DQWS Dswiss Inc (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended March 31, 2024

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________to _______________

 

Commission File Number 333-208083

 

DSwiss, Inc.

(Exact name of registrant issuer as specified in its charter)

 

Nevada		47-4215595
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

 

Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite,

Avenue 3, Bangsar South, No.8 Jalan Kerinchi, 59200, Kuala Lumpur, Malaysia

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code (603) 2770-4032

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common Stock		DQWS		The OTC Market – Pink Sheets

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

YES ☐ NO ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☒

Emerging growth company ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class		Outstanding at March 31, 2024
Common Stock, $.0001 par value		206,904,585

 

 

 

TABLE OF CONTENTS

 

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	F-2
	Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	F-3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023	F-4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	F-5
	Notes to the Condensed Consolidated Financial Statements	F-6 - F-18
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2-5
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6
ITEM 4.	CONTROLS AND PROCEDURES	6
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	7
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	7
ITEM 4	MINE SAFETY DISCLOSURES	7
ITEM 5	OTHER INFORMATION	7
ITEM 6	EXHIBITS	8
SIGNATURES		9

 

 

DSWISS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

	Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023	F-4
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	F-5
Notes to the Condensed Consolidated Financial Statements	F-6 - F-18

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Unaudited condensed consolidated financial statements:

 

DSWISS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2024 and December 31, 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

		March 31, 2024				December 31, 2023
		Unaudited				Audited
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	304,885			$	249,110
Accounts receivable			61,784				36,148
Other receivables, prepaid expenses and deposit			23,871				24,532
Tax recoverable			291				299
Inventories			6,196				6,872
Total Current Assets			397,027				316,961
NON-CURRENT ASSETS
Plant and equipment, net			43,017				48,105
Intangible assets, net			2,164				2,427
Total Non-Current Assets			45,181				50,532
TOTAL ASSETS		$	442,208			$	367,493
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	36,709			$	99,360
Other payables and accrued liabilities (including $1,500 and $3,000 of general and administrative expenses payable to a related party)			138,542				174,714
Finance lease liability			16,478				21,039
Total Current Liabilities			191,729				295,113
NON- CURRENT LIABILITIES
Finance lease liability			15,510				15,965
Total non-current liabilities			15,510				15,965
TOTAL LIABILITIES		$	207,239			$	311,078
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding			-				-
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,585 shares issued and outstanding as of March 31, 2024 and December 31, 2023 respectively		$	20,690			$	20,690
Additional paid-in capital			1,395,426				1,395,426
Accumulated other comprehensive income			51,341				50,452
Accumulated deficit			(1,232,488	)			(1,410,153	)
TOTAL STOCKHOLDERS’ EQUITY			234,969				56,415
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	442,208			$	367,493

 

See accompanying notes to condensed consolidated financial statements.

 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

		Three months ended March 31,
		2024				2023
REVENUE (including $2,559 and $42,287 of revenue from a related party for the three months ended March 31, 2024 and 2023, respectively)		$	471,377			$	265,921
COST OF REVENUE			(201,492	)			(183,937	)
GROSS PROFIT			269,885				81,984
OTHER INCOME			2,152				1,504
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $1,500 and $1,500 of general and administrative expenses to a related party for the three months ended March 31, 2024 and 2023, respectively)			(93,543	)			(87,799	)
OPERATING EXPENSES			(329	)			(414	)
FINANCE COST			(342	)			(1,051	)
LEASE EXPENSES			-				(10,976	)
PROFIT/(LOSS) BEFORE INCOME TAX			177,823				(16,752	)
TAXATION			(158	)			(171	)
NET PROFIT/(LOSS)			177,665				(16,923	)
Other comprehensive income:
- Foreign currency translation adjustment			889				42,907
Comprehensive income			178,554				25,984
Net income per share- Basic and diluted			0.0009				0.0001
Weighted average number of common shares outstanding – Basic and diluted			206,904,585				206,904,585

 

See accompanying notes to condensed consolidated financial statements.

 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”))

(unaudited)

 

Three Months Ended March 31, 2024 (Unaudited)

 

		COMMON STOCK								ADDITIONAL				ACCUMULATED OTHER								NON-
		Number of shares				Amount				PAID-IN CAPITAL				COMPREHENSIVE INCOME				ACCUMULATED DEFICIT				CONTROLLING INTEREST				TOTAL EQUITY
Balance as of December 31, 2023 (audited)			206,904,585				20,690				1,395,426				50,452				(1,410,153	)			-				56,415
Foreign currency translation adjustment			-				-				-				889				-				-				889
Net profit			-				-				-				-				177,665				-				177,665
Balance as of March 31, 2024 (unaudited)			206,904,600				20,690				1,395,426				51,341				(1,232,488	)			-				234,969

 

Three Months Ended March 31, 2023 (Unaudited)

 

		COMMON STOCK								ADDITIONAL				ACCUMULATED OTHER								NON-
		Number of shares				Amount				PAID-IN CAPITAL				COMPREHENSIVE INCOME/(LOSS)				ACCUMULATED DEFICIT				CONTROLLING INTEREST				TOTAL EQUITY
Balance as of December 31, 2022 (audited)			206,904,585				20,690				1,395,426				(5,846	)			(1,324,002	)			11,883				98,151
Balance			206,904,585				20,690				1,395,426				(5,846	)			(1,324,002	)			11,883				98,151
Foreign currency translation adjustment			-				-				-				42,907				-				-				42,907
Changes in ownership interests in an associate			-				-				-				-				(36,616	)			(11,883	)			(48,499	)
Net loss			-				-				-				-				(16,923	)			-				(16,923	)
Net Profit/(loss)			-				-				-				-				(16,923	)			-				(16,923	)
Balance as of March 31, 2023 (unaudited)			206,904,585				20,690				1,395,426				37,061				(1,377,541	)			-				75,636
Balance			206,904,585				20,690				1,395,426				37,061				(1,377,541	)			-				75,636

 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

		Three months ended March 31,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit/(Loss) before income tax		$	177,823			$	(16,752	)
Adjustments to reconcile net profit/(loss) to net cash generated from/(used in) operating activities:
Depreciation and amortization			3,437				18,514
Amortization for intangible assets			258				257
Changes in operating assets and liabilities:
Accounts payable			(74,639	)			(14,207	)
Accounts receivable			(11,848	)			(13,965	)
Other payables and accrued liabilities			(32,798	)			(16,244	)
Inventories			480				1,743
Other receivables, prepaid expenses and deposits			(38	)			1,830
Reduction in lease liability			-				(10,895	)
Cash generated from/(used in) operations			62,675				(49,719	)
Tax paid			(158	)			(171	)
Net cash generated from/(used in) operating activities			62,517				(49,890	)
CASH FLOWS FROM INVESTING ACTIVITY:
Disposal of plant and equipment			274				-
Net cash generated from investing activity			274				-
CASH FLOWS FROM FINANCING ACTIVITY:
Repayment of finance lease			(3,963	)			(4,056	)
Net cash used in financing activity			(3,963	)			(4,056	)
Effect of exchange rate changes on cash and cash equivalent			(3,053	)			(5,489	)
Net increase/(decrease) in cash and cash equivalents			55,775				(59,435	)
Cash and cash equivalents, beginning of period			249,110				214,269
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	304,885			$	154,834
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid		$	(158	)		$	(171	)
Interest paid		$	(392	)		$	(423	)

 

See accompanying notes to condensed consolidated financial statements.

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

DSwiss, Inc. is organized as a Nevada limited liability company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company is premier biotech-nutraceutical, beauty supplies, and medical consumables supplies. The Company sells medical consumable supplies, food supplements, skincare, and other related beauty products in Malaysia and around the ASEAN region. We are globally recognized Turnkey Private Label Manufacturing Services for nutraceutical and skincare OEM/ODM products.

 

Our professionals manage from custom formulation of scientifically proven and naturally effective, sourcing raw materials, production, quality control, stability, and safety test, clinical testing by third-party labs, packaging, and shipping, including import and export.

 

Our manufacturing facilities which compliant with GMP (Good Manufacturing Practise), FDA (Food Drug Association), HACCP (Hazard Analysis and Critical Control Point), JAKIM HALAL, and Mesti.

 

The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at March 31, 2024 and 2023 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended March 31, 2024 and 2023 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2023 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2023.

 

We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequent hold 100% equity interest in DSwiss Sdn. Bhd. On August 31, 2015, DSwiss, Inc. was restructured to be the holding company parent to, and succeed to the operations of, DSwiss Holding Limited. The former unit holder of DSwiss Holding Limited became the unit holder of DSwiss, Inc. and DSwiss Holding Limited became a wholly-owned subsidiary of DSwiss, Inc. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of DSwiss Holding Limited were carried over to and combined with DSwiss, Inc. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted for comparative purposes.

 

We have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40% equity interest. On January 18, 2023, DSwiss (HK) Limited acquired 150,000 shares, representing 60% equity interest in DSwiss Biotech Sdn. Bhd., from the other party with consideration of RM 1. After such acquisition, DSwiss Biotech Sdn. Bhd. became a wholly owned subsidiary of DSwiss (HK) Limited.

 

The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries:

 

SCHEDULE OF VARIABLE INTEREST ENTITY

Company name

Place and date of incorporation

Particulars of issued capital

Principal activities

Proportional of ownership interest and voting power held

1.

DSwiss Holding Limited

Seychelles, May 28, 2015

1 share of ordinary share of US$1 each

Investment holding

100

%

2.

DSwiss (HK) Limited

Hong Kong, May 28, 2015

1 share of ordinary share of HK$1 each

Supply of beauty products

100

%

3.

DSwiss Sdn Bhd

Malaysia, March 10, 2011

2 shares of ordinary share of RM 1 each

Supply of beauty products

100

%

4.

DSwiss Biotech Sdn Bhd

Malaysia, March 17, 2016

250,000 shares of ordinary share of RM 1 each

Supply of biotech products

100

%

 

F-6

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Going Concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended March 31, 2024, the Company suffered an accumulated deficit of $1,232,488. This factor raises substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

 

Basis of presentation

 

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded.

 

The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand and medical consumables product are sold and accepted by the customers and there are no continuing obligations to the customer.

 

Cost of revenue

 

Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.

 

Shipping and handling fees

 

Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. Shipping and handling fees are expensed as incurred for the three months ended March 31, 2024 were $0, while for the three months ended March 31, 2023 were $28.

 

F-7

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Selling and distribution expenses

 

Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.

 

Cash and cash equivalents

 

The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.

 

Inventories

 

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:

 

SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Classification		Estimated useful lives
Computer and software		5 years
Furniture and fittings		5 years
Office equipment		10 years
Motor vehicle		5 years

 

Intangible assets

 

Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no impairment losses recorded on intangible assets for the three months ended March 31, 2024.

 

Leases

 

Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods (see Note 13).

 

Income taxes

 

The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

 

F-8

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia and Hong Kong maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION

		As of and for the three months ended March 31,
		2024				2023
Period-end RM : US$1 exchange rate			4.72				4.42
Period-average RM : US$1 exchange rate			4.73				4.39
Period-end HK$ : US$1 exchange rate			7.83				7.85
Period-average HK$ : US$1 exchange rate			7.82				7.84

 

F-9

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, accounts payable, other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the three months ended March 31, 2023, the Company operates in three reportable operating segments in Malaysia and Hong Kong.

 

Recent accounting pronouncements

 

FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

 

Recently Issued Accounting Standards

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 

F-10

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

3. VIE STRUCTURE AND ARRANGEMENTS

 

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

 

The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

 

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

 

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

 

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

 

(i)	a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;
(ii)	a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and
(ii)	an Equity Pledge Agreement that pledges the shares in DSBT.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

 

On January 18, 2023, DSwiss (HK) Limited acquired 150,000 shares, representing 60% equity interest in DSwiss Biotech Sdn. Bhd., from the other party with consideration of RM 1. After such acquisition, DSwiss Biotech Sdn. Bhd. became a wholly owned subsidiary of DSwiss (HK) Limited.

 

F-11

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

4. STOCKHOLDERS’ EQUITY

 

As of March 31, 2024, the Company had a total of 206,904,585 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.

 

5. PLANT AND EQUIPMENT

 

SCHEDULE OF PLANT AND EQUIPMENT

		March 31, 2024				December 31, 2023
Computer and software		$	101,431			$	102,064
Furniture and fittings			6,144				6,144
Office equipment			21,525				21,525
Motor vehicle			135,868				135,868
Total plant and equipment		$	264,968			$	265,601
Accumulated depreciation			(208,678	)			(205,600	)
Effect of translation exchange			(13,273	)			(11,896	)
Plant and equipment, net		$	43,017			$	48,105

 

Depreciation expense for the three months ended March 31, 2024 and 2023 were $3,437 and $7,537 respectively.

 

6. INTANGIBLE ASSETS

 

SCHEDULE OF INTANGIBLE ASSETS

		March 31, 2024				December 31, 2023
Trademarks		$	12,077			$	12,077
Amortization			(9,452	)			(9,194	)
Effect of translation exchange			(461	)			(456	)
Intangible assets, net		$	2,164			$	2,427

 

Amortization for the three months ended March 31, 2024 and March 31, 2023 were $258 and $257, respectively.

 

7. OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS

 

SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS 

		March 31, 2024				December 31, 2023
Other receivables		$	5,305			$	5,460
Prepaid expenses			1,915				1,932
Deposits			16,651				17,140
Total other receivables, prepaid expenses and deposits		$	23,871			$	24,532

 

8. INVENTORIES

 

SCHEDULE OF INVENTORIES

		March 31, 2024				December 31, 2023
Finished goods, at cost		$	6,196			$	6,872
Total inventories		$	6,196			$	6,872

 

9. OTHER PAYABLES AND ACCRUED LIABILITIES

 

SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES

		March 31, 2024				December 31, 2023
Other payables		$	72,565			$	114,964
Accrued audit fees			27,461				30,207
Accrued other expenses			20,018				15,222
Accrued professional fees			18,498				14,321
Total payables and accrued liabilities		$	138,542			$	174,714

 

F-12

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

10. FINANCE LEASE LIABILITY

 

The Company purchased motor vehicles with finance lease. The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly. The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

SCHEDULE OF OBLIGATION UNDER FINANCE LEASE

		As of March 31, 2024				As of December 31, 2023
Finance lease		$	33,406			$	38,817
Less: interest expense			(1,418	)			(1,813	)
Net present value of finance lease			31,988				37,004
Current portion			16,478				21,039
Non-current portion			15,510				15,965
Total		$	31,988			$	37,004

 

As of March 31, 2024 the maturities of the finance lease for each of the years are as follows:

 

SCHEDULE OF MATURITIES OF FINANCE LEASE

2024			12,136
2025			12,294
2026			7,558
Total		$	31,988

 

F-13

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

11. INCOME TAXES

 

For the three months ended March 31, 2024 and 2023, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following:

 SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES

		For the three months ended March 31, 2024				For the three months ended March 31, 2023
Tax jurisdictions from:
- Local		$	(12,566	)		$	(15,398	)
- Foreign, representing
Seychelles			(412	)			(1,320	)
Hong Kong			(1,126	)			(1,069	)
Malaysia			191,927				1,035
Profit/(Loss) before income tax		$	177,823			$	(16,752	)

 

The provision for income taxes consisted of the following:

 SCHEDULE OF PROVISION FOR INCOME TAXES 

		For the three months ended March 31, 2024				For the three months ended March 31, 2023
Current:
- Local		$	-			$	-
- Foreign			(158	)			(171	)
Deferred:
- Local			-				-
- Foreign			-				-
Income tax expense		$	(158	)		$	(171	)

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Seychelles, Hong Kong and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2024, the operations in the United States of America incurred $536,691 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 21%. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $112,705 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Seychelles

 

Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

 

Hong Kong

 

DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. As of March 31, 2024, the operations in the Hong Kong incurred $635,932 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5%. The Company has provided for a full valuation allowance of $104,928 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Malaysia

 

DSwiss Sdn. Bhd. and DSwiss Biotech Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income. As of March 31, 2024, the operations in the Malaysia incurred $15,851 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 15%. The Company has provided for a full valuation allowance of $2,378 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

F-14

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

12. CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

(a) Major customers

 

For three months ended March 31, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:

 SCHEDULE OF CONCENTRATION OF RISK

		2024				2023				2024				2023				2024				2023
		Revenue								Percentage of revenue								Accounts receivable
Customer A		$	-			$	39,864				-	%			15	%		$	-			$	-
Customer B		$	-			$	36,094				-	%			14	%		$	-			$	-
Customer C		$	49,476			$	51,254				10	%			19	%		$	33,024			$	16,957
Customer D		$	238,952			$	64,171				51	%			24	%		$	-			$	-
Customer E		$	-			$	42,287				-	%			16	%		$	-			$	-
		$	288,428			$	233,670				61	%			88	%		$	33,024			$	16,957

 

(b) Major vendors

 

For three months ended March 31, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:

 

		2024				2023				2024				2023				2024				2023
		Purchase								Percentage of purchase								Accounts payable
Vendor A		$	27,640			$	23,998				14	%			13	%		$	1,431			$	-
Vendor B		$	79,705			$	92,571				40	%			50	%		$	10,433			$	-
Vendor C		$	22,818			$	24,602				11	%			13	%		$	15,665			$	10,626
		$	130,163			$	141,171				65	%			76	%		$	27,529			$	10,626

 

All vendors are located in Malaysia.

 

(c) Credit risk

 

Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

(d) Exchange rate risk

 

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$ and HK$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

 

F-15

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

13. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

 

The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly.

 

As of January 1, 2022, the Company recognized approximately US$92,606, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of January 1, 2022, with discounted rate of 5.4% adopted from Public Bank Berhad’s base lending rate as a reference for discount rate.

 

As of December 31, 2023, the tenancy agreement had expired, a new and fresh tenancy agreement for renewal term has yet to be executed. The lease on premises had continued on a month- to-month basis which is terminable by the end of each month.

 

A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows.

 

The initial recognition of operating lease right and lease liability as follow:

 

As of March 31, 2024 and December 31, 2023, operating lease right of use asset as follow:

 SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS

		As of March 31, 2024				As of December 31, 2023
As of beginning of the period/year		$	-			$	44,548
Accumulated amortization			-				(43,099	)
Effect of translation exchange			-				(1,449	)
Balance as of end of the period/year		$	-			$	-

 

As of March 31, 2024 and December 31, 2023, the amortization of the operating lease right of use asset are $0 and $43,099 respectively.

 

F-16

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

As of March 31, 2024, operating lease liability as follow:

 SCHEDULE OF OPERATING LEASE LIABILITY

As of January 1, 2024		$	-
Less: gross repayment			-
Add: imputed interest			-
Effect of translation exchange			-
Balance as of March 31, 2024		$	-
Less: lease liability current portion			-
Lease liability non-current portion		$	-

 

Maturities of operating lease obligation as follow:

 SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION

Year ending
December 31, 2024			-
Total		$	-

 

Other information:

 SCHEDULE OF OPERATING LEASE OTHER INFORMATION

		As of March 31, 2024				As of December 31, 2023
		(unaudited)				(audited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease		$	-			$	42,862
Right-of-use assets obtained in exchange for operating lease liabilities			-				-
Remaining lease term for operating lease (years)			-				-
Weighted average discount rate for operating lease			-				5.40	%

 

As of March 31, 2024 and December 31, 2023, lease expenses were $0 and $43,099 respectively.

 

14. RELATED PARTY TRANSACTIONS

 

For the period ended March 31, 2024 and 2023, the Company has the following transactions with related party:

 SCHEDULE OF RELATED PARTY TRANSACTION

		For the period ended March 31, 2024				For the period ended March 31, 2023
Professional Fees:
- Related party A		$	1,500			$	1,500
Sales
- Related party B		$	2,559			$	42,287
Total		$	4,059			$	43,787

 

The related party A, is a wholly owned subsidiary of a 7.33% shareholder of the Company.

 

The related party B’s director is the founder of the Company.

 

The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business.

 

15. SEGMENTED INFORMATION

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

 

F-17

 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

 

By Geography*:

 SCHEDULE OF REPORTING SEGMENTS

		Nevada*				Seychelles*				Hong Kong*				Malaysia*				Total *
		For the period ended March 31, 2024
		Nevada				Seychelles				Hong Kong				Malaysia				Total
Revenues		$	-			$	-			$	-			$	471,377			$	471,377
Cost of revenues			-				-				-				(201,492	)			(201,492	)
Depreciation and amortization			-				-				-				(3,437	)			(3,437	)
Net profit/(loss) before taxation			(12,566	)			(412	)			(1,126	)			191,927				177,823
Total assets		$	19,699			$	22,683			$	24,034			$	375,792			$	442,208

 

		Nevada*				Seychelles*				Hong Kong*				Malaysia*				Total*
		For the period ended March 31, 2023
		Nevada				Seychelles				Hong Kong				Malaysia				Total
Revenues		$	-			$	-			$	-			$	265,921			$	265,921
Cost of revenues			-				-				-				(183,937	)			(183,937	)
Depreciation and amortization			-				-				-				(18,514	)			(18,514	)
Net (loss)/profit before taxation			(15,398	)			(1,320	)			(1,069	)			1,035				(16,752	)
Total assets		$	14,136			$	12,481			$	14,569			$	272,770			$	313,956

 

*	Revenues and costs are attributed to countries based on the location of customers.

 

16. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2024 up through the date the Company issued the consolidated financial statements.

 

 

Item 2. Management’s discussion and analysis of financial condition and results of operations

 

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.8, dated July 20, 2016 in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

DSwiss, Inc., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on May 28, 2015. DSwiss Holding Limited owns 100% of DSwiss (HK) Limited, a Hong Kong Company, which owns 100% of DSwiss Sdn Bhd, the operating Malaysia Company of which is described below. In 2016, DSwiss (HK) Limited invested in DSwiss Biotech Sdn Bhd, incorporated in Malaysia, and owned 40% equity interest.

 

DSwiss is the leading corporation for premier nutraceutical biotechnology in USA, and has gone into Asian countries such as China, Hong Kong, Singapore, Thailand, and Malaysia with our high quality functional health supplement, skin care solution, wellness products and private labelled supplies turnkey provider (OEM/ODM). Our unique and innovative patented biotechnology, natural ingredients into products & services that has been proven to give better, faster and visible positive results to the end user including health improvement, slimming, anti-aging and beauty effects.

 

Currently, we are fulfilling in Talent Development, product research and development, and providing Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) services into functional food and beauty product of which is currently under research and development with Malaysia biotech and research professionals. Our professionals manage from custom formulation of scientifically-proven and naturally-effective, sourcing raw materials, production, quality control, stability and safety test, clinical testing by third-party labs, packaging and shipping including import and export, all licenses needed so customer can concentrate on what they should do. In 2020, with our experience and expertise, we have successfully expanded our client base in OEM/ODM services and developed products and Business-to-business (B2B) DNA genotyping private label services that exceed the clients’ expectation.

 

DSwiss has continuously expanding through launching health and beauty projects to provide premier experiences to the customers. DSwiss has shown a solid growth and is set to advance the biotechnology industry to drive nutraceutical and skincare biotechnology growth.

 

At this time, we operate exclusively online through our website: http://www.dswissbeauty.com.

 

Products which meet the definition of a functional food and cosmetics related products need to be registered or notified with the Drug Control Authority (DCA), Ministry of Health Malaysia. Manufacturing, marketing, importation and the sale of unregistered products is a violation of the Drug Control Regulations and Cosmetics Act 1984 of Malaysia and enforcement action can be taken.

 

At DSwiss, research and development is an ongoing effort whose purpose is to ensure our products on the forefront of quality and effectiveness. Equipped with state of the art machinery, our innovative research and development team are constantly exploring on new development and product lines that will enable us to provide the highest quality standard and remain competitive in the industry.

 

DSwiss’s products are certified and approved by the Ministry of Health (“MOH”) Malaysia. Due to the stringent requirements from MOH Malaysia, we strive to upkeep the highest possible standard in our products to provide assurance and as a prove of our continuing commitment to providing quality products.

 

Our expected growth is planned to occur primarily through the implementation of our social media marketing strategy. DSwiss already has a strong relationship with new retail tech company (eg. Facebook, E-Marketplace). The global presence social media has helped provide to us has been an invaluable resource, and as we continue to expand our business operations and spread our brand awareness, we intend to primarily utilize social media to reach our customers. The benefits of social media are countless, but perhaps the most imperative to our future success is our ability to connect with customers directly, to receive their feedback almost instantaneously. On that note, the feedback we have received from our clients has been overwhelmingly positive, which has helped us to create a robust brand image.

 

While DSwiss has been focused almost exclusively upon pursuing operations within Asia, we do have plans to expand outward and become a household name across the world. Our strategy to do so going forward is by forming partnerships with local companies in various countries that may be willing to stock our products or promote them to their own customers. We believe that by forging strategic relationships and partnerships we can expand our operations across the globe at a greater pace and with greater certainty than we would if we tried to expand on our own.

 

Results of Operation

 

For the Three Months Ended March 31, 2024 and March 31, 2023.

 

For the three months ended March 31, 2024 and 2023, we realized revenue in the amount of $471,377 and $265,921 respectively. Our gross profits for the three months ended March 31, 2024 and 2023 were $269,885 and $81,984 respectively, which is more than $187,901 for the three months ended March 31, 2023. We attribute this increase in gross profits as a result of increase in revenue.

 

 

*Our gross margins may not be comparable to those of other entities, since some entities include all the costs related to their distribution network in cost of revenue. Our cost of revenue includes only the purchase cost of products and packing materials, and does not include any allocation of inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, and the other costs associated with the distribution network.

 

Our net profit for the three months ended March 31, 2024 was $177,665 and net loss for the three months ended March 31, 2023 was $16,923.

 

Liquidity and Capital Resources

 

For the three months ended March 31, 2024 and 2023, we had cash and cash equivalents of $304,885 and $154,834 respectively. We have positive operating cash flow and our working capital has been and will continue to be significant. As a result, we have increased our sales resulting an increase in our overall revenue. We need to meet our working capital requirements to make capital investments in connection with ongoing operations. The Company expects its current capital resources to meet our basic operating requirements for approximately twelve months.

 

Operating Activities

 

For the three months ended March 31, 2024, net cash generated from operating activities was $62,517, compared to net cash used in operating activities was $49,890 in the prior period. The operating cash flow performance primarily reflects decrease in accounts payable, other payables and accrued liabilities to the prior period.

 

Investing Activities

 

For the three months ended March 31, 2024 and 2023, net cash generated from investing activities were $274 and $0 respectively, reflecting the disposal of plant and equipment.

 

Financing Activities

 

For the three months ended March 31, 2024 and 2023, net cash used in financing activities were $3,963 and $4,056 respectively resulted from the repayment of finance lease.

 

 

Credit Facilities

 

We do not have any credit facilities or other access to bank credit.

 

Contractual Obligations, Commitments and Contingencies

 

We currently have a lease agreement in place with respect to office premises in Malaysia to commence our business operations.

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of March 31, 2024.

 

 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

Additional Information

 

VIE STRUCTURE AND ARRANGEMENTS

 

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request ad hoc quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

 

The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

 

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

 

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

 

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

 

(i)	a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;
(ii)	a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and
(iii)	an Equity Pledge Agreement that pledges the shares in DSBT.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

 

 

Item 3 Quantitative and Qualitative Disclosures About Market Risk.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

Item 4 Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2016. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2024, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of March 31, 2024, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ending March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

 

ITEM 6. Exhibits

 

Exhibit No.		Description
31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
32.1		Section 1350 Certification of principal executive officer *
101.INS		Inline XBRL Instance Document*
101.SCH		Inline XBRL Schema Document*
101.CAL		Inline XBRL Calculation Linkbase Document*
101.DEF		Inline XBRL Definition Linkbase Document*
101.LAB		Inline XBRL Label Linkbase Document*
101.PRE		Inline XBRL Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	DSWISS, INC.
	(Name of Registrant)
Date: May 15, 2024
	By:	/s/ Leong Ming Chia
	Title:	President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer)

 

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, LEONG MING CHIA, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of DSwiss, Inc. (the “Company”) for the quarter ended March 31, 2024;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and

15d-15(f)) for the registrant and have:

 

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 15, 2024	By:	/s/ Leong Ming Chia
		LEONG MING CHIA
		President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer)

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of DSwiss, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 15, 2024	By:	/s/ Leong Ming Chia
		LEONG MING CHIA
		President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

v3.24.1.1.u2

Cover	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	333-208083
Entity Registrant Name	DSwiss, Inc.
Entity Central Index Key	0001652561
Entity Tax Identification Number	47-4215595
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite
Entity Address, Address Line Two	Avenue 3, Bangsar South
Entity Address, Address Line Three	No.8 Jalan Kerinchi
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	59200
City Area Code	(603)
Local Phone Number	2770-4032
Title of 12(b) Security	Common Stock
Trading Symbol	DQWS
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	206,904,585

v3.24.1.1.u2

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024		Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 304,885		$ 249,110
Accounts receivable	61,784		36,148
Other receivables, prepaid expenses and deposit	23,871		24,532
Tax recoverable	291		299
Inventories	6,196		6,872
Total Current Assets	397,027		316,961
NON-CURRENT ASSETS
Plant and equipment, net	43,017		48,105
Intangible assets, net	2,164		2,427
Total Non-Current Assets	45,181		50,532
TOTAL ASSETS	442,208	[1]	367,493
CURRENT LIABILITIES
Accounts payable	36,709		99,360
Other payables and accrued liabilities (including $1,500 and $3,000 of general and administrative expenses payable to a related party)	138,542		174,714
Finance lease liability	16,478		21,039
Total Current Liabilities	191,729		295,113
NON- CURRENT LIABILITIES
Finance lease liability	15,510		15,965
Total non-current liabilities	15,510		15,965
TOTAL LIABILITIES	207,239		311,078
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,585 shares issued and outstanding as of March 31, 2024 and December 31, 2023 respectively	20,690		20,690
Additional paid-in capital	1,395,426		1,395,426
Accumulated other comprehensive income	51,341		50,452
Accumulated deficit	(1,232,488)		(1,410,153)
TOTAL STOCKHOLDERS’ EQUITY	234,969		56,415
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 442,208		$ 367,493
[1] Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	206,904,585	206,904,585
Common stock, shares outstanding	206,904,585	206,904,585
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
General and administrative expenses payable	$ 1,500	$ 3,000

v3.24.1.1.u2

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
REVENUE (including $2,559 and $42,287 of revenue from a related party for the three months ended March 31, 2024 and 2023, respectively)	[1]	$ 471,377	$ 265,921
COST OF REVENUE	[1]	(201,492)	(183,937)
GROSS PROFIT		269,885	81,984
OTHER INCOME		2,152	1,504
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $1,500 and $1,500 of general and administrative expenses to a related party for the three months ended March 31, 2024 and 2023, respectively)		(93,543)	(87,799)
OPERATING EXPENSES		(329)	(414)
FINANCE COST		(342)	(1,051)
LEASE EXPENSES			(10,976)
PROFIT/(LOSS) BEFORE INCOME TAX	[1]	177,823	(16,752)
TAXATION		(158)	(171)
NET PROFIT/(LOSS)		177,665	(16,923)
Other comprehensive income:
- Foreign currency translation adjustment		889	42,907
Comprehensive income		$ 178,554	$ 25,984
Net loss per share - basic		$ 0.0009	$ 0.0001
Net loss per share - diluted		$ 0.0009	$ 0.0001
Weighted average number of common shares outstanding - basic		206,904,585	206,904,585
Weighted average number of common shares outstanding - diluted		206,904,585	206,904,585
[1] Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue related party	$ 2,559	$ 42,287
Revenue, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
General and administrative expenses related party	$ 1,500	$ 1,500
Selling, General, and Administrative Expenses, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]

v3.24.1.1.u2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022	$ 20,690	$ 1,395,426	$ (5,846)	$ (1,324,002)	$ 11,883	$ 98,151
Balance, shares at Dec. 31, 2022	206,904,585
Foreign currency translation adjustment			42,907			42,907
Net Profit/(loss)				(16,923)		(16,923)
Changes in ownership interests in an associate				(36,616)	(11,883)	(48,499)
Balance at Mar. 31, 2023	$ 20,690	1,395,426	37,061	(1,377,541)		75,636
Balance, shares at Mar. 31, 2023	206,904,585
Balance at Dec. 31, 2023	$ 20,690	1,395,426	50,452	(1,410,153)		56,415
Balance, shares at Dec. 31, 2023	206,904,585
Foreign currency translation adjustment			889			889
Net Profit/(loss)				177,665		177,665
Balance at Mar. 31, 2024	$ 20,690	$ 1,395,426	$ 51,341	$ (1,232,488)		$ 234,969
Balance, shares at Mar. 31, 2024	206,904,600

v3.24.1.1.u2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit/(Loss) before income tax	[1]	$ 177,823	$ (16,752)
Adjustments to reconcile net profit/(loss) to net cash generated from/(used in) operating activities:
Depreciation and amortization		3,437	18,514
Amortization for intangible assets		258	257
Changes in operating assets and liabilities:
Accounts payable		(74,639)	(14,207)
Accounts receivable		(11,848)	(13,965)
Other payables and accrued liabilities		(32,798)	(16,244)
Inventories		480	1,743
Other receivables, prepaid expenses and deposits		(38)	1,830
Reduction in lease liability			(10,895)
Cash generated from/(used in) operations		62,675	(49,719)
Tax paid		(158)	(171)
Net cash generated from/(used in) operating activities		62,517	(49,890)
CASH FLOWS FROM INVESTING ACTIVITY:
Disposal of plant and equipment		274
Net cash generated from investing activity		274
CASH FLOWS FROM FINANCING ACTIVITY:
Repayment of finance lease		(3,963)	(4,056)
Net cash used in financing activity		(3,963)	(4,056)
Effect of exchange rate changes on cash and cash equivalent		(3,053)	(5,489)
Net increase/(decrease) in cash and cash equivalents		55,775	(59,435)
Cash and cash equivalents, beginning of period		249,110	214,269
CASH AND CASH EQUIVALENTS, END OF PERIOD		304,885	154,834
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid		(158)	(171)
Interest paid		$ (392)	$ (423)
[1] Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

DESCRIPTION OF BUSINESS AND ORGANIZATION	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND ORGANIZATION	1. DESCRIPTION OF BUSINESS AND ORGANIZATION   DSwiss, Inc. is organized as a Nevada limited liability company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company is premier biotech-nutraceutical, beauty supplies, and medical consumables supplies. The Company sells medical consumable supplies, food supplements, skincare, and other related beauty products in Malaysia and around the ASEAN region. We are globally recognized Turnkey Private Label Manufacturing Services for nutraceutical and skincare OEM/ODM products.   Our professionals manage from custom formulation of scientifically proven and naturally effective, sourcing raw materials, production, quality control, stability, and safety test, clinical testing by third-party labs, packaging, and shipping, including import and export.   Our manufacturing facilities which compliant with GMP (Good Manufacturing Practise), FDA (Food Drug Association), HACCP (Hazard Analysis and Critical Control Point), JAKIM HALAL, and Mesti.   The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at March 31, 2024 and 2023 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended March 31, 2024 and 2023 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2023 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2023.   We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequent hold 100% equity interest in DSwiss Sdn. Bhd. On August 31, 2015, DSwiss, Inc. was restructured to be the holding company parent to, and succeed to the operations of, DSwiss Holding Limited. The former unit holder of DSwiss Holding Limited became the unit holder of DSwiss, Inc. and DSwiss Holding Limited became a wholly-owned subsidiary of DSwiss, Inc. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of DSwiss Holding Limited were carried over to and combined with DSwiss, Inc. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted for comparative purposes.   We have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40% equity interest. On January 18, 2023, DSwiss (HK) Limited acquired 150,000 shares, representing 60% equity interest in DSwiss Biotech Sdn. Bhd., from the other party with consideration of RM 1. After such acquisition, DSwiss Biotech Sdn. Bhd. became a wholly owned subsidiary of DSwiss (HK) Limited.   The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries:   SCHEDULE OF VARIABLE INTEREST ENTITY     Company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   DSwiss Holding Limited   Seychelles, May 28, 2015   1 share of ordinary share of US$1 each   Investment holding     100 %                           2.   DSwiss (HK) Limited   Hong Kong, May 28, 2015   1 share of ordinary share of HK$1 each   Supply of beauty products     100 %                           3.   DSwiss Sdn Bhd   Malaysia, March 10, 2011   2 shares of ordinary share of RM 1 each   Supply of beauty products     100 %                           4.   DSwiss Biotech Sdn Bhd   Malaysia, March 17, 2016   250,000 shares of ordinary share of RM 1 each   Supply of biotech products     100 %     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Going Concern   The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended March 31, 2024, the Company suffered an accumulated deficit of $1,232,488. This factor raises substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.   Basis of presentation   The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).   Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.   Use of estimates   In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates.   Revenue recognition   The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.   Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded.   The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand and medical consumables product are sold and accepted by the customers and there are no continuing obligations to the customer.   Cost of revenue   Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.   Shipping and handling fees   Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. Shipping and handling fees are expensed as incurred for the three months ended March 31, 2024 were $0, while for the three months ended March 31, 2023 were $28.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)   Selling and distribution expenses   Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.   Cash and cash equivalents   The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.   Inventories   Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.   Plant and equipment   Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:   SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification   Estimated useful lives Computer and software   5 years Furniture and fittings   5 years Office equipment   10 years Motor vehicle   5 years   Intangible assets   Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years.   The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no impairment losses recorded on intangible assets for the three months ended March 31, 2024.   Leases   Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods (see Note 13).   Income taxes   The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.   ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.   The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)   Net income/(loss) per share   The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.   Foreign currencies translation   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.   The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia and Hong Kong maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.   In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.   Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:   SCHEDULE OF FOREIGN CURRENCIES TRANSLATION     As of and for the three months ended March 31,       2024     2023                 Period-end RM : US$1 exchange rate     4.72       4.42   Period-average RM : US$1 exchange rate     4.73       4.39   Period-end HK$ : US$1 exchange rate     7.83       7.85   Period-average HK$ : US$1 exchange rate     7.82       7.84       DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)   Related parties   Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.   Fair value of financial instruments:   The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, accounts payable, other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments.   The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:   Level 1: Observable inputs such as quoted prices in active markets;   Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and   Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.   Segment reporting   ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the three months ended March 31, 2023, the Company operates in three reportable operating segments in Malaysia and Hong Kong.   Recent accounting pronouncements   FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.   The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.   In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.   Recently Issued Accounting Standards   The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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VIE STRUCTURE AND ARRANGEMENTS	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VIE STRUCTURE AND ARRANGEMENTS	3. VIE STRUCTURE AND ARRANGEMENTS   On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.   The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:   (a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;   (b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;   (c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;   (d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and   (e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.   In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including   (i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;     (ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and     (ii) an Equity Pledge Agreement that pledges the shares in DSBT.   This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.   On January 18, 2023, DSwiss (HK) Limited acquired 150,000 shares, representing 60% equity interest in DSwiss Biotech Sdn. Bhd., from the other party with consideration of RM 1. After such acquisition, DSwiss Biotech Sdn. Bhd. became a wholly owned subsidiary of DSwiss (HK) Limited.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	4. STOCKHOLDERS’ EQUITY   As of March 31, 2024, the Company had a total of 206,904,585 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.

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PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PLANT AND EQUIPMENT	5. PLANT AND EQUIPMENT   SCHEDULE OF PLANT AND EQUIPMENT     March 31, 2024     December 31, 2023   Computer and software   $ 101,431     $ 102,064   Furniture and fittings     6,144       6,144   Office equipment     21,525       21,525   Motor vehicle     135,868       135,868   Total plant and equipment   $ 264,968     $ 265,601   Accumulated depreciation     (208,678 )     (205,600 ) Effect of translation exchange     (13,273 )     (11,896 ) Plant and equipment, net   $ 43,017     $ 48,105     Depreciation expense for the three months ended March 31, 2024 and 2023 were $3,437 and $7,537 respectively.

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INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	6. INTANGIBLE ASSETS   SCHEDULE OF INTANGIBLE ASSETS     March 31, 2024     December 31, 2023   Trademarks   $ 12,077     $ 12,077   Amortization     (9,452 )     (9,194 ) Effect of translation exchange     (461 )     (456 ) Intangible assets, net   $ 2,164     $ 2,427     Amortization for the three months ended March 31, 2024 and March 31, 2023 were $258 and $257, respectively.

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OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS	7. OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS   SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS      March 31, 2024     December 31, 2023   Other receivables   $ 5,305     $ 5,460   Prepaid expenses     1,915       1,932   Deposits     16,651       17,140   Total other receivables, prepaid expenses and deposits   $ 23,871     $ 24,532

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INVENTORIES	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	8. INVENTORIES   SCHEDULE OF INVENTORIES     March 31, 2024     December 31, 2023   Finished goods, at cost   $ 6,196     $ 6,872   Total inventories   $ 6,196     $ 6,872

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OTHER PAYABLES AND ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
OTHER PAYABLES AND ACCRUED LIABILITIES	9. OTHER PAYABLES AND ACCRUED LIABILITIES   SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES     March 31, 2024     December 31, 2023   Other payables   $ 72,565     $ 114,964   Accrued audit fees     27,461       30,207   Accrued other expenses     20,018       15,222   Accrued professional fees     18,498       14,321   Total payables and accrued liabilities   $ 138,542     $ 174,714       DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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FINANCE LEASE LIABILITY	3 Months Ended
	Mar. 31, 2024
Finance Lease Liability
FINANCE LEASE LIABILITY	10. FINANCE LEASE LIABILITY   The Company purchased motor vehicles with finance lease. The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly. The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly. The obligation under the finance lease is as follows:   SCHEDULE OF OBLIGATION UNDER FINANCE LEASE     As of March 31, 2024     As of December 31, 2023   Finance lease   $ 33,406     $ 38,817   Less: interest expense     (1,418 )     (1,813 ) Net present value of finance lease     31,988       37,004                     Current portion     16,478       21,039   Non-current portion     15,510       15,965   Total   $ 31,988     $ 37,004     As of March 31, 2024 the maturities of the finance lease for each of the years are as follows:   SCHEDULE OF MATURITIES OF FINANCE LEASE           2024     12,136   2025     12,294   2026     7,558   Total   $ 31,988       DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES   For the three months ended March 31, 2024 and 2023, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following:  SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES     For the three months ended March 31, 2024     For the three months ended March 31, 2023                 Tax jurisdictions from:                 - Local   $ (12,566 )   $ (15,398 ) - Foreign, representing                 Seychelles     (412 )     (1,320 ) Hong Kong     (1,126 )     (1,069 ) Malaysia     191,927       1,035                     Profit/(Loss) before income tax   $ 177,823     $ (16,752 )   The provision for income taxes consisted of the following:  SCHEDULE OF PROVISION FOR INCOME TAXES      For the three months ended March 31, 2024     For the three months ended March 31, 2023   Current:                 - Local   $ -     $ -   - Foreign     (158 )     (171 )                   Deferred:                 - Local     -       -   - Foreign     -       -                     Income tax expense   $ (158 )   $ (171 )   The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Seychelles, Hong Kong and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:   United States of America   The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2024, the operations in the United States of America incurred $536,691 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 21%. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $112,705 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.   Seychelles   Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.   Hong Kong   DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. As of March 31, 2024, the operations in the Hong Kong incurred $635,932 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5%. The Company has provided for a full valuation allowance of $104,928 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.   Malaysia   DSwiss Sdn. Bhd. and DSwiss Biotech Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income. As of March 31, 2024, the operations in the Malaysia incurred $15,851 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 15%. The Company has provided for a full valuation allowance of $2,378 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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CONCENTRATIONS OF RISK	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS OF RISK	12. CONCENTRATIONS OF RISK   The Company is exposed to the following concentrations of risk:   (a) Major customers   For three months ended March 31, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:  SCHEDULE OF CONCENTRATION OF RISK     2024     2023     2024     2023     2024     2023       Revenue     Percentage of revenue     Accounts receivable                                         Customer A   $ -     $ 39,864       - %     15 %   $ -     $ -   Customer B   $ -     $ 36,094       - %     14 %   $ -     $ -   Customer C   $ 49,476     $ 51,254       10 %     19 %   $ 33,024     $ 16,957   Customer D   $ 238,952     $ 64,171       51 %     24 %   $ -     $ -   Customer E   $ -     $ 42,287       - %     16 %   $ -     $ -       $ 288,428     $ 233,670       61 %     88 %   $ 33,024     $ 16,957     (b) Major vendors   For three months ended March 31, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:       2024     2023     2024     2023     2024     2023       Purchase     Percentage of purchase     Accounts payable                                         Vendor A   $ 27,640     $ 23,998       14 %     13 %   $ 1,431     $ -   Vendor B   $ 79,705     $ 92,571       40 %     50 %   $ 10,433     $ -   Vendor C   $ 22,818     $ 24,602       11 %     13 %   $ 15,665     $ 10,626       $ 130,163     $ 141,171       65 %     76 %   $ 27,529     $ 10,626     All vendors are located in Malaysia.   (c) Credit risk   Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.   (d) Exchange rate risk   The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$ and HK$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)

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LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2024
Lease Right-of-use Asset And Lease Liabilities
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES	13. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES   The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly.   As of January 1, 2022, the Company recognized approximately US$92,606, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of January 1, 2022, with discounted rate of 5.4% adopted from Public Bank Berhad’s base lending rate as a reference for discount rate.   As of December 31, 2023, the tenancy agreement had expired, a new and fresh tenancy agreement for renewal term has yet to be executed. The lease on premises had continued on a month- to-month basis which is terminable by the end of each month.   A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows.   The initial recognition of operating lease right and lease liability as follow:   As of March 31, 2024 and December 31, 2023, operating lease right of use asset as follow:  SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS     As of March 31, 2024     As of December 31, 2023   As of beginning of the period/year   $ -     $ 44,548   Accumulated amortization     -       (43,099 ) Effect of translation exchange     -       (1,449 ) Balance as of end of the period/year   $ -     $ -     As of March 31, 2024 and December 31, 2023, the amortization of the operating lease right of use asset are $0 and $43,099 respectively.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)   As of March 31, 2024, operating lease liability as follow:  SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2024   $ -   Less: gross repayment     -   Add: imputed interest     -   Effect of translation exchange     -   Balance as of March 31, 2024   $ -   Less: lease liability current portion     -   Lease liability non-current portion   $ -     Maturities of operating lease obligation as follow:  SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending         December 31, 2024     -   Total   $ -     Other information:  SCHEDULE OF OPERATING LEASE OTHER INFORMATION     As of March 31, 2024     As of December 31, 2023       (unaudited)     (audited)   Cash paid for amounts included in the measurement of lease liabilities:                       Operating cash flow from operating lease   $ -     $ 42,862   Right-of-use assets obtained in exchange for operating lease liabilities     -       -   Remaining lease term for operating lease (years)     -       -   Weighted average discount rate for operating lease     -       5.40 %   As of March 31, 2024 and December 31, 2023, lease expenses were $0 and $43,099 respectively.

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RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS   For the period ended March 31, 2024 and 2023, the Company has the following transactions with related party:  SCHEDULE OF RELATED PARTY TRANSACTION     For the period ended March 31, 2024     For the period ended March 31, 2023   Professional Fees:                 - Related party A   $ 1,500     $ 1,500                     Sales                 - Related party B   $ 2,559     $ 42,287                     Total   $ 4,059     $ 43,787     The related party A, is a wholly owned subsidiary of a 7.33% shareholder of the Company.   The related party B’s director is the founder of the Company.   The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business.

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SEGMENTED INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTED INFORMATION	15. SEGMENTED INFORMATION   ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)   The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:   By Geography*:  SCHEDULE OF REPORTING SEGMENTS     Nevada*     Seychelles*     Hong Kong*     Malaysia*     Total *       For the period ended March 31, 2024       Nevada     Seychelles     Hong Kong     Malaysia     Total                                   Revenues   $ -     $ -     $ -     $ 471,377     $ 471,377   Cost of revenues     -       -       -       (201,492 )     (201,492 ) Depreciation and amortization     -       -       -       (3,437 )     (3,437 ) Net profit/(loss) before taxation     (12,566 )     (412 )     (1,126 )     191,927       177,823                                             Total assets   $ 19,699     $ 22,683     $ 24,034     $ 375,792     $ 442,208         Nevada*     Seychelles*     Hong Kong*     Malaysia*     Total*       For the period ended March 31, 2023       Nevada     Seychelles     Hong Kong     Malaysia     Total                                   Revenues   $ -     $ -     $ -     $ 265,921     $ 265,921   Cost of revenues     -       -       -       (183,937 )     (183,937 ) Depreciation and amortization     -       -       -       (18,514 )     (18,514 ) Net (loss)/profit before taxation     (15,398 )     (1,320 )     (1,069 )     1,035       (16,752 )                                           Total assets   $ 14,136     $ 12,481     $ 14,569     $ 272,770     $ 313,956     * Revenues and costs are attributed to countries based on the location of customers.

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SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS   In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2024 up through the date the Company issued the consolidated financial statements.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Going Concern	Going Concern   The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended March 31, 2024, the Company suffered an accumulated deficit of $1,232,488. This factor raises substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.
Basis of presentation	Basis of presentation   The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).
Basis of consolidation	Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.
Use of estimates	Use of estimates   In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Revenue recognition	Revenue recognition   The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.   Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded.   The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand and medical consumables product are sold and accepted by the customers and there are no continuing obligations to the customer.
Cost of revenue	Cost of revenue   Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.
Shipping and handling fees	Shipping and handling fees   Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. Shipping and handling fees are expensed as incurred for the three months ended March 31, 2024 were $0, while for the three months ended March 31, 2023 were $28.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)
Selling and distribution expenses	Selling and distribution expenses   Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.
Cash and cash equivalents	Cash and cash equivalents   The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.
Inventories	Inventories   Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.
Plant and equipment	Plant and equipment   Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:   SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification   Estimated useful lives Computer and software   5 years Furniture and fittings   5 years Office equipment   10 years Motor vehicle   5 years
Intangible assets	Intangible assets   Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years.   The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no impairment losses recorded on intangible assets for the three months ended March 31, 2024.
Leases	Leases   Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods (see Note 13).
Income taxes	Income taxes   The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.   ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.   The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.     DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)
Net income/(loss) per share	Net income/(loss) per share   The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.
Foreign currencies translation	Foreign currencies translation   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.   The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia and Hong Kong maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.   In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.   Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:   SCHEDULE OF FOREIGN CURRENCIES TRANSLATION     As of and for the three months ended March 31,       2024     2023                 Period-end RM : US$1 exchange rate     4.72       4.42   Period-average RM : US$1 exchange rate     4.73       4.39   Period-end HK$ : US$1 exchange rate     7.83       7.85   Period-average HK$ : US$1 exchange rate     7.82       7.84       DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED)
Related parties	Related parties   Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Fair value of financial instruments	Fair value of financial instruments:   The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, accounts payable, other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments.   The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:   Level 1: Observable inputs such as quoted prices in active markets;   Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and   Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Segment reporting	Segment reporting   ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the three months ended March 31, 2023, the Company operates in three reportable operating segments in Malaysia and Hong Kong.
Recent accounting pronouncements	Recent accounting pronouncements   FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.   The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.   In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards   The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

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DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF VARIABLE INTEREST ENTITY	The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries:   SCHEDULE OF VARIABLE INTEREST ENTITY     Company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   DSwiss Holding Limited   Seychelles, May 28, 2015   1 share of ordinary share of US$1 each   Investment holding     100 %                           2.   DSwiss (HK) Limited   Hong Kong, May 28, 2015   1 share of ordinary share of HK$1 each   Supply of beauty products     100 %                           3.   DSwiss Sdn Bhd   Malaysia, March 10, 2011   2 shares of ordinary share of RM 1 each   Supply of beauty products     100 %                           4.   DSwiss Biotech Sdn Bhd   Malaysia, March 17, 2016   250,000 shares of ordinary share of RM 1 each   Supply of biotech products     100 %

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE	Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:   SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification   Estimated useful lives Computer and software   5 years Furniture and fittings   5 years Office equipment   10 years Motor vehicle   5 years
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION	Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:   SCHEDULE OF FOREIGN CURRENCIES TRANSLATION     As of and for the three months ended March 31,       2024     2023                 Period-end RM : US$1 exchange rate     4.72       4.42   Period-average RM : US$1 exchange rate     4.73       4.39   Period-end HK$ : US$1 exchange rate     7.83       7.85   Period-average HK$ : US$1 exchange rate     7.82       7.84

v3.24.1.1.u2

PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PLANT AND EQUIPMENT	SCHEDULE OF PLANT AND EQUIPMENT     March 31, 2024     December 31, 2023   Computer and software   $ 101,431     $ 102,064   Furniture and fittings     6,144       6,144   Office equipment     21,525       21,525   Motor vehicle     135,868       135,868   Total plant and equipment   $ 264,968     $ 265,601   Accumulated depreciation     (208,678 )     (205,600 ) Effect of translation exchange     (13,273 )     (11,896 ) Plant and equipment, net   $ 43,017     $ 48,105

v3.24.1.1.u2

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	SCHEDULE OF INTANGIBLE ASSETS     March 31, 2024     December 31, 2023   Trademarks   $ 12,077     $ 12,077   Amortization     (9,452 )     (9,194 ) Effect of translation exchange     (461 )     (456 ) Intangible assets, net   $ 2,164     $ 2,427

v3.24.1.1.u2

OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS	SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS      March 31, 2024     December 31, 2023   Other receivables   $ 5,305     $ 5,460   Prepaid expenses     1,915       1,932   Deposits     16,651       17,140   Total other receivables, prepaid expenses and deposits   $ 23,871     $ 24,532

v3.24.1.1.u2

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	SCHEDULE OF INVENTORIES     March 31, 2024     December 31, 2023   Finished goods, at cost   $ 6,196     $ 6,872   Total inventories   $ 6,196     $ 6,872

v3.24.1.1.u2

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES	SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES     March 31, 2024     December 31, 2023   Other payables   $ 72,565     $ 114,964   Accrued audit fees     27,461       30,207   Accrued other expenses     20,018       15,222   Accrued professional fees     18,498       14,321   Total payables and accrued liabilities   $ 138,542     $ 174,714

v3.24.1.1.u2

FINANCE LEASE LIABILITY (Tables)	3 Months Ended
	Mar. 31, 2024
Finance Lease Liability
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE	SCHEDULE OF OBLIGATION UNDER FINANCE LEASE     As of March 31, 2024     As of December 31, 2023   Finance lease   $ 33,406     $ 38,817   Less: interest expense     (1,418 )     (1,813 ) Net present value of finance lease     31,988       37,004                     Current portion     16,478       21,039   Non-current portion     15,510       15,965   Total   $ 31,988     $ 37,004
SCHEDULE OF MATURITIES OF FINANCE LEASE	As of March 31, 2024 the maturities of the finance lease for each of the years are as follows:   SCHEDULE OF MATURITIES OF FINANCE LEASE           2024     12,136   2025     12,294   2026     7,558   Total   $ 31,988

v3.24.1.1.u2

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES	For the three months ended March 31, 2024 and 2023, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following:  SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES     For the three months ended March 31, 2024     For the three months ended March 31, 2023                 Tax jurisdictions from:                 - Local   $ (12,566 )   $ (15,398 ) - Foreign, representing                 Seychelles     (412 )     (1,320 ) Hong Kong     (1,126 )     (1,069 ) Malaysia     191,927       1,035                     Profit/(Loss) before income tax   $ 177,823     $ (16,752 )
SCHEDULE OF PROVISION FOR INCOME TAXES	The provision for income taxes consisted of the following:  SCHEDULE OF PROVISION FOR INCOME TAXES      For the three months ended March 31, 2024     For the three months ended March 31, 2023   Current:                 - Local   $ -     $ -   - Foreign     (158 )     (171 )                   Deferred:                 - Local     -       -   - Foreign     -       -                     Income tax expense   $ (158 )   $ (171 )

v3.24.1.1.u2

CONCENTRATIONS OF RISK (Tables)	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION OF RISK	(a) Major customers   For three months ended March 31, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:  SCHEDULE OF CONCENTRATION OF RISK     2024     2023     2024     2023     2024     2023       Revenue     Percentage of revenue     Accounts receivable                                         Customer A   $ -     $ 39,864       - %     15 %   $ -     $ -   Customer B   $ -     $ 36,094       - %     14 %   $ -     $ -   Customer C   $ 49,476     $ 51,254       10 %     19 %   $ 33,024     $ 16,957   Customer D   $ 238,952     $ 64,171       51 %     24 %   $ -     $ -   Customer E   $ -     $ 42,287       - %     16 %   $ -     $ -       $ 288,428     $ 233,670       61 %     88 %   $ 33,024     $ 16,957     (b) Major vendors   For three months ended March 31, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:       2024     2023     2024     2023     2024     2023       Purchase     Percentage of purchase     Accounts payable                                         Vendor A   $ 27,640     $ 23,998       14 %     13 %   $ 1,431     $ -   Vendor B   $ 79,705     $ 92,571       40 %     50 %   $ 10,433     $ -   Vendor C   $ 22,818     $ 24,602       11 %     13 %   $ 15,665     $ 10,626       $ 130,163     $ 141,171       65 %     76 %   $ 27,529     $ 10,626

v3.24.1.1.u2

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Lease Right-of-use Asset And Lease Liabilities
SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS	As of March 31, 2024 and December 31, 2023, operating lease right of use asset as follow:  SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS     As of March 31, 2024     As of December 31, 2023   As of beginning of the period/year   $ -     $ 44,548   Accumulated amortization     -       (43,099 ) Effect of translation exchange     -       (1,449 ) Balance as of end of the period/year   $ -     $ -
SCHEDULE OF OPERATING LEASE LIABILITY	As of March 31, 2024, operating lease liability as follow:  SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2024   $ -   Less: gross repayment     -   Add: imputed interest     -   Effect of translation exchange     -   Balance as of March 31, 2024   $ -   Less: lease liability current portion     -   Lease liability non-current portion   $ -
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION	Maturities of operating lease obligation as follow:  SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending         December 31, 2024     -   Total   $ -
SCHEDULE OF OPERATING LEASE OTHER INFORMATION	Other information:  SCHEDULE OF OPERATING LEASE OTHER INFORMATION     As of March 31, 2024     As of December 31, 2023       (unaudited)     (audited)   Cash paid for amounts included in the measurement of lease liabilities:                       Operating cash flow from operating lease   $ -     $ 42,862   Right-of-use assets obtained in exchange for operating lease liabilities     -       -   Remaining lease term for operating lease (years)     -       -   Weighted average discount rate for operating lease     -       5.40 %

v3.24.1.1.u2

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTY TRANSACTION	For the period ended March 31, 2024 and 2023, the Company has the following transactions with related party:  SCHEDULE OF RELATED PARTY TRANSACTION     For the period ended March 31, 2024     For the period ended March 31, 2023   Professional Fees:                 - Related party A   $ 1,500     $ 1,500                     Sales                 - Related party B   $ 2,559     $ 42,287                     Total   $ 4,059     $ 43,787

v3.24.1.1.u2

SEGMENTED INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SCHEDULE OF REPORTING SEGMENTS	The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:   By Geography*:  SCHEDULE OF REPORTING SEGMENTS     Nevada*     Seychelles*     Hong Kong*     Malaysia*     Total *       For the period ended March 31, 2024       Nevada     Seychelles     Hong Kong     Malaysia     Total                                   Revenues   $ -     $ -     $ -     $ 471,377     $ 471,377   Cost of revenues     -       -       -       (201,492 )     (201,492 ) Depreciation and amortization     -       -       -       (3,437 )     (3,437 ) Net profit/(loss) before taxation     (12,566 )     (412 )     (1,126 )     191,927       177,823                                             Total assets   $ 19,699     $ 22,683     $ 24,034     $ 375,792     $ 442,208         Nevada*     Seychelles*     Hong Kong*     Malaysia*     Total*       For the period ended March 31, 2023       Nevada     Seychelles     Hong Kong     Malaysia     Total                                   Revenues   $ -     $ -     $ -     $ 265,921     $ 265,921   Cost of revenues     -       -       -       (183,937 )     (183,937 ) Depreciation and amortization     -       -       -       (18,514 )     (18,514 ) Net (loss)/profit before taxation     (15,398 )     (1,320 )     (1,069 )     1,035       (16,752 )                                           Total assets   $ 14,136     $ 12,481     $ 14,569     $ 272,770     $ 313,956     * Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

SCHEDULE OF VARIABLE INTEREST ENTITY (Details)	3 Months Ended
	Mar. 31, 2024
DSwiss Holding Limited [Member]
Company name	DSwiss Holding Limited
Place of incorporation	Seychelles
Date of incorporation	May 28, 2015
Particulars of issued capital	1 share of ordinary share of US$1 each
Principal activities	Investment holding
Proportional of ownership interest and voting power held	100.00%
DSwiss (HK) Limited [Member]
Company name	DSwiss (HK) Limited
Place of incorporation	Hong Kong
Date of incorporation	May 28, 2015
Particulars of issued capital	1 share of ordinary share of HK$1 each
Principal activities	Supply of beauty products
Proportional of ownership interest and voting power held	100.00%
DSwiss Sdn Bhd [Member]
Company name	DSwiss Sdn Bhd
Place of incorporation	Malaysia
Date of incorporation	Mar. 10, 2011
Particulars of issued capital	2 shares of ordinary share of RM 1 each
Principal activities	Supply of beauty products
Proportional of ownership interest and voting power held	100.00%
DSwiss Biotech Sdn Bhd [Member]
Company name	DSwiss Biotech Sdn Bhd
Place of incorporation	Malaysia
Date of incorporation	Mar. 17, 2016
Particulars of issued capital	250,000 shares of ordinary share of RM 1 each
Principal activities	Supply of biotech products
Proportional of ownership interest and voting power held	100.00%

v3.24.1.1.u2

DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - RM / shares	Jan. 18, 2023	Mar. 31, 2024
DSwiss (HK) Limited [Member]
Consideration price per share	RM 1
DSwiss Holding Limited [Member] | HONG KONG
Equity ownership interest rate percentage		100.00%
DSwiss Sdn Bhd [Member] | MALAYSIA
Equity ownership interest rate percentage		100.00%
DSwiss Biotech [Member] | HONG KONG
Equity ownership interest rate percentage	60.00%
Stock issued during period, shares, new issues	150,000
DSwiss Biotech [Member] | MALAYSIA
Equity ownership interest rate percentage		40.00%

v3.24.1.1.u2

SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details)	Mar. 31, 2024
Computer and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years

v3.24.1.1.u2

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details)	Mar. 31, 2024	Mar. 31, 2023
Period End RM [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate, translation	4.72	4.42
Period Average RM [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate, translation	4.73	4.39
Period-end HK [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate, translation	7.83	7.85
Period Average HK [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate, translation	7.82	7.84

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) Integer	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Accumulated deficit	$ 1,232,488		$ 1,410,153
Selling and distribution expenses	$ 93,543	$ 87,799
Intangible asset, useful life	10 years
Impairment loss	$ 0
Largest amount of tax benefit, description	greater than 50%
MALAYSIA
Product Information [Line Items]
Number of reportable segments | Integer		3
HONG KONG
Product Information [Line Items]
Number of reportable segments | Integer		3
Shipping and Handling [Member]
Product Information [Line Items]
Selling and distribution expenses	$ 0	$ 28

v3.24.1.1.u2

VIE STRUCTURE AND ARRANGEMENTS (Details Narrative) - RM / shares	Jan. 18, 2023	Jun. 27, 2016
DSwiss (HK) Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares, acquired	150,000
Equity ownership interest rate percentage	60.00%
Consideration price per share	RM 1
Management Services Agreement I [Member] | DSwiss (HK) Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of annual net profit to be received as fee		100.00%

v3.24.1.1.u2

STOCKHOLDERS’ EQUITY (Details Narrative) - shares	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock shares issued	206,904,585	206,904,585
Common stock shares outstanding	206,904,585	206,904,585
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

v3.24.1.1.u2

SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total plant and equipment	$ 264,968	$ 265,601
Accumulated depreciation	(208,678)	(205,600)
Effect of translation exchange	(13,273)	(11,896)
Plant and equipment, net	43,017	48,105
Computer and Software [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	101,431	102,064
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	6,144	6,144
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	21,525	21,525
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	$ 135,868	$ 135,868

v3.24.1.1.u2

PLANT AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,437	$ 7,537

v3.24.1.1.u2

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Trademarks	$ 12,077	$ 12,077
Amortization	(9,452)	(9,194)
Effect of translation exchange	(461)	(456)
Intangible assets, net	$ 2,164	$ 2,427

v3.24.1.1.u2

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 258	$ 257

v3.24.1.1.u2

SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other receivables	$ 5,305	$ 5,460
Prepaid expenses	1,915	1,932
Deposits	16,651	17,140
Total other receivables, prepaid expenses and deposits	$ 23,871	$ 24,532

v3.24.1.1.u2

SCHEDULE OF INVENTORIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods, at cost	$ 6,196	$ 6,872
Total inventories	$ 6,196	$ 6,872

v3.24.1.1.u2

SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Other payables	$ 72,565	$ 114,964
Accrued audit fees	27,461	30,207
Accrued other expenses	20,018	15,222
Accrued professional fees	18,498	14,321
Total payables and accrued liabilities	$ 138,542	$ 174,714

v3.24.1.1.u2

SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Finance Lease Liability
Finance lease	$ 33,406	$ 38,817
Less: interest expense	(1,418)	(1,813)
Total	31,988	37,004
Current portion	16,478	21,039
Non-current portion	$ 15,510	$ 15,965

v3.24.1.1.u2

SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Finance Lease Liability
2024	$ 12,136
2025	12,294
2026	7,558
Total	$ 31,988	$ 37,004

v3.24.1.1.u2

FINANCE LEASE LIABILITY (Details Narrative)	3 Months Ended
	Mar. 31, 2024
First Finance Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finance lease, description	The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly
Second Finance Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finance lease, description	The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly

v3.24.1.1.u2

SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Profit/(Loss) before income tax	[1]	$ 177,823	$ (16,752)
UNITED STATES
Profit/(Loss) before income tax		(12,566)	(15,398)
SEYCHELLES
Profit/(Loss) before income tax	[1]	(412)	(1,320)
HONG KONG
Profit/(Loss) before income tax	[1]	(1,126)	(1,069)
MALAYSIA
Profit/(Loss) before income tax	[1]	$ 191,927	$ 1,035
[1] Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current:
- Local
- Foreign	(158)	(171)
Deferred:
- Local
- Foreign
Income tax expense	$ (158)	$ (171)

v3.24.1.1.u2

INCOME TAXES (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($)
United States of America [Member]
Operating Loss Carryforwards [Line Items]
Cumulative net operating losses	$ 536,691
Income tax rate	21.00%
Net operating loss carryforwards expiration	The net operating loss carry forwards begin to expire in 2038, if unutilized
Valuation allowance	$ 112,705
Hong Kong [Member] | DSwiss (HK) Limited [Member]
Operating Loss Carryforwards [Line Items]
Cumulative net operating losses	$ 635,932
Income tax rate	16.50%
Valuation allowance	$ 104,928
Statutory income tax, rate	16.50%
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member]
Operating Loss Carryforwards [Line Items]
Cumulative net operating losses	$ 15,851
Income tax rate	15.00%
Valuation allowance	$ 2,378
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax, rate	15.00%
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax, rate	24.00%

v3.24.1.1.u2

SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Concentration Risk [Line Items]
Revenues	[1]	$ 471,377	$ 265,921
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Line Items]
Revenues			$ 39,864
Concentration risk, percentage			15.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Line Items]
Revenues			$ 36,094
Concentration risk, percentage			14.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Line Items]
Revenues		$ 49,476	$ 51,254
Concentration risk, percentage		10.00%	19.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Line Items]
Revenues		$ 238,952	$ 64,171
Concentration risk, percentage		51.00%	24.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member]
Concentration Risk [Line Items]
Revenues			$ 42,287
Concentration risk, percentage			16.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers [Member]
Concentration Risk [Line Items]
Revenues		$ 288,428	$ 233,670
Concentration risk, percentage		61.00%	88.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Line Items]
Accounts receivable
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Line Items]
Accounts receivable
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Line Items]
Accounts receivable		33,024	16,957
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Line Items]
Accounts receivable
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]
Concentration Risk [Line Items]
Accounts receivable
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers [Member]
Concentration Risk [Line Items]
Accounts receivable		$ 33,024	$ 16,957
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		14.00%	13.00%
Purchase		$ 27,640	$ 23,998
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		40.00%	50.00%
Purchase		$ 79,705	$ 92,571
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%	13.00%
Purchase		$ 22,818	$ 24,602
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendors [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		65.00%	76.00%
Purchase		$ 130,163	$ 141,171
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member]
Concentration Risk [Line Items]
Accounts payable		1,431
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member]
Concentration Risk [Line Items]
Accounts payable		10,433
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member]
Concentration Risk [Line Items]
Accounts payable		15,665	10,626
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendors [Member]
Concentration Risk [Line Items]
Accounts payable		$ 27,529	$ 10,626
[1] Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Lease Right-of-use Asset And Lease Liabilities
Operating lease right of use asset, beginning		$ 44,548
Accumulated amortization		(43,099)
Effect of translation exchange		(1,449)
Operating lease right of use asset, ending

v3.24.1.1.u2

SCHEDULE OF OPERATING LEASE LIABILITY (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Lease Right-of-use Asset And Lease Liabilities
Operating lease liability, beginning
Less: gross repayment
Add: imputed interest
Effect of translation exchange
Operating lease liability, ending
Less: lease liability current portion
Lease liability non-current portion

v3.24.1.1.u2

SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details)	Mar. 31, 2024 USD ($)
Lease Right-of-use Asset And Lease Liabilities
December 31, 2024
Total

v3.24.1.1.u2

SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Lease Right-of-use Asset And Lease Liabilities
Operating cash flow from operating lease		$ 42,862
Right-of-use assets obtained in exchange for operating lease liabilities
Remaining lease term for operating lease (years)	0 years	0 years
Weighted average discount rate for operating lease		5.40%

v3.24.1.1.u2

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Lease asset- right of use			$ 44,548
Discount rate of lease payment		5.40%
Operating lease right of use asset, amortization		$ 43,099
Lease expenses	0	43,099
Accounting Standards Update 2016-02 [Member]
Lease asset- right of use				$ 92,606
Discount rate of lease payment				5.40%
Operating lease right of use asset, amortization	$ 0	$ 43,099

v3.24.1.1.u2

SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Sales	$ 2,559	$ 42,287
Total	4,059	43,787
Related Party A [Member]
Related Party Transaction [Line Items]
Professional Fees	1,500	1,500
Related Party B [Member]
Related Party Transaction [Line Items]
Sales	$ 2,559	$ 42,287

v3.24.1.1.u2

RELATED PARTY TRANSACTIONS (Details Narrative)	Mar. 31, 2024
Related Party A [Member]
Ownership percentage	7.33%

v3.24.1.1.u2

SCHEDULE OF REPORTING SEGMENTS (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024		Mar. 31, 2023		Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]	$ 471,377		$ 265,921
Cost of revenues	[1]	(201,492)		(183,937)
Depreciation and amortization	[1]	(3,437)		(18,514)
Net (loss)/profit before taxation	[1]	177,823		(16,752)
Total assets		442,208	[1]	313,956	[1]	$ 367,493
NV [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]
Cost of revenues	[1]
Depreciation and amortization	[1]
Net (loss)/profit before taxation	[1]	(12,566)		(15,398)
Total assets	[1]	19,699		14,136
SEYCHELLES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]
Cost of revenues	[1]
Depreciation and amortization	[1]
Net (loss)/profit before taxation	[1]	(412)		(1,320)
Total assets	[1]	22,683		12,481
HONG KONG
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]
Cost of revenues	[1]
Depreciation and amortization	[1]
Net (loss)/profit before taxation	[1]	(1,126)		(1,069)
Total assets	[1]	24,034		14,569
MALAYSIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]	471,377		265,921
Cost of revenues	[1]	(201,492)		(183,937)
Depreciation and amortization	[1]	(3,437)		(18,514)
Net (loss)/profit before taxation	[1]	191,927		1,035
Total assets	[1]	$ 375,792		$ 272,770
[1] Revenues and costs are attributed to countries based on the location of customers.

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