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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2017
May 11, 2018
Document And Entity Information    
Entity Registrant Name Vitaxel Group Ltd  
Entity Central Index Key 0001623590  
Document Type 10-Q/A  
Trading Symbol VXEL  
Document Period End Date Mar. 31, 2017  
Amendment Flag true  
Amendment Description This Amendment No. 1 to the Quarterly Report on Form 10-Q (this “Amendment”) is being filed to amend and restate in its entirely Part I of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 as originally filed with SEC on May 22, 2017 (the “Original Form 10-Q”). The Consolidated Balance Sheets, Consolidated Statement of Income and Comprehensive Loss for the quarter ended March 31, 2017 and Consolidated Statements of Cash Flows included in this Amendment have been restated to correct the revenue, cost of goods sold and operating expenses. Except as described above, this Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Form 10-Q in any way. Those sections of the Original Form 10-Q that are unaffected by the Amendment are not included herein. This Amendment continues to speak as of the date of the Original Form 10-Q. Furthermore, this Amendment does not reflect events occurring after the dates of the Original Form 10-Q. Accordingly, this Amendment should be read in conjunction with the Original Form 10-Q, and with our subsequent filings with the SEC.  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   54,087,903
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 90,421 $ 105,432
Accounts receivable 1,944
Prepayment 5,685 5,070
Amount due from related parties 27,453 27,082
Amount due to an associated company 79,252
Due from director 5,133 5,427
Inventories 37,331 53,913
Other receivables and other assets 40,058 21,978
Total Current Assets 285,333 220,846
NON-CURRENT ASSETS    
Property, plant and equipment, net 200,618 194,669
Total Non-Current Assets 200,618 194,669
TOTAL ASSETS 485,951 415,515
CURRENT LIABILITIES    
Amounts due to related parties 817,877 632,239
Amounts due to an associated company 279,219
Due to Director 59,617
Commission payables 159,417 115,915
Accounts payable 2,197 8,251
Accrued expense and other payables 614,173 446,487
Total Current Liabilities 1,653,281 1,482,111
NON-CURRENT LIABILITY    
Deferred tax liability
TOTAL LIABILITIES 1,653,281 1,482,111
STOCKHOLDERS' EQUITY    
Common stock par value $0.000001: 7,000,000,000 shares authorized; 5,408,754,000 and 5,098,725,000 shares issued and outstanding, respectively 5,409 5,099
Preferred stock par value $0.0001: 1,000,000 shares authorized; and 0 outstanding
Additional paid-in capital 4,749,798 1,340,504
Accumulated deficit (6,245,200) (2,639,138)
Accumulated other comprehensive income 322,663 226,939
Total Stockholders' Equity (1,167,330) (1,066,596)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 485,951 $ 415,515
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.000001 $ 0.000001
Common stock, authorized 7,000,000,000 7,000,000,000
Common stock, issued 5,408,754,000 5,098,725,000
Common stock, outstanding 5,408,754,000 5,098,725,000
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
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
REVENUE $ 483,473 $ 860,240
COST OF REVENUE (138,984) (555,088)
GROSS PROFIT 344,489 305,152
OPERATING EXPENSES    
Selling expense (101) (867)
General and administrative expenses (3,936,664) (357,754)
Total Operating Expenses (3,936,765) (358,621)
LOSS FROM OPERATIONS (3,592,276) (53,469)
OTHER INCOME/(EXPENSE), NET    
Other Income 10,240 56,750
Other Expense (80) (313)
Total Other Income / (Expense), net 10,160 56,437
INCOME/(LOSS) BEFORE TAXES (3,582,116) 2,968
Income tax expense
Net Income/(Loss) (3,582,116) 2,968
OTHER COMPREHENSIVE (LOSS)/INCOME    
Foreign currency translation adjustment 95,724 (105,825)
TOTAL COMPREHENSIVE LOSS $ (3,486,392) $ (102,857)
Weighted average number of common shares outstanding - basic and diluted 5,408,754,000 4,936,470,492
Net loss per share - basic and diluted $ (0.00) $ (0.00)
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,582,116) $ 2,968
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation - property, plant and equipment 6,125 5,000
Issuance of employee equity incentive plan 3,409,604
Changes in operating assets and liabilities    
Accounts receivable 1,944
Prepayment (615) (1,230)
Other receivables and other assets (15,673) (8,339)
Inventories 16,582 (11,783)
Accounts Payable (6,054)
Commission payables 43,502 124,293
Other payables and accrued expenses 97,163 298,675
Tax payable 24,298
Net cash (used in) generated from operating activities (29,538) 433,882
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (12,074) (93,048)
Net cash used in investing activities (12,074) (93,048)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from directors 59,617 25,641
(Repayments) Proceeds from related parties (131,876) 202,797
Amount due to directors 294
Amount due from related parties 27,082
Net cash provided by (used in) financing activities (44,883) 228,438
EFFECT OF EXCHANGE RATES ON CASH 71,484 (105,825)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (15,011) 463,447
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 105,432 303,794
CASH AND CASH EQUIVALENTS AT END OF YEAR 90,421 767,241
SUPPLEMENTAL OF CASH FLOW INFORMATION    
Cash paid for interest expenses
Cash paid for income tax
ORGANIZATION AND BUSINESS
3 Months Ended
Mar. 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 SBN BHD (“Vionmall”), was incorporated in Malaysia on September 22, 2016. 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.

 

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 SBN 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.

 

In connection with the Share Exchange and pursuant to the Split-Off Agreement, we transferred our pre-Share Exchange assets and liabilities 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 SEC.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying unaudited 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 Article 8 of Regulation S-X.

 

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 period ended March 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 March 31, 2017 and December 31, 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 market, 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.

 

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
Furniture and fixtures 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. There was no deferred revenue accrued as of March 31, 2017 and December 31, 2016.

 

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 14 days cooling-off period is expired. For the period ended March 31, 2017 and 2016, all membership fees were waived by the Company for promotion purpose. Membership fees will be imposed with effect from July 1, 2017. A notice dated April 18, 2017 has been disseminated by the Company referenced 17026 elaborating the details.

 

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 sale of goods to the goods sold and the redemption points issued that are expected to be redeemed.

 

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 March 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.

 

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 March 31, 2017 and December 31, 2016.

 

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 Quarterly Report give retroactive effect to the Stock Split.

 

Comprehensive loss

 

Comprehensive loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Consolidated Statement of Income and Comprehensive Income (Loss).

 

Loss per share

 

The loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the period ended March 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. 

 

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 January 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 January 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.

GOING CONCERN
3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN
3. GOING CONCERN

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses since its inception resulting in an accumulated deficit of $6,245,200 as of March 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. 

OTHER RECEIVABLES AND OTHER ASSETS
3 Months Ended
Mar. 31, 2017
Other Receivables And Other Assets  
OTHER RECEIVABLES AND OTHER ASSETS
4. OTHER RECEIVABLES AND OTHER ASSETS

 

Other receivables and other assets consist of the following:

 

    As of 
March 31,
2017
    As of 
December 31,
2016
 
Deposits (1)   $ 17,591     $ 19,497  
Others (2)     22,467       2,481  
    $ 40,058     $ 21,978  

 

(1)       Deposits represented payments for rental, utilities, and construction funds to government department.

(2)       Others mainly consists other miscellaneous payments.

LONG-TERM INVESTMENT
3 Months Ended
Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
LONG-TERM INVESTMENT
5. LONG-TERM INVESTMENT

 

On October 5, 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.

 

Long-term investment consists of the following:

 

    As of 
March 31,
2017
    As of 
December 31,
2016
 
Long-term investment -cost   $ 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 )
    $     $  
PROPERTY, PLANT AND EQUIPMENT
3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment, Net [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET
6. PROPERTY,  PLANT AND EQUIPMENT,  NET

 

Property, plant and equipment, net consist of the following:

 

    As of 
March 31,
2017
    As of 
December 31,
2016
 
             
Office equipment   $ 30,892     $ 30,476  
Computer equipment     68,415       61,516  
Furniture and fittings     7,293       7,131  
Electrical & fitting     342       337  
Motor vehicle     15,524       15,315  
Software and website     10,586       7,544  
Renovations     99,508       98,167  
      232,560       220,486  
                 
Less: Accumulated depreciation     (31,942 )     (25,817 )
                 
Balance at end of period/year   $ 200,618     $ 194,669  

 

Depreciation expenses charged to the statements of operations for the period ended March 31, 2017 and 2016 were $6,125 and $5,000 respectively.

ACCRUALS AND OTHER PAYABLES
3 Months Ended
Mar. 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
March 31,
2017
    As of
December 31,
2016
 
             
Provisions   $ 22,622     $ 21,243  
Others     591,551       425,244  
Balance at end of period/year   $ 614,173     $ 446,487  
AMOUNT DUE TO A DIRECTOR
3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
AMOUNT DUE TO A DIRECTOR
8. AMOUNT DUE TO A DIRECTOR

 

    As of
March 31,
2017
    As of 
December 31,
2016
 
Amounts due to a director                
Dato’ Lim Hui Boon   $ 59,617     $  
INCOME TAX
3 Months Ended
Mar. 31, 2017
Disclosure Text Block [Abstract]  
INCOME TAX
9. INCOME TAX

 

Provision for income taxes consisted of the following:

 

    For the three months ended  
    March
31, 2017
    March
31, 2016  
 
                 
Current:                
Provision for Malaysian income tax   $     $  
Provision for Singaporean income tax                
Provision for U.S. income tax            
Deferred:                
Provision for Malaysian income tax            
Provision for Singaporean income tax            
Provision for U.S. income tax            
    $     $  

 

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 $207,412 and an income $2,968 for the period ended March 31, 2017 and 2016 respectively. A reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% for the period ended March 31, 2017 and 2016, respectively, to income before income taxes is as follows:

 

    For the period ended  
    March
31, 2017
   

March

31, 2016

 
             
Profit (loss) before income tax   $ (207,412 )   $ 2,968  
Permanent difference     207,412        
Taxable income   $     $ 2,968  
Malaysian income tax rate     24 %     24 %
Current tax expenses   $     $ 712  
Less: Valuation allowance           712  
Income tax expenses   $     $  

  

United States of America

 

Vitaxel Group Limited is a company incorporated in State of Nevada and on consolidation of its subsidiaries accounts recorded a loss before income tax of $3,409,604 and $44,318 for the period ended March 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 periods ended March 31, 2017 and 2016, respectively, to income before income taxes is as follows:

 

    For the year ended  
    March
31, 2017
    March
31, 2016
 
                 
Profit (loss) before income tax   $ (3,582,116   $ (44,318 )
Permanent difference     3,582,116           44,318  
Taxable income   $     $  
United States income tax rate     34 %     34 %
Current tax expenses   $     $    
Less: Valuation allowance            
Income tax expenses   $     $  

  

Singapore

Vitaxel Singapore PTE. Ltd. is a company incorporated in Singapore and is eligible for partial tax exemption which effectively translates to about 8.5% tax rate on corporate profits up to SGD300,000 and 17% above SGD300,000. No provision for income tax is required due to the company not having any income or losses for the period ended March 31, 2017 and 2016.

 

No deferred tax has been provided as there are no material temporary differences arising during the periods ended March 31, 2017 and 2016. 

AMOUNT DUE FROM AN ASSOCIATE COMPANY
3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
AMOUNT DUE FROM AN ASSOCIATE COMPANY
10. AMOUNT DUE FROM AN ASSOCIATE COMPANY

 

    As of
March 31,
2017
    As of 
December 31,
2016
 
Vitaxel Corporation Thailand Co., Ltd.   $ 79,252     $  
AMOUNT DUE TO ASSOCIATED COMPANIES
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
AMOUNT DUE TO ASSOCIATED COMPANIES
11. AMOUNT DUE TO ASSOCIATED COMPANIES

 

    As of
March 31,
2017
    As of 
December 31,
2016
 
Vitaxel Corporation Thailand Co., Ltd.   $     $ 279,219  
RELATED PARTIES TRANSCTIONS
3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTIES TRANSCTIONS
12. RELATED PARTIES TRANSACTIONS   

 

As of March 31, 2017 and December 31, 2016, the amount of due from a related party, Beedo SDN BHD, was $22,706 and $18,062 respectively. Beedo SDN BHD was a subsidiary of related company Ho Wah Genting Group SDN BHD from June 25, 2015 to August 12, 2016.

 

As of March 31, 2017 and December 31, 2016, the amount of due from a related party, Ho Wah Genting Berhad, was $4,747 and $9,020 respectively.

 

As of March 31, 2017 and December 31, 2016, the amount of due from director, LIM WEE KIAT, was $1,000 and $1,482 respectively. These amounts were unsecured, interest-free and repayable on demand. 

 

As of March 31, 2017 and December 31, 2016, the amount due from Leong Yee Ming was $4,133 and $3,945, respectively. These amounts were unsecured, interest-free and repayable on demand.

 

As of March 31, 2017 and December 31, 2016, the amount of due to a related party, Ho Wah Genting Group Sdn Bhd, was $694,140 and $18,286 respectively. The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Sdn Bhd.

 

The amount due to Ho Wah Genting Holiday Sdn Bhd was $0 as of March 31, 2017 and $8,807 as of December 31, 2016. 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 resigned from the Company.

 

The amount due to Genting Highlands Taxi Services SDN BHD was $16,455 and $16,234 respectively as of March 31, 2017 and December 31, 2016. A director of the Company, Lim Wee Kiat, is also a director of Genting Highlands Taxi Services SDN BHD.

 

The amount due to the Company’s associated company, Vitaxel Corp. (Thailand) Ltd., was $0 as of March 31, 2017 and $279,219 as of December 31, 2016.

 

The Company recognized an expense of $59,644 pertaining for event, traveling and accommodation expenses during the three months ended March 31, 2017, which was charged to its related company, Ho Wah Genting Holiday Sdn. Bhd.

 

The Company recognized an expense of rent totalling $14,239 of which $4,746 during the three months ended March 31, 2017 was paid to its affiliate, Ho Wah Genting Berhad and $9,493 was paid to Malaysia-Beijing Travel Services Sdn Bhd. The operating lease commitment to Ho Wah Genting Berhad as of December 31, 2016 was $16,272 and $37,975 to Malaysia-Beijing Travel Services Sdn Bhd. The lease commitment are disclosed in note 13 COMMITMENTS AND CONTINGENCIES below under the heading Operation Commitments.  

 

The Company recognized an expense of $13,504 pertaining for website maintenance expense during the three months ended March 31, 2017, which was charged by its related company, Beedo Sdn. Bhd.

 

The Company recognized an income of $1,417 pertaining for royalties during three months ended March 31, 2017 which was paid by its associated company, Vitaxel Corp. (Thailand) Limited.

COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
13. COMMITMENTS AND CONTINGENCIES

 

Capital Commitments

 

The Company has no capital commitments.

 

Operation Commitments

 

The lease commitment to Ho Wah Genting Berhad where it is known in Malaysia as “Tenancy Agreement” has a tenure of 3 years started from January 1, 2016 and expiring on December 31, 2018 and 2 years started from December 4, 2015 to December 3, 2017 to Malaysia-Beijing Travel Services Sdn Bhd.

 

Year ending December 31, 2017     53,797  
Year ending December 31, 2018     18,987  
Total   $ 72,784  

 

Rental expense of the Company was $25,244 and $34,128 for the period ended March 31, 2017 and 2016, respectively. 

EARNINGS (LOSS) PER SHARE
3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE
14. 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 period ended  
    March
31, 2017
    March
31, 2016
 
             
Net (loss)/income applicable to common shares   $ (3,582,116 )   $ 2,968  
                 
Weighted average common shares outstanding (Basic and diluted)     5,408,754,000       4,936,470,492  
                 
    $ (0.00 )   $ (0.00 )

 

The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.

CORRECTION OF ERROR
3 Months Ended
Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]  
CORRECTION OF ERROR
15. CORRECTION OF ERROR

 

On April 16, 2018 the Board of Directors of Vitaxel Group Limited (the “Company”) determined that the Quarterly Reports on Form 10-Q for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017 need to be revised. These revisions are necessary due to errors with respect to the (i) cost of goods sold, (ii) shares issued in January 2017 and in March 2017 and (iii) minor corrections in the revenues.

Management noted an error in billing to its related party, Vitaxel Corporation Thailand Co., Ltd, for goods sold to them during the two quarters of fiscal year ended December 31, 2017 which led to the changes in cost of goods sold. It was also discovered that shares issued on January 4, 2017 and on March 21, 2017 were not properly recorded in the Form 10-Q for the period ended March 31, 2017. Due to miscommunications within the Company, the shares issued pursuant to the 2016 Equity Incentive Plan were not recorded.

 

As a result of these errors, cost of goods sold were understated by $3,395, overstated by $25,465 and $51,609 respectively for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017. General and administrative expenses were understated by $3,409,604 for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017. Revenue was understated by $38,925 and $22,236 respectively for the periods ended March 31, 2017 and June 30, 2017, and overstated by $3,713 for the period ended September 30, 2017.

 

Accordingly, the previously filed reports should no longer be relied upon and the Company has revised its Consolidated Balance Sheet as of March 31, 2017, June 30, 2017 and September 30, 2017 and Consolidated Statement of Income and Comprehensive Loss for three months ended March 31, 2017, six months ended June 30, 2017 and nine months ended September 30, 2017. The effect of recording the corrections on certain balance sheet accounts are set forth in the below table. The presentation in the Consolidated Statement of Cash Flows have also been restated accordingly.

 

    For 3 months ended
March 31, 2017
    For Six-Month Period ended
June 30, 2017
    For Nine-Month Period ended
September 30, 2017
 
Accounts   As Reported     As Revised     As Reported     As Revised     As Reported     As Revised  
Total Revenue   $ 445,178     $ 483,473     $ 535,793     $ 558,029     $ 557,862     $ 554,149  
Cost of Revenue     (135,589 )     (138,984 )     (203,222 )     (177,757 )     (236,755 )     (185,146 )
Gross Profit     309,589       344,489       332,571       380,272       321,107       369,003  
General and administrative expenses     (527,060 )     (3,936,664 )     (803,890 )     (4,213,494 )     (1,094,498 )     (4,504,102 )
Loss From Operations     (527,161 )     (3,936,765 )     (471,577 )     (3,833,480 )     (774,082 )     (4,135,790 )
Net Loss     (207,412 )     (3,374,704 )     (428,141 )     (3,790,044 )     (754,887 )     (4,116,595 )
Total Comprehensive Loss     (111,688 )     (3,486,392 )     (655,080 )     (4,016,983 )     (766,906 )     (4,128,614 )
Amount due from an associated company     40,957       79,252       117,156       139,392       112,119       108,406  
Accrual and other payables     610,778       614,173       694,100       668,635       660,604       608,995  
Additional paid-in capital     1,340,504       4,749,798       1,340,504       4,749,798       1,340,194       4,749,798  
Accumulated deficit     (2,870,496 )     (6,245,200 )     (2,697,919 )     (6,059,822 )     (2,983,457 )     (6,345,165 )
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The accompanying unaudited 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 Article 8 of Regulation S-X.

 

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 period ended March 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 March 31, 2017 and December 31, 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 market, 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.

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
Furniture and fixtures 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. There was no deferred revenue accrued as of March 31, 2017 and December 31, 2016.

 

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 14 days cooling-off period is expired. For the period ended March 31, 2017 and 2016, all membership fees were waived by the Company for promotion purpose. Membership fees will be imposed with effect from July 1, 2017. A notice dated April 18, 2017 has been disseminated by the Company referenced 17026 elaborating the details.

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 sale of goods to the goods sold and the redemption points issued that are expected to be redeemed.

 

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 March 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.

 

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 March 31, 2017 and December 31, 2016.

Forward Stock split

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 Quarterly Report give retroactive effect to the Stock Split.

Comprehensive loss

Comprehensive loss

 

Comprehensive loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Consolidated Statement of Income and Comprehensive Income (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 period ended March 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. 

 

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 January 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 January 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Schedule of property, plant and equipment estimated useful lives

Depreciation is calculated on a straight-line basis over the following estimated useful lives:

 

Office equipment 10 years
Furniture and fixtures 10 years
Leasehold improvement 10 years
OTHER RECEIVABLES AND OTHER ASSETS (Tables)
3 Months Ended
Mar. 31, 2017
Other Receivables And Other Assets  
Schedule of other receivables and other assets

Other receivables and other assets consist of the following:

 

    As of 
March 31,
2017
    As of 
December 31,
2016
 
Deposits (1)   $ 17,591     $ 19,497  
Others (2)     22,467       2,481  
    $ 40,058     $ 21,978  

 

(1)       Deposits represented payments for rental, utilities, and construction funds to government department.

(2)       Others mainly consists other miscellaneous payments.

LONG-TERM INVESTMENT (Tables)
3 Months Ended
Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of long-term investment

Long-term investment consists of the following:

 

    As of 
March 31,
2017
    As of 
December 31,
2016
 
Long-term investment -cost   $ 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 )
    $     $  
PROPERTY, PLANT AND EQUIPMENT (Tables)
3 Months Ended
Mar. 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 
March 31,
2017
    As of 
December 31,
2016
 
             
Office equipment   $ 30,892     $ 30,476  
Computer equipment     68,415       61,516  
Furniture and fittings     7,293       7,131  
Electrical & fitting     342       337  
Motor vehicle     15,524       15,315  
Software and website     10,586       7,544  
Renovations     99,508       98,167  
      232,560       220,486  
                 
Less: Accumulated depreciation     (31,942 )     (25,817 )
                 
Balance at end of period/year   $ 200,618     $ 194,669  
ACCRUALS AND OTHER PAYABLES (Tables)
3 Months Ended
Mar. 31, 2017
Payables and Accruals [Abstract]  
Schedule of accruals and other payables

Accruals and other payables consist of the following:

 

    As of
March 31,
2017
    As of
December 31,
2016
 
             
Provisions   $ 22,622     $ 21,243  
Others     591,551       425,244  
Balance at end of period/year   $ 614,173     $ 446,487  
AMOUNT DUE TO A DIRECTOR (Tables)
3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Schedule of due to director
    As of
March 31,
2017
    As of 
December 31,
2016
 
Amounts due to a director                
Dato’ Lim Hui Boon   $ 59,617     $  
INCOME TAX (Tables)
3 Months Ended
Mar. 31, 2017
Disclosure Text Block [Abstract]  
Provision for income taxes

Provision for income taxes consisted of the following:

 

    For the three months ended  
    March
31, 2017
    March
31, 2016  
 
                 
Current:                
Provision for Malaysian income tax   $     $  
Provision for Singaporean income tax                
Provision for U.S. income tax            
Deferred:                
Provision for Malaysian income tax            
Provision for Singaporean income tax            
Provision for U.S. income tax            
    $     $  
Schedule of Income before Income Tax

A reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% for the period ended March 31, 2017 and 2016, respectively, to income before income taxes is as follows:

 

    For the period ended  
    March
31, 2017
   

March

31, 2016

 
             
Profit (loss) before income tax   $ (207,412 )   $ 2,968  
Permanent difference     207,412        
Taxable income   $     $ 2,968  
Malaysian income tax rate     24 %     24 %
Current tax expenses   $     $ 712  
Less: Valuation allowance           712  
Income tax expenses   $     $  

 

 

A reconciliation of the provision for income taxes with amounts determined by applying the United States Federal income tax rate of 34% for the periods ended March 31, 2017 and 2016, respectively, to income before income taxes is as follows:

 

    For the year ended  
    March
31, 2017
    March
31, 2016
 
                 
Profit (loss) before income tax   $ (3,582,116   $ (44,318 )
Permanent difference     3,582,116           44,318  
Taxable income   $     $  
United States income tax rate     34 %     34 %
Current tax expenses   $     $    
Less: Valuation allowance            
Income tax expenses   $     $  
AMOUNT DUE FROM AN ASSOCIATE COMPANY (Tables)
3 Months Ended
Mar. 31, 2017
Amount Due From Associate Company Tables  
Schedule of amount due from an associate company
    As of
March 31,
2017
    As of 
December 31,
2016
 
Vitaxel Corporation Thailand Co., Ltd.   $ 79,252     $  
                 
AMOUNT DUE TO ASSOCIATED COMPANIES (Tables)
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Schedule of amount due to associate company
    As of
March 31,
2017
    As of 
December 31,
2016
 
Vitaxel Corporation Thailand Co., Ltd.   $     $ 279,219  
COMMITMENTS AND CONTINGENCIES (Tables)
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum lease payments under the non-cancellable operating lease
Year ending December 31, 2017     53,797  
Year ending December 31, 2018     18,987  
Total   $ 72,784  
EARNINGS (LOSS) PER SHARE (Table)
3 Months Ended
Mar. 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 period ended  
    March
31, 2017
    March
31, 2016
 
             
Net (loss)/income applicable to common shares   $ (3,582,116 )   $ 2,968  
                 
Weighted average common shares outstanding (Basic and diluted)     5,408,754,000       4,936,470,492  
                 
    $ (0.00 )   $ (0.00 )
CORRECTION OF ERROR (Tables)
3 Months Ended
Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]  
CORRECTION OF ERROR
    For 3 months ended
March 31, 2017
    For Six-Month Period ended
June 30, 2017
    For Nine-Month Period ended
September 30, 2017
 
Accounts   As Reported     As Revised     As Reported     As Revised     As Reported     As Revised  
Total Revenue   $ 445,178     $ 483,473     $ 535,793     $ 558,029     $ 557,862     $ 554,149  
Cost of Revenue     (135,589 )     (138,984 )     (203,222 )     (177,757 )     (236,755 )     (185,146 )
Gross Profit     309,589       344,489       332,571       380,272       321,107       369,003  
General and administrative expenses     (527,060 )     (3,936,664 )     (803,890 )     (4,213,494 )     (1,094,498 )     (4,504,102 )
Loss From Operations     (527,161 )     (3,936,765 )     (471,577 )     (3,833,480 )     (774,082 )     (4,135,790 )
Net Loss     (207,412 )     (3,374,704 )     (428,141 )     (3,790,044 )     (754,887 )     (4,116,595 )
Total Comprehensive Loss     (111,688 )     (3,486,392 )     (655,080 )     (4,016,983 )     (766,906 )     (4,128,614 )
Amount due from an associated company     40,957       79,252       117,156       139,392       112,119       108,406  
Accrual and other payables     610,778       614,173       694,100       668,635       660,604       608,995  
Additional paid-in capital     1,340,504       4,749,798       1,340,504       4,749,798       1,340,194       4,749,798  
Accumulated deficit     (2,870,496 )     (6,245,200 )     (2,697,919 )     (6,059,822 )     (2,983,457 )     (6,345,165 )
ORGANIZATION AND BUSINESS (Details Narrative)
Jan. 18, 2016
shares
Share Exchange & Split-Off Agreement [Member]  
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]  
Number of shares surrender and cancellation 3,000,000
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
3 Months Ended
Mar. 31, 2017
Office Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives P10Y
Furniture and fittings [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives P10Y
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives P10Y
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares
3 Months Ended
Feb. 23, 2016
Jan. 27, 2016
Mar. 31, 2017
Dec. 31, 2016
Accounting Policies [Abstract]        
Description of uncertain income tax position    

An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.

 
Description of forward stock split ratio  

1333-for-1 forward stock split

   
Common stock, par value (in dollars per share)   $ 0.000001 $ 0.000001 $ 0.000001
Number of shares issued upon forward stock split 1,332      
GOING CONCERN (Details Narrative) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 6,245,200 $ 2,639,138
OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Other Receivables And Other Assets    
Deposits [1] $ 17,591 $ 19,497
Others [2] 22,467 2,481
Total other receivables and other assets $ 40,058 $ 21,978
[1] Deposits represented payments for rental and utilities.
[2] Others mainly consists other miscellaneous payments.
LONG-TERM INVESTMENT (Details) - Vitaxel Corp Thailand, Ltd [Member] - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Oct. 05, 2016
Long-term investment - cost $ 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  
LONG-TERM INVESTMENT (Details Narrative) - Vitaxel Corp Thailand, Ltd [Member] - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Oct. 05, 2016
Long-term investment -cost $ 27,539 $ 27,539 $ 27,539
Thailand, Baht [Member]      
Long-term investment -cost     $ 958,000
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year $ 232,560 $ 220,486
Less: Accumulated depreciation (31,942) (25,817)
Balance at end of period/year 200,618 194,669
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 30,892 30,476
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 68,415 61,516
Furniture and fittings [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 7,293 7,131
Electrical and Fitting [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 342 337
Motor Vehicle [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 15,524 15,315
Software and Website [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year 10,586 7,544
Renovations [Member]    
Property, Plant and Equipment [Line Items]    
Balance at beginning of period/year $ 99,508 $ 98,167
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Property, Plant and Equipment, Net [Abstract]    
Depreciation expenses $ 6,125 $ 5,000
ACCRUALS AND OTHER PAYABLES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Payables and Accruals [Abstract]    
Provisions $ 22,622 $ 21,243
Others 591,551 425,244
Balance at end of period/year $ 614,173 $ 446,487
AMOUNT DUE TO A DIRECTOR (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Related Party Transaction [Line Items]    
Amounts due to a director $ 59,617
Dato Lim Hui Boon [Member]    
Related Party Transaction [Line Items]    
Amounts due to a director $ 59,617
INCOME TAX (Details) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Current:    
Provision for income tax
Deferred:    
Provision for income tax
Total Provision for income taxes
Malaysia [Member]    
Current:    
Provision for income tax
Deferred:    
Provision for income tax
Total Provision for income taxes
Singaporean [Member]    
Current:    
Provision for income tax
Deferred:    
Provision for income tax
INCOME TAX (Details 2) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Disclosure Text Block [Abstract]    
Profit (loss) before income tax $ (3,582,116) $ (44,318)
Permanent difference 3,582,116 44,318
Taxable income
Malaysian income tax rate 24.00% 24.00%
Current tax expenses $ 712
Less: Valuation allowance   712
Income tax expenses
INCOME TAX (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income loss before income tax $ (3,582,116) $ 2,968
Malaysia [Member]    
Income loss before income tax $ (207,412) $ 2,968
income tax rate 24.00% 24.00%
United States of America [Member]    
Income loss before income tax $ (3,409,604) $ (44,318)
income tax rate 34.00% 34.00%
Singaporean [Member]    
Statutory income tax rate 8.50%  
AMOUNT DUE FROM AN ASSOCIATE COMPANY (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Amount due from an associate company $ 27,453 $ 27,082
Vitaxel Corp Thailand, Ltd [Member]    
Amount due from an associate company $ 79,252
AMOUNT DUE TO ASSOCIATED COMPANIES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Amount Due To Associated Companies Details    
Amounts due to an associated company $ 279,219
RELATED PARTIES TRANSCTIONS (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Related Party Transaction [Line Items]      
Due to a related party $ 817,877   $ 632,239
Rent expenses 25,244 $ 34,128  
Ho Wah Genting Berhad [Member]      
Related Party Transaction [Line Items]      
Amount paid to affiliate 4,746    
Rent expenses 14,239    
Malaysia-Beijing Travel Services Sdn Bhd [Member]      
Related Party Transaction [Line Items]      
Amount paid to affiliate 9,493    
Operating lease commitment     37,975
Beedo Sdn. Bhd [Member]      
Related Party Transaction [Line Items]      
Website maintenance expense 13,504    
Ho Wah Genting Holiday Sdn. Bhd [Member]      
Related Party Transaction [Line Items]      
Due to a related party 0   8,807
Traveling and accommodation expenses 59,644    
Ho Wah Genting Group Sdn Bhd [Member]      
Related Party Transaction [Line Items]      
Due from related party 22,706   18,062
Due to a related party 694,140   18,286
LIM WEE KIAT [Member]      
Related Party Transaction [Line Items]      
Due from related party 1,000   1,482
Genting Highlands Taxi Services SDN BHD [Member]      
Related Party Transaction [Line Items]      
Due to a related party 16,455   16,234
LEONG YEE MING [Member]      
Related Party Transaction [Line Items]      
Due from related party 4,133   3,945
Ho Wah Genting Berhad [Member]      
Related Party Transaction [Line Items]      
Due from related party 4,747   9,020
Operating lease commitment     16,272
Vitaxel Corporation Corp (Thailand) [Member]      
Related Party Transaction [Line Items]      
Royalties 1,417    
Vitaxel Corp Thailand, Ltd [Member]      
Related Party Transaction [Line Items]      
Due to a related party $ 0   $ 279,219
COMMITMENTS AND CONTINGENCIES (Details)
Mar. 31, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Year ending December 31, 2017 $ 53,797
Year ending December 31, 2018 18,987
Total $ 72,784
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]    
Rental expense $ 25,244 $ 34,128
Lease term 3 years  
Lease expiration date Dec. 31, 2018  
EARNINGS (LOSS) PER SHARE (Details) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Earnings Per Share [Abstract]    
Net (loss)/income applicable to common shares $ (3,582,116) $ 2,968
Weighted average common shares outstanding (Basic and diluted) 5,408,754,000 4,936,470,492
Net loss per share - basic and diluted $ (0.00) $ (0.00)
CORRECTION OF ERROR (Details) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Jun. 30, 2017
Sep. 30, 2017
Dec. 31, 2016
Total Revenue $ 483,473 $ 860,240      
Cost of Revenue (138,984) (555,088)      
Gross Profit 344,489 305,152      
General and administrative expenses (3,936,664) (357,754)      
Net Loss (3,582,116) 2,968      
Total Comprehensive Loss (3,486,392) $ (102,857)      
Accumulated deficit (6,245,200)       $ (2,639,138)
Scenario, Previously Reported [Member]          
Total Revenue 445,178   $ 535,793 $ 557,862  
Cost of Revenue (135,589)   (203,222) (236,755)  
Gross Profit 309,589   332,571 321,107  
General and administrative expenses (527,060)   (803,890) (1,094,498)  
Loss From Operations (527,161)   (471,577) (774,082)  
Net Loss (207,412)   (428,141) (754,887)  
Total Comprehensive Loss (111,688)   (655,080) (766,906)  
Amount due from an associated company 40,957   117,156 112,119  
Accrual and other payables 610,778   694,100 660,604  
Additional paid-in capital 1,340,504   1,340,504 1,340,194  
Accumulated deficit (2,870,496)   (2,697,919) (2,983,457)  
As Revised [Member]          
Total Revenue 483,473   558,029 554,149  
Cost of Revenue (138,984)   (177,757) (185,146)  
Gross Profit 344,489   380,272 369,003  
General and administrative expenses (3,936,664)   (4,213,494) (4,504,102)  
Loss From Operations (3,936,765)   (3,833,480) (4,135,790)  
Net Loss (3,374,704)   (3,790,044) (4,116,595)  
Total Comprehensive Loss (3,486,392)   (4,016,983) (4,128,614)  
Amount due from an associated company 79,252   139,392 108,406  
Accrual and other payables 614,173   668,635 608,995  
Additional paid-in capital 4,749,798   4,749,798 4,749,798  
Accumulated deficit $ (6,245,200)   $ (6,059,822) $ (6,345,165)  
CORRECTION OF ERROR (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2017
Jun. 30, 2017
Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]      
Cost of goods sold undercasted/overstated $ (3,395) $ 25,465 $ (51,609)
General and administrative expenses understated (3,409,604) (3,409,604) (3,409,604)
Revenue undercasted/overstated $ (38,925) $ (22,236) $ 3,713