) |
|
|
|
|
|
|
|
|
Cost |
|
$ |
638,786 |
|
|
$ |
— |
|
Foreign currency translation adjustment |
|
|
(27,792 |
) |
|
|
— |
|
Total other long-term investments |
|
$ |
610,994 |
|
|
$ |
— |
|
Total Long-Term Investments |
|
$ |
610,994 |
|
|
$ |
— |
|
|
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PROPERTY, PLANT AND EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Property, Plant and Equipment, Net [Abstract] |
|
Schedule of property, plant and equipment, net |
Property and equipment, net consist of the following:
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Office equipment |
|
$ |
37,315 |
|
|
$ |
36,471 |
|
Computer equipment |
|
|
103,221 |
|
|
|
102,862 |
|
Furniture and fittings |
|
|
8,094 |
|
|
|
7,978 |
|
Electrical & fitting |
|
|
375 |
|
|
|
375 |
|
Motor vehicle |
|
|
17,009 |
|
|
|
16,983 |
|
Software and website |
|
|
12,712 |
|
|
|
11,580 |
|
Renovations |
|
|
109,021 |
|
|
|
108,860 |
|
|
|
|
287,747 |
|
|
|
285,109 |
|
Less: Accumulated depreciation |
|
|
(68,476 |
) |
|
|
(54,051 |
) |
Balance at end of period/year |
|
$ |
219,271 |
|
|
$ |
231,058 |
|
|
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ACCRUED EXPENSE AND OTHER PAYABLES (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued expense and other payables |
Accrued expense and other payables
consist of the following:
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Provisions and accruals |
|
$ |
73,578 |
|
|
$ |
148,326 |
|
Others (1) |
|
|
338,207 |
|
|
|
344,487 |
|
Balance at end of period/year |
|
$ |
411,785 |
|
|
$ |
492,813 |
|
|
(1) |
Other payables mainly consist of members allocated redemption points for commissions. |
|
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RELATED PARTIES TRANSCTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Related Party Transactions [Abstract] |
|
Schedule of amount of due from related parties |
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Amount due from related parties |
|
|
|
|
|
|
|
|
Ho Wah Genting Berhad (1) |
|
$ |
5,145 |
|
|
$ |
— |
|
Ho Wah Genting Group Sdn Berhad (2) |
|
|
265,842 |
|
|
|
18,149 |
|
Beedo Sdn Bhd (3) |
|
|
22,400 |
|
|
|
14,837 |
|
Balance at end of year |
|
$ |
293,387 |
|
|
$ |
32,986 |
|
|
Schedule of amount due from an associate company |
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
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 |
|
$ |
293,387 |
|
|
$ |
136,010 |
|
|
Schedule of amount of due to related parties |
|
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Amount of due to related parties |
|
|
|
|
|
|
|
|
Dato’ Lim Hui Boon (5) |
|
$ |
— |
|
|
$ |
40,491 |
|
Ho Wah Genting Holiday Sdn Bhd (6) |
|
|
4,307 |
|
|
|
1,703 |
|
Genting Highlands Taxi Services Sdn Bhd (7) |
|
|
4,408 |
|
|
|
11,820 |
|
VSpark Malaysia Sdn Bhd (8) |
|
|
3 |
|
|
|
4,967 |
|
Grande Legacy Inc. (9) |
|
|
5,911,454 |
|
|
|
2,311,022 |
|
Balance at end of year |
|
|
5,920,172 |
|
|
|
2,370,003 |
|
Total Amount due to related parties |
|
$ |
5,920,172 |
|
|
$ |
2,370,003 |
|
|
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GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Net loss |
$ (638,470)
|
$ (158,841)
|
$ (1,041,199)
|
$ (3,790,044)
|
|
Negative working capital |
|
|
(3,758,468)
|
|
|
Accumulated deficit |
$ (7,817,673)
|
|
$ (7,817,673)
|
|
$ (6,776,474)
|
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OTHER RECEIVABLES, PREPAYMENTS AND OTHER ASSETS (Details) - USD ($)
|
Jun. 30, 2018 |
Dec. 31, 2017 |
Other Receivables And Other Assets |
|
|
|
Deposits |
[1] |
$ 11,174
|
$ 11,157
|
Prepayments |
[2] |
55,416
|
1,679
|
Others |
[3] |
1,852
|
31,469
|
Total other receivables and other assets |
|
$ 68,442
|
$ 44,305
|
|
|
X |
- DefinitionCarrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment within one year or during the operating cycle, if shorter.
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LONG-TERM INVESTMENT (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2018 |
Dec. 31, 2017 |
Apr. 20, 2016 |
Long-term investment |
|
$ 610,944
|
|
|
|
|
Vitaxel Corp Thailand, Ltd [Member] |
|
|
|
|
|
|
Long-term investment - cost |
|
27,539
|
[1] |
27,539
|
[1] |
$ 27,539
|
Sshare of loss in investment in an associated company |
[1] |
(25,716)
|
|
(25,716)
|
|
|
Foreign currency translation adjustment |
[1] |
(1,823)
|
|
(1,823)
|
|
|
Total investment in associated companies |
[1] |
|
|
|
|
|
Ho Wah Genting Group Ltd [Member] |
|
|
|
|
|
|
Long-term investment - cost |
[2] |
638,786
|
|
|
|
|
Foreign currency translation adjustment |
|
(27,792)
|
|
|
[2] |
|
Total other long-term investments |
[2] |
610,994
|
|
|
|
|
Long-term investment |
|
$ 610,994
|
|
|
|
|
|
|
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- DefinitionThis element represents the aggregate cost of investments accounted for under the equity method of accounting.
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LONG-TERM INVESTMENT (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
Jul. 02, 2018 |
Mar. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Apr. 20, 2016 |
Vitaxel Corp Thailand, Ltd [Member] |
|
|
|
|
|
|
|
|
Long-term investment -cost |
|
|
|
$ 27,539
|
[1] |
$ 27,539
|
[1] |
$ 27,539
|
Ownership percentage |
|
|
|
|
|
|
|
47.99%
|
Proceeds from sale of shares |
|
$ 10,000
|
|
|
|
|
|
|
Impairment |
|
|
|
154,225
|
|
|
|
|
Vitaxel Corp Thailand, Ltd [Member] | Thailand, Baht [Member] |
|
|
|
|
|
|
|
|
Long-term investment -cost |
|
|
|
|
|
|
|
$ 958,000
|
Ho Wah Genting Group Ltd [Member] |
|
|
|
|
|
|
|
|
Long-term investment -cost |
[2] |
|
|
$ 638,786
|
|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
|
|
7,663,246
|
|
|
|
|
|
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|
|
$ 638,786
|
|
|
|
|
|
|
|
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- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2018 |
Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
$ 287,747
|
$ 285,109
|
Less: Accumulated depreciation |
(68,476)
|
(54,051)
|
Balance at end of period/year |
219,271
|
231,058
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
37,315
|
36,471
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
103,221
|
102,862
|
Furniture and fittings [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
8,094
|
7,978
|
Electrical and Fitting [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
375
|
375
|
Motor Vehicle [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
17,009
|
16,983
|
Software and Website [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
12,712
|
11,580
|
Renovations [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at beginning of period/year |
$ 109,021
|
$ 108,860
|
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6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Property, Plant and Equipment, Net [Abstract] |
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$ 5,449
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$ 14,425
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$ 10,899
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Jun. 30, 2018 |
Dec. 31, 2017 |
Due to a related party |
$ 5,920,172
|
$ 2,370,003
|
Dato Lim Hui Boon [Member] |
|
|
Due to a related party |
|
40,491
|
Ho Wah Genting Holiday Sdn. Bhd [Member] |
|
|
Due to a related party |
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|
1,703
|
Genting Highlands Taxi Services SDN BHD [Member] |
|
|
Due to a related party |
4,408
|
11,820
|
V Spark Malaysia Sdn Bhd [Member] |
|
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3
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4,967
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Grande LegacyInc [Member] |
|
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$ 2,311,022
|
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
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6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
Impairment on amount due from associate company |
$ 154,225
|
|
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interest-free and repayable on demand.
|
|
Beedo SDN BHD [Member] |
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|
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154,225
|
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$ 0
|
51,553
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10,203
|
9,635
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10,203
|
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295,647
|
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$ 440,000
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