ATPC Agape ATP Corporation

 

 

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 September 30, 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 001-41835

 

AGAPE ATP CORPORATION

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

 

Nevada		36-4838886
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

1705 - 1708, Level 17, Tower 2, Faber Tower, Jalan Desa Bahagia,

Taman Desa, 58100 Kuala Lumpur, Malaysia.

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code (60) 192230099

 

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

 

Common Stock, $0.0001 par value

(Title of Class)

 

Nasdaq Capital Market

(Name of exchange on which registered)

 

ATPC

(Ticker Symbol)

 

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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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

 

Yes ☐ No ☒

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

Yes ☐ No ☐

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

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 November 11, 2024
Common Stock, $0.0001 par value		3,989,056

 

 

 

TABLE OF CONTENTS

 

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
	Unaudited Condensed Consolidated Balance Sheets	F-1
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	F-2
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity	F-3
	Unaudited Condensed Consolidated Statements of Cash Flows	F-4
	Notes to Unaudited Condensed Consolidated Financial Statements	F-5 - F-36
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	13
ITEM 4.	CONTROLS AND PROCEDURES	13
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	15
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	15
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	15
ITEM 4	MINE SAFETY DISCLOSURES	15
ITEM 5	OTHER INFORMATION	15
ITEM 6	EXHIBITS	15
	SIGNATURES	16

 

 

PART I FINANCIAL INFORMATION

 

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

 

AGAPE ATP CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

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

 

		September 30, 2024 (Unaudited)				December 31, 2023 (Audited)
		As of
		September 30, 2024 (Unaudited)				December 31, 2023 (Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents (Included $1,294 and $122 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)		$	2,719,033			$	4,832,460
Accounts receivable, net			41,944				55,458
Other receivable			1,432				435
Amount due from related parties			2,460				11,093
Amount due from related parties			2,460				11,093
Inventories			60,564				47,907
Prepaid taxes (Included $0 and $1,670 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)			34,101				21,993
Prepayments and deposits, net (Included $20 and $7 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)			539,701				215,806
Total Current Assets			3,399,235				5,185,152
NON-CURRENT ASSETS
Property and equipment, net			47,508				77,858
Intangible assets, net			15,413				17,458
Finance lease assets			205,220				86,335
Operating right-of-use assets			282,734				357,301
Investment in marketable securities			12,084				20,171
Investment in non-marketable securities			1,500				-
Deferred tax assets			-				219
Total Non-Current Assets			564,459				559,342
TOTAL ASSETS		$	3,963,694			$	5,744,494
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable			83,309				55,585
Accounts payable – related parties			27,183				34,848
Accounts payable			27,183				34,848
Customer deposits			94,887				101,575
Operating lease liabilities, current			161,999				138,548
Other payables and accrued liabilities ($1,153 and $899 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of September 30, 2024 and December 31, 2023, respectively.)			540,896				726,061
Other payable – related parties			769				7,846
Finance lease liabilities, current			23,085				7,075
Income tax payable			14,764				-
Total Current Liabilities			946,892				1,071,538
NON-CURRENT LIABILITIES
Operating lease liabilities, non-current			122,250				219,530
Finance lease liabilities, non-current			130,927				72,563
Total Non-Current Liabilities			253,177				292,093
TOTAL LIABILITIES		$	1,200,069			$	1,363,631
COMMITMENTS AND CONTINGENCIES (Note 21)			-				-
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; Nil issued and outstanding			-				-
Common Stock, par value $0.0001; 50,000,000 shares authorized, 3,989,056 and 3,855,126 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.*			399				386
Additional paid in capital			11,422,708				11,386,055
Treasury Stock, par value $0.0001; 0 and 6,765 shares as of September 30, 2024 and December 31, 2023, respectively.*			-				(1	)
Accumulated deficit			(8,709,605	)			(7,047,571	)
Accumulated other comprehensive income			34,111				30,215
TOTAL AGAPE ATP CORPORATION STOCKHOLDERS’ EQUITY			2,747,613				4,369,084
NON-CONTROLLING INTERESTS			16,012				11,779
TOTAL EQUITY			2,763,625				4,380,863
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	3,963,694			$	5,744,494

 

*

Issued and outstanding shares of common stock and treasury stock have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

AGAPE ATP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

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

 

		2024				2023				2024				2023
		For the three months ended								For the nine months ended
		September 30,								September 30,
		2024				2023				2024				2023
REVENUE		$	331,289			$	355,314			$	962,971			$	1,040,017
COST OF REVENUE			(147,104	)			(120,586	)			(381,805	)			(356,875	)
GROSS PROFIT			184,185				234,728				581,166				683,142
SELLING			(41,582	)			(49,285	)			(129,938	)			(189,509	)
COMMISSION			(6,894	)			(14,002	)			(23,573	)			(69,886	)
GENERAL AND ADMINISTRATIVE			(683,819	)			(488,519	)			(2,152,889	)			(1,554,242	)
TOTAL OPERATING EXPENSES			(732,295	)			(551,806	)			(2,306,400	)			(1,813,637	)
LOSS FROM OPERATIONS			(548,110	)			(317,078	)			(1,725,234	)			(1,130,495	)
OTHER INCOME (EXPENSES)
Other income (loss), net			3,445				(98	)			25,942				12,402
Interest income			16,291				658				58,432				5,475
Unrealized holding (loss) gain on marketable securities			(1,176	)			(3,872	)			(6,642	)			4,838
Gain (loss) on disposal of property and equipment			111				(20	)			111				1,767
Exchange gain (loss), net			2,525				(382	)			1,745				(34,958	)
TOTAL OTHER INCOME (EXPENSES), NET			21,196				(3,714	)			79,588				(10,476	)
LOSS BEFORE INCOME TAXES			(526,914	)			(320,792	)			(1,645,646	)			(1,140,971	)
INCOME TAX CREDIT (EXPENSE)			2,875				(3,943	)			(13,803	)			2,712
NET LOSS			(524,039	)			(324,735	)			(1,659,449	)			(1,138,259	)
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS			(14,411	)			2,294				2,586				(10,704	)
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION		$	(509,628	)		$	(327,029	)		$	(1,662,035	)		$	(1,127,555	)
NET LOSS		$	(524,039	)		$	(324,735	)		$	(1,659,449	)		$	(1,138,259	)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment			7,224				6,367				3,896				8,713
TOTAL COMPREHENSIVE LOSS			(516,815	)			(318,368	)			(1,655,553	)			(1,129,546	)
Less: Comprehensive (loss) income attributable to non-controlling interests			(12,522	)			2,039				4,233				(11,580	)
COMPREHENSIVE LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION		$	(504,293	)		$	(320,407	)		$	(1,659,786	)		$	(1,117,966	)
LOSS PER SHARE
Basic and diluted		$	(0.13	)		$	(0.09	)		$	(0.43	)		$	(0.30	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING*
Basic and diluted			3,881,074				3,772,601				3,859,393				3,772,601

 

*

Weighted average number of common shares outstanding have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

AGAPE ATP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

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

 

		Number of shares				Par value				PAID IN CAPITAL				ACCUMULATED DEFICIT				COMPREHENSIVE INCOME				CONTROLLING INTERESTS				STOCKHOLDERS’ EQUITY
		COMMON STOCK*								ADDITIONAL								ACCUMULATED OTHER				NON-				TOTAL
		Number of shares				Par value				PAID IN CAPITAL				ACCUMULATED DEFICIT				COMPREHENSIVE INCOME				CONTROLLING INTERESTS				STOCKHOLDERS’ EQUITY
Balance as of December 31, 2022			3,772,601			$	377		-	$	6,477,884			$	(4,945,586	)		$	9,266			$	20,513			$	1,562,454
Net loss			-				-				-				(425,840	)			-				(8,235	)			(434,075	)
Foreign currency translation adjustment			-				-		-		-				-				2,077				17				2,094
Balance as of March 31, 2023			3,772,601			$	377		-	$	6,477,884			$	(5,371,426	)		$	11,343			$	12,295			$	1,130,473
Net loss			-				-				-				(374,686	)			-				(4,763	)			(379,449	)
Foreign currency translation adjustment			-				-		-		-				-				269				(639	)			(370	)
Balance as of June 30, 2023			3,772,601			$	377		-	$	6,477,884			$	(5,746,112	)		$	11,612			$	6,893			$	750,654
Net income (loss)			-				-		-		-				(327,029	)			-				2,294				(324,735	)
Foreign currency translation adjustment			-				-		-		-				-				6,367				(255	)			6,112
Balance as of September 30, 2023			3,772,601			$	377		-	$	6,477,884			$	(6,073,141	)		$	17,979			$	8,932			$	432,031

 

		Number of shares (1)				Par value				Number of shares				Par value				PAID IN CAPITAL				ACCUMULATED DEFICIT				COMPREHENSIVE INCOME				CONTROLLING INTERESTS				STOCKHOLDERS’ EQUITY
		COMMON STOCK*								TREASURY STOCK*								ADDITIONAL								ACCUMULATED OTHER				NON-				TOTAL
		Number of shares				Par value				Number of shares				Par value				PAID IN CAPITAL				ACCUMULATED DEFICIT				COMPREHENSIVE INCOME				CONTROLLING INTERESTS				STOCKHOLDERS’ EQUITY
Balance as of December 31, 2023			3,855,126			$	386				(6,765)			$	(1	)		$	11,386,055			$	(7,047,571	)		$	30,215			$	11,779			$	4,380,863
Redemption of shares			(6,765	)			(1	)			6,765				1				-				-				-				-				-
Net loss			-				-				-				-				-				(709,707	)			-				6,613				(703,094	)
Foreign currency translation adjustment			-				-				-				-				-				-				(1,551	)			(302	)			(1,853	)
Balance as of March 31, 2024			3,848,361			$	385				-			$	-			$	11,386,055			$	(7,757,278	)		$	28,664			$	18,090			$	3,675,916
Share based compensation			423				-				-				-				6,667				-				-				-				6,667
Net loss			-				-				-				-				-				(442,699	)			-				10,384				(432,315	)
Foreign currency translation adjustment			-				-				-				-				-				-				(1,777	)			60				(1,717	)
Balance as of June 30, 2024			3,848,784			$	385				-			$	-			$	11,392,722			$	(8,199,977	)		$	26,887			$	28,534			$	3,248,551
Balance			3,848,784			$	385				-			$	-			$	11,392,722			$	(8,199,977	)		$	26,887			$	28,534			$	3,248,551
Share based compensation			4,720				-				-				-				30,000				-				-				-				30,000
Roundup of fractional shares upon reverse stock split			135,552				14				-				-				(14	)			-				-				-				-
Net income (loss)			-				-				-				-				-				(509,628	)			-				(14,411	)			(524,039	)
Foreign currency translation adjustment			-				-				-				-				-				-				7,224				1,889				9,113
Balance as of September 30, 2024			3,989,056			$	399				-			$	-			$	11,422,708			$	(8,709,605	)		$	34,111			$	16,012			$	2,763,625
Balance			3,989,056				399				-				-				11,422,708				(8,709,605	)			34,111				16,012				2,763,625

 

*

Common stock and treasury stock have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

AGAPE ATP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

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

 

		2024				2023
		For the nine months ended September 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(1,659,449	)		$	(1,138,259	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment			32,411				54,993
Gain on disposal of property and equipment			(111	)			-
Amortization of intangible assets			3,611				4,431
Amortization of finance lease assets			18,956				-
Amortization of operating right-of-use assets			103,187				113,804
Unrealized holding loss (gain) on marketable securities			6,642				(4,838	)
Deferred tax provision (benefit)			218				(6,537	)
Allowance for expected credit loss			28,359				-
Changes in operating assets and liabilities:
Accounts receivables			6,353				(20,800	)
Amount due from related parties			8,858				(782	)
Inventories			(6,473	)			(13,484	)
Prepaid taxes			(8,592	)			307,967
Prepayments and deposits			(329,898	)			84,978
Other receivables			(949	)			-
Accounts payable			19,139				11,365
Accounts payable – related parties			(10,415	)			3,791
Customer deposits			(16,349	)			(45,083	)
Operating lease liabilities			(102,605	)			(114,943	)
Other payables and accrued liabilities			(179,853	)			(219,676	)
Other payables – related parties			(7,133	)			(1,959	)
Income tax payable			13,213				(10,674	)
Net cash used in operating activities			(2,080,880	)			(995,706	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(48,722	)			(7,200	)
Proceeds from disposal of property and equipment			111
Net cash used in investing activities			(48,611	)			(7,200	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred offering costs			-				(113,911	)
Payment of finance lease liabilities			(6,691	)			-
Net cash used in financing activities			(6,691	)			(113,911	)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS			22,755				(9,954	)
DECREASE IN CASH AND CASH EQUIVALENTS			(2,113,427	)			(1,126,771	)
CASH AND CASH EQUIVALENTS, beginning of period			4,832,460				1,438,430
CASH AND CASH EQUIVALENTS, end of period		$	2,719,033			$	311,659
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid		$	10,257			$	20,617
Refund of prepaid taxes			1,665				-
SUPPLEMENTAL NON-CASH FLOWS INFORMATION
Increase in right-of-use assets and lease liabilities due to lease renewal		$	-			$	422,819

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Agape ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016.

 

Agape ATP Corporation operates through its subsidiaries, namely, Agape ATP Corporation (“AATP LB”), a company incorporated in Labuan, Malaysia, and Agape Superior Living Sdn. Bhd. (“ASL”), a company incorporated in Malaysia.

 

AATP LB, incorporated in Labuan, Malaysia, is an investment holding company with 100% equity interest in Agape ATP International Holding Limited (“AATP HK”), a company incorporated in Hong Kong.

 

On May 8, 2020, the Company entered into a Share Exchange Agreement with Mr. How Kok Choong, CEO and director of the Company to acquire 9,590,596 ordinary shares, no par value, equivalent to approximately 99.99% of the equity interest in Agape Superior Living Sdn. Bhd., a network marketing entity incorporated in Malaysia.

 

ASL is a limited company incorporated on August 8, 2003, under the laws of Malaysia.

 

On September 11, 2020, the Company incorporated Wellness ATP International Holdings Sdn. Bhd. (“WATP”), a wholly owned subsidiary under the laws of Malaysia, to pursue the business of promoting wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns on how to achieve positive wellness and lifestyle. On July 4, 2024, the entity changed its name to Cedar ATPC Sdn. Bhd. (“CEDAR”).

 

On November 11, 2021, AATP LB formed an entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which AATP LB owns 60% of the equity interest, to pursue the business of providing complementary health therapies.

 

The Company and its subsidiaries are principally engaged in the Health and Wellness Industry. The principal activity of the Company is to supply high-quality health and wellness products, including supplements to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system of the human body and various wellness programs.

 

The Company is positioning itself for sustainable growth by diversifying its operations into the domain of renewable energy. This initiative is founded upon our commitment to environmental responsibility, long-term value creation, and proactive adaptation to global energy trends. On January 3, 2024, the Company formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”), which the Company and OIE each own 50% of the equity interest. On March 14, 2024, the Company acquired 50% of OIE ATPC Holdings (M) Sdn. Bhd. equity interest from OIE, subsequently the entity becomes a wholly owned subsidiary of the Company. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn. Bhd (“AGE”).

 

On September 19, 2024, AGE increased its number of ordinary shares to 1,000,000 shares at RM 0.01 per share.

 

On January 8, 2024, AGE formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd (“ATPC Exim”). However, the Company had decided not to proceed with the continued development of ATPC Exim. There is no impact to the Group’s operation.

 

The accompanying consolidated financial statements reflect the activities of the Company, AATP LB, AATP HK, CEDAR, ASL, DSY Wellness, AGE, ATPC Exim and its variable interest entity (“VIE”), Agape S.E.A. Sdn. Bhd. (“SEA”) (See Note 4).

 

Details of the Company’s subsidiaries:

 SCHEDULE OF SUBSIDIARIES AND ASSOCIATES

Subsidiary company name

Place and date of incorporation

Particulars of issued capital

Principal activities

Proportional of ownership interest and voting power held

1.

Agape ATP Corporation

Labuan, March 6, 2017

100 shares of ordinary share of US$1 each

Investment holding

100

%

2.

Agape ATP International Holding Limited

Hong Kong, June 1, 2017

1,000,000 shares of ordinary share of HK$1 each

Wholesaling of health and wellness products; and health solution advisory services

100

%

3.

Agape Superior Living Sdn. Bhd.

Malaysia, August 8, 2003

9,590,598 shares of ordinary share of RM1 each

Health and wellness products and health solution advisory services via network marketing

99.99

%

4.

Agape S.E.A. Sdn. Bhd.

Malaysia, March 4, 2004

2 shares of ordinary share of RM1 each

VIE of Agape Superior Living Sdn. Bhd.

VIE

5.

Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd.

Malaysia, September 11, 2020

100 shares of ordinary share of RM1 each

The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns

100

%

6.

DSY Wellness International Sdn. Bhd.

Malaysia, November 11, 2021

1,000 shares of ordinary share of RM1 each

Provision of complementary health therapies

60

%

7.

ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.)

Malaysia, March 14, 2024

1,000,000 shares of ordinary share of RM0.01 each

Renewable energy

100

%

8.

OIE ATPC Exim (M) Sdn. Bhd.

Malaysia, March 14, 2024

1,000 shares of ordinary share of RM1 each

Renewable energy

100

%

 

F-5

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

1. ORGANIZATION AND BUSINESS BACKGROUND (Continued)

 

Business Overview

 

Agape ATP Corporation is a company that provides health and wellness products and health solution advisory services to our clients. The Company primarily focus its efforts on attracting customers in Malaysia. Its advisory services center on the “ATP Zeta Health Program”, which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles, and promotion of health. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled nutritionists and/or dieticians.

 

In order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99% of ASL, with the goal of securing an established network marketing sales channel that has been established in Malaysia for the past 15 years. ASL has been offering the Company’s ATP Zeta Health Program as part of its product lineup. As such, the acquisition creates synergy in the Company’s operation by boosting the Company’s retail and marketing capabilities. The newly acquired subsidiary allows the Company to fulfill its mission of “helping people to create health and wealth” by providing a financially rewarding business opportunity to distributors and quality products to distributors and customers who seek a healthy lifestyle.

 

Via ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and BEAUNIQUE.

 

The ATP Zeta Health Program is a health program designed to promote health and general wellbeing designed to prevent health diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition and advice from skilled dieticians as well as trained members and distributors.

 

The ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from the cellular level. The series is comprised of the Energy Mask series, Hyaluronic Acid Serum and Mousse Facial Cleanser.

 

The BEAUNIQUE product series focuses on the research of our diet’s impact on modifying gene expressions in order to address genetic variations and deliver a nutrigenomic solution for every individual.

 

The Company deems creating public awareness on wellness and wellbeing lifestyle as essential to enhance the provision of its health solution advisory services; and therefore, incorporated CEDAR. Upon its establishment, CEDAR started collaborating with ASL to carry out various wellness programs.

 

To further its reach in the Health and Wellness Industry, on November 11, 2021, AATP LB formed an entity, DSY Wellness with an independent third party which AATP LB owns 60% of the equity interest, to pursue the business of providing complementary health therapies.

 

AGE delivers innovative solutions for sustainability, energy savings and promoting environmental stewardship to achieves energy efficiency and carbon neutrality for a healthier environment.

 

F-6

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

The interim unaudited financial information as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 1, 2024.

 

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of September 30, 2024, its unaudited results of operations for the three and nine months ended September 30, 2024 and 2023, and its unaudited cash flows for the nine months ended September 30, 2024 and 2023, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

 

The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable interest entity (“VIE”) over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation.

 

Principles of consolidation

 

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

 

A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the three and nine months ended September 30, 2024, SEA, the only VIE of the Company has no significant operations.

 

Certain effects of reverse stock split

 

On August 15, 2024, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 1-for-20 (the “Reverse Stock Split”), effective as of August 30, 2024. On that date, every 20 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 77,069,575 (pre-split) shares to 3,853,504 (post-split) shares. In addition, by reducing the number of outstanding shares, the Company’s loss per share in all prior periods increased by a factor of 20. The Reverse Stock Split affected all shares of Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split.

 

Stockholders who hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 20 are entitled the number of shares rounded up to the nearest whole share. The Company will issue share of the post-Reverse Stock Split Common Stock to any stockholder who would have received a fractional share as a result of the Reverse Stock Split.

 

The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $0.0001 per share and the number of authorized shares of Common Stock reduced from 1,000,000,000 shares to 50,000,000 shares after the Reverse Stock Split.

 

As the par value per share of the Company’s Common Stock remained unchanged at $0.0001 per share, the change in the Common Stock recorded at par value has been reclassified to additional paid-in-capital. All references to shares of Common Stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis.

 

Use of estimates

 

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for expected credit loss, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ from these estimates.

 

Cash and cash equivalents

 

Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less.

 

F-7

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Accounts receivable, net

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. An allowance for expected credit loss is recorded in the period when a loss is probable based on an assessment of collectivity by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily base on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectivity issues. In determining the amount of the allowance for expected credit loss, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of September 30, 2024 and December 31, 2023, $13,342 and $542 allowance for expected credit loss were recorded.

 

Inventories

 

Inventories consist of raw materials, work in process and finished goods. Raw materials are valued at cost and work in process are valued at cost of raw materials consumed, both using periodic inventory system in which physical count is performed in monthly basis. Finished goods are valued at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. For the three and nine months ended September 30, 2024 and 2023, the Company did not recognize any inventory write-downs nor write-off.

 

Prepaid taxes

 

Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.

 

Prepayments and deposits, net

 

Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for expected credit loss after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. There was no allowance for expected credit loss written-off during the three and nine months ended September 30, 2024 and 2023. There was $16,960 and $0 allowance for expected credit loss recorded as of September 30, 2024 and December 31, 2023.

 

F-8

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Property and equipment, net

 

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:

 SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT

		Useful Life
Computer and office equipment		5-7 years
Furniture & fixtures		6-7 years
Leasehold improvements		Shorter of the remaining lease terms or the estimated useful lives
Vehicle		5 years

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

 

Intangible assets, net

 

Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:

 SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET

Classification		Useful Life
Computer software		5 years

 

Impairment for long-lived assets

 

Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2024 and December 31, 2023, no impairment of long-lived assets was recognized.

 

Investment in marketable equity securities

 

The Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.

 

F-9

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Customer deposits

 

Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy.

 

Revenue recognition

 

The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.

 

The ASU requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

 

The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.

 

F-10

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Sales of Skin Care, Health and Wellness products

 

- Performance obligations satisfied at a point in time

 

The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.

 

Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues.

 

For the three months ended September 30, 2024 and 2023, the Company recognized $565 and $53,690, as forfeited coupon income, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $2,952 and $82,562, as forfeited coupon income, respectively.

 

The Company had contracts for the sales of health and wellness products amounting to $10,258 which it is expected to fulfill within 12 months from September 30, 2024.

 

Sales of products for the provision of complementary health therapies

 

- Performance obligations satisfied at a point in time

 

Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.

 

The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultation session.

 

For the three months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $227,249 and $208,323 respectively. For the nine months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $688,415 and $539,291 respectively.

 

Provision of Health and Wellness services

 

- Performance obligations satisfied at a point in time

 

The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report.

 

The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs.

 

The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person.

 

For the three months ended September 30, 2024 and 2023, revenues from health and wellness services were $56,503 and $57,783 respectively. For the nine months ended September 30, 2024 and 2023, revenues from health and wellness services were $160,694 and $181,997 respectively.

 

F-11

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Disaggregated information of revenues by products are as follows:

 SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES

		2024				2023				2024				2023
		For the three months ended								For the nine months ended
		September 30,								September 30,
		2024				2023				2024				2023
Survivor Select		$	-			$	-			$	-			$	28,210
Energized Mineral Concentrate			1,097				-				1,097				-
Ionized Cal-Mag			-				29,777				374				114,579
Omega Blend			-				-				-				22,471
Beta Maxx			-				-				-				21,206
Iron			-				-				-				21,617
Trim+			-				-				-				9,587
LIVO 5			24,103				46,057				78,478				67,869
Soy Protein Isolate Powder			2,292				6,931				8,616				17,384
Mix Soy Protein Isolate Powder with Black Sesame			1,641				6,443				6,893				14,047
Others – Products for the provision of complementary health therapies			227,249				208,323				688,415				539,291
Skin care and healthcare products			18,404				-				18,404				1,759
Total revenues - products			274,786				297,531				802,277				858,020
Health and Wellness services			56,503				57,783				160,694				181,997
Total revenues - products and services		$	331,289			$	355,314			$	962,971			$	1,040,017

 

Cost of revenue

 

Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and purchase cost of products and services for the provision of complementary health therapies. For the three and nine months ended September 30, 2024, cost of revenue were $147,104 and $381,805, respectively. For the three and nine months ended September 30, 2023 were $120,586 and $356,875.

 

Shipping and handling

 

Shipping and handling charges amounted to $817 and $1,395 for the three months ended September 30, 2024 and 2023, respectively. Shipping and handling charges amounted to $2,577 and $4,050 for the nine months ended September 30, 2024 and 2023, respectively. Shipping and handling charges are expensed as incurred and included in selling expenses.

 

Advertising costs

 

Advertising costs amounted to $17,250 and $36,945 for the three and nine months ended September 30, 2024. There were no advertising costs incurred for the three and nine months ended September 30, 2023. Advertising costs are expensed as incurred and included in selling expenses.

 

F-12

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Selling expenses

 

The Company’s selling expenses typically comprise salaries and benefits expenses, credit card processing fees and promotional expenses. Selling expenses amounted to $41,582 and $49,285 for the three months ended September 30, 2024 and 2023, respectively. Selling expenses amounted to $129,938 and $189,509 for the nine months ended September 30, 2024 and 2023, respectively.

 

Commission expenses

 

As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $6,894 and $14,002 for the three months ended September 30, 2024 and 2023, respectively. Commission expenses amounted to $23,573 and $69,886 for the nine months ended September 30, 2024 and 2023, respectively.

 

General and administrative expenses (“G&A expenses”)

 

The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses, depreciation expenses and allowance for expected credit loss. G&A expenses amounted to $683,819 and $488,519 for the three months ended September 30, 2024 and 2023, respectively. G&A expenses amounted to $2,152,889 and $1,554,242 for the nine months ended September 30, 2024 and 2023, respectively.

 

Defined contribution plan

 

The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $57,304 and $37,187 for the three months ended September 30, 2024 and 2023, respectively. Total expenses for the plans were $87,391 and $116,660 for the nine months ended September 30, 2024 and 2023, respectively.

 

The related contribution plans include:

 

	-	Social Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000;
	-	Employees Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above.
	-	Employment Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000;
	-	Human Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary

 

Income taxes

 

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

 

Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.

 

F-13

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

 

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No penalties and interest incurred related to underpayment of income taxes for the three and nine months ended September 30, 2024 and 2023.

 

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

 

Comprehensive income (loss)

 

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

 

Non-controlling interest

 

Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statements of operations as an allocation of the total income or loss for the periods between non-controlling interest holders and the shareholders of the Company.

 

Earnings (loss) per share

 

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three and nine months ended September 30, 2024 and 2023, there were no dilutive shares.

 

F-14

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Foreign currencies translation and transaction

 

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 consolidated statements of operations and comprehensive loss.

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.

 

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. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

 

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

 SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Period-end MYR : US$1 exchange rate			4.12				4.59
Period-end HKD : US$1 exchange rate			7.77				7.81
Foreign currency exchange rate, translation			7.77				7.81

 

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Period-average MYR : US$1 exchange rate			4.35				4.63				4.61				4.53
Period-average HKD : US$1 exchange rate			7.79				7.82				7.81				7.84
Foreign currency exchange rate period average			7.79				7.82				7.81				7.84

 

F-15

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

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 accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

 

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

 

	●	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
	●	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

 

Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

 

Leases

 

The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.

 

F-16

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

 

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows.

 

Derivative financial instruments

 

Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial new investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company based on the terms of the warrant agreement to determine the warrants as equity instruments or derivative liabilities. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is required for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant.

 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

 

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU No. 2023-07 is not expected to have a significant impact on its unaudited condensed consolidated financial statements

 

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU 2023-09 requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.

 

F-17

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

In March 2024, the FASB issued ASU 2024-01 “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. The ASU clarify how an entity determines whether a profits interest or similar award is within the scope of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, by adding illustrative guidance. The guidance in ASU 2024-01 is effective for annual reporting periods beginning after December 15, 2024, and can be applied either retrospectively to all prior periods presented in the consolidated financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. Early adoption is permitted. The adoption of ASU 2024-01 is not expected to have any impact on the Company’s consolidated financial statements.

 

In March 2024, the FASB issued ASU 2024-02 “Codification Improvements – Amendments to Remove References to the Concepts Statements”. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2024 and are not expected to have a significant impact on our financial statements.

 

Recently adopted Accounting Pronouncements

 

In March 2023, the FASB issued ASU No. 2023-01 “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that Leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. The adoption of this accounting standard has no material impact on the unaudited condensed consolidated financial statements for the nine months ended and as at September 30, 2024.

 

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the unaudited condensed consolidated financial position, statements of operations and cash flows.

 

3. ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD.

 

On January 3, 2024, the Company together with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”) formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. (“OIE ATPC”) in which the Company and OIE each owns 50% equity interest at the cost of $108. On March 14, 2024, the Company acquired the remainder 50% of equity at cost of $107 from OIE. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn Bhd (“AGE”).

 

On January 8, 2024, ATPC Green Energy (“AGE”) formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd. (“ATPC Exim”).

 

As both AGE and ATPC Exim are newly formed, the Company considered the cost of investment is the fair value of the assets acquired.

 

4. VARIABLE INTEREST ENTITY (“VIE”)

 

SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided majority of ASL’s purchases. The income generated was insufficient to finance its activities and 100% of its business is transacted with ASL. Therefore, it was considered to be a VIE and ASL is the primary beneficiary since it has both of the following characteristics:

 

	a.	The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
	b.	The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

 

Accordingly, the accounts of SEA is consolidated in the accompanying financial statements.

 

F-18

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

4. VARIABLE INTEREST ENTITY (“VIE”) (Continued)

 

The carrying amount of the VIE’s assets and liabilities were as follows:

 SCHEDULE OF VARIABLE INTEREST ENTITY

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Current assets		$	1,314			$	1,799
Current liabilities			(1,153	)			(899	)
Net asset		$	161			$	900

 

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Current assets:
Cash		$	1,294			$	122
Prepayment and deposits			20				7
Prepaid taxes			-				1,670
Total current assets		$	1,314			$	1,799
Current liabilities:
Other payables and accrued liabilities			1,153				899
Total current liabilities		$	1,153			$	899
Net asset		$	161			$	900

 

The summarized operating results of the VIE’s are as follows:

 

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Operating revenues		$	-			$	-			$	-			$	-
Gross profit		$	-			$	-			$	-			$	-
Profit (loss) from operations		$	(490	)		$	41,014			$	(754	)		$	40,654
Net profit (loss)		$	(490	)		$	41,014			$	(754	)		$	40,654

 

F-19

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

5. CASH AND CASH EQUIVALENTS

 

As of September 30, 2024 and December 31, 2023 the Company has $2,719,033 and $4,832,460, respectively, of cash and cash equivalents, which consists of $266,173 and $510,019, respectively, of cash and cash in banks and $2,452,860 and $4,322,441, respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranged between 2.06% to 2.55% per annum for the three and nine months ended September 30, 2024. The effective interest rate ranged between 1.22% to 1.88% per annum for the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, $2,492,285 and $4,630,476 of these balances are not covered by deposit insurance, respectively.

 

6. ACCOUNTS RECEIVABLE, NET

 SCHEDULE OF ACCOUNTS RECEIVABLES

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Accounts receivable		$	55,286			$	56,000
Allowance for expected credit loss			(13,342	)			(542	)
Total accounts receivable, net		$	41,944			$	55,458

 

Movements of allowance for expected credit loss are as follows:

 SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Beginning balance		$	542			$	-
Addition			12,738				546
Exchange rate effect			62				(4	)
Ending balance		$	13,342			$	542

 

7. INVENTORIES

 

Inventories consist of the following:

 SCHEDULE OF INVENTORIES

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Finished goods			60,564				47,907
Total inventories		$	60,564			$	47,907

 

There were no inventory write-downs nor write-off for the three and nine months ended September 30, 2024 and 2023, respectively.

 

8. PREPAYMENTS AND DEPOSITS, NET

 SCHEDULE OF PREPAID EXPENSES AND DEPOSITS

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Prepaid expenses		$	451,242			$	123,809
Deposits to suppliers			105,419				91,997
Subtotal			556,661				215,806
Allowance for expected credit loss – Prepaid expenses			(16,960	)			-
Total prepayments and deposits, net		$	539,701			$	215,806

 

Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance for expected credit loss for such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for credit losses after management has determined that the likelihood of collection is not probable.

 

F-20

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

8. PREPAYMENTS AND DEPOSITS, NET (Continued)

 

Movements of allowance for expected credit loss are as follows:

 SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES

		For the nine months ended September 30, 2024				For the year ended December 31, 2023
Beginning balance		$	-			$	-
Addition			16,960				-
Ending balance		$	16,960			$	-

 

9. PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consist of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT, NET

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Computer and office equipment		$	99,082			$	91,947
Furniture & fixtures			124,178				111,164
Motor vehicle			22,792				89,729
Leasehold improvements			205,151				184,155
Subtotal			451,203				476,995
Less: accumulated depreciation			(403,695	)			(399,137	)
Total property and equipment, net		$	47,508			$	77,858

 

Depreciation expense for the three months ended September 30, 2024 and 2023 amounted to $7,083 and $17,028, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 amounted to $32,411 and $54,993, respectively.

 

10. INTANGIBLE ASSETS, NET

 

Intangible assets, net, consist of the following:

 SCHEDULE OF INTANGIBLE ASSETS, NET

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Computer software		$	59,149			$	53,095
Less: accumulated amortization			(43,736	)			(35,637	)
Total intangible assets, net		$	15,413			$	17,458

 

Amortization expense for the three months ended September 30, 2024 and 2023 amounted to $1,256 and $1,344, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 amounted to $3,611 and $4,431, respectively.

 

F-21

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

11. INVESTMENT IN MARKETABLE SECURITIES

 

	(i)	On May 17, 2018, the Company purchased 83,333 shares of common stock in Greenpro Capital Corp. for $500,000 at a purchase price of $6 per share.
	(ii)	On July 30, 2018, the Company disposed 20 shares of common stock in Greenpro Capital Corp. for $125 at a purchase price of $6.2613 per share.
	(iii)	On October 16, 2018, the Company purchased 33,333 shares of common stock in Greenpro Capital Corp. for $1,000 at a purchase price of $0.03 per share.
	(iv)	On July 19, 2022, Greenpro Capital Corp. filed a certificate of change with the Secretary of State of Nevada to effect a reverse split of the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company. As at July 28, 2022, the Company has an investment of 116,646 common stock of Greenpro Capital Corp. The Company’s investment of 116,646 common stock of Greenpro Capital Corp. was reduced to 11,665 subsequent to the reverse stock split.
	(v)	On November 3, 2020, the Company received dividend of 6,667 shares of common stock in DSwiss, Inc. for $76,671 at fair value of $11.50 per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares.
	(vi)	On December 9, 2020, the Company received dividend of 16,663 shares of common stock in DSwiss, Inc. for $83,315 at fair value of $5 per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares.
	(vii)	On September 27, 2021, the Company received dividend of 11,665 shares of common stock in SEATech Ventures Corp. for $18,874 at fair value of $1.62 per share from Greenpro Capital Corp as a dividend income since Greenpro Capital Corp previously owned these shares.

 

SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES

		As of
		September 30, 2024				December 31, 2023
Fair value of investment in marketable securities at the beginning of period / year		$	20,171			$	16,687
Unrealized holding (loss) gain			(6,641	)			3,493
Transfer to non-marketable securities			(1,500	)			-
Exchange rate effect			54				(9	)
Fair value of investment in marketable securities at the end of period / year		$	12,084			$	20,171

 

F-22

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

12. INVESTMENT IN NON-MARKETABLE SECURITIES

 

	(i)	On April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. (a non-marketable security) for $1,500 at purchase price of $0.0001 per share. Phoenix Plus Corp. obtained approval for Depository Trust Company eligibility on April 26, 2022. Since the commencement of trading of common stock of Phoenix Plus Corp. on May 18, 2022, to July 16, 2024 there were only 12 days traded with number of shares of common stock ranging from 100 to 57,500. The Company deems there is an absence of a readily determinable fair value of the common stock of Phoenix Plus Corp. and has continued to value its investment in the company Phoenix Plus Corp. at cost. The carrying value of the Company’s investment in Phoenix Plus Corp. was $1,500 as of September 30, 2024 and December 31, 2023.
	(ii)	On July 2, 2024, the Company purchased 5% of stock or 15,000,000 shares of common stock with a par value of $0.0001 per share of Radiance Holdings Corp. at the consideration of the 15,000,000 shares of Phoenix Plus Corp held by the Company.

 

SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES

		As of
Radiance Holdings Corp		September 30, 2024				December 31, 2023
Cost of investment		$	1,500			$	-
Investment in non-marketable securities			1,500				-

 

13. CUSTOMER DEPOSITS

 

SCHEDULE OF CUSTOMER DEPOSITS

		As of
		September 30, 2024				December 31, 2023
Customer deposits – Non Refundable		$	94,187			$	100,540
Unexpired product coupons			700				1,035
Total customer deposits		$	94,887			$	101,575

 

Customer deposits represent amounts advanced by customers on product orders and unexpired product coupons issued to the Company’s members and distributors of its network marketing business.

 

14. OTHER PAYABLES AND ACCRUED LIABILITIES

 

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES

		As of
		September 30, 2024				December 31, 2023
Professional fees		$	151,945			$	348,664
Promotion expenses			53,467				47,995
Payroll			6,057				26,104
Amounts held in eWallets			187,137				185,137
Tax penalty			75,000				75,000
Others			67,290				43,161
Total other payables and accrued liabilities		$	540,896			$	726,061

 

The Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with the Company. The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.20) and for members or distributors without bank account. Commission payment exceeding the RM100 threshold shall only be credited into the member’s or distributor’s bank upon request. The eWallet functionality allows the members to place new product orders utilizing eWallet available balance and/or request commission payout via multiple payment methods provided that each of the withdrawal amount exceeds RM100. Amounts held in eWallets are reflected on the balance sheet as a current liability.

 

F-23

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS

 

Related party balances

 

Amount due from related parties

 

SCHEDULE OF RELATED PARTIES

						As of
Name of Related Party		Relationship		Nature		September 30, 2024				December 31, 2023
TH3 Holdings Sdn Bhd (“TH3”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		Prepayment of IT expenses		$	2,460			$	2,922
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Deposits for products purchases			-				8,171
Total amount due from related parties						$	2,460			$	11,093

 

Accounts payable – related parties

 

						As of
Name of Related Party		Relationship		Nature		September 30, 2024				December 31, 2023
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		Purchases of products for the provision of complementary health therapies		$	27,183			$	30,439
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchases of beauty products			-				54
Mr. Chew Yi Zheng		Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd		Render therapy and health consultation to customer			-				4,355
Total account payable – related parties						$	27,183			$	34,848

 

F-24

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

 

Related party balances

 

Other payable - related parties

 

As of

Name of Related Party

Relationship

Nature

September 30, 2024

December 31, 2023

CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)

The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd

Purchase of products for general use

547

570

SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)

The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd

Purchase of products for general use

-

535

Mr. Yap Foo Ching (Steve Yap)

Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd

Payment on behalf by Mr. Yap

-

6,534

Mr. How Kok Choong

Mr. How Kok Choong, the CEO and director of the Company

Commission expense

222

207

Total other payable – related parties

$

769

$

7,846

 

Related party transactions

 

Purchases

 

						For the three months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		Purchases of products for the provision of complementary health therapies		$	79,758			$	73,054
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchases of beauty products			151				397
Total purchases						$	79,909			$	73,451

 

F-25

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

 

Purchases

 

Related party transactions

 

						For the nine months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		Purchases of products for the provision of complementary health therapies		$	246,003			$	188,032
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchases of beauty products			17,231				17,961
Total purchases						$	263,234			$	205,993

 

Other purchases

 

						For the three months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		Purchase of products for general use		$	900			$	1,947
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchase of products for general use			134				1,267
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)		Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC		Purchase of products for general use			-				71
Total other purchases						$	1034			$	3,285

 

F-26

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

 

Related party transactions

 

Other purchases

 

						For the nine months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		Purchase of products for general use		$	2,681			$	4,155
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchase of products for general use			2,800				4,637
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)		Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC		Purchase of products for general use			-				347
Total other purchases						$	5,481			$	9,139

 

Commission

 

						For the three months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
Mr. How Kok Choong		Mr. How Kok Choong, the CEO and director of the Company		Commission expense		$	550			$	1,364
Total commission						$	550			$	1,364

 

F-27

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

 

Related party transactions

 

Commission

 

						For the nine months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
Mr. How Kok Choong		Mr. How Kok Choong, the CEO and director of the Company		Commission expense		$	1,938			$	4,863
Total commission						$	1,938			$	4,863

 

Other income

 

						For the three months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
Ando Design Sdn Bhd (“Ando”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando		Rental income		$	652			$	663
Redboy Picture Sdn Bhd (“Redboy”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy		Rental income			-				1,325
TH3 Holdings Sdn Bhd (“TH3”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		Rental income			195				199
Total other income						$	847			$	2,187

 

Other income

 

						For the nine months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
Ando Design Sdn Bhd (“Ando”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando		Rental income		$	1,954			$	1,988
Redboy Picture Sdn Bhd (“Redboy”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy		Rental income			-				5,302
TH3 Holdings Sdn Bhd (“TH3”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		Rental income			586				265
Total other income						$	2,540			$	7,555

 

F-28

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

 

Related party transactions

 

Other expenses

 

						For the three months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
TH3 Holdings Sdn Bhd (“TH3”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		IT support services fee		$	14,976			$	13,642
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)		Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC		Office rental expense and facilities			21,708				7,952
Ando Design Sdn Bhd (“Ando”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando		Office furniture & fittings and improvements			-				-
Total other expenses						$	36,684			$	21,594

 

Other expenses

 

						For the nine months ended September 30,
Name of Related Party		Relationship		Nature		2024				2023
TH3 Holdings Sdn Bhd (“TH3”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		IT support services fee		$	44,429			$	41,126
SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		Purchases of products for general use			5				-
DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)		Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC		Office rental expense			37,338				23,857
Ando Design Sdn Bhd (“Ando”)		Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando		Office furniture & fittings and improvements			1,755				-
Total other expenses						$	83,527			$	64,983

 

F-29

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

16. STOCKHOLDERS’ EQUITY

 

Preferred stock

 

As of September 30, 2024 and December 31, 2023, there were 200,000,000 preferred stocks authorized but none were issued and outstanding.

 

Common stock

 

Pursuant to a resolution passed at the Board Meeting on August 15, 2024, the number of authorized shares of the Company decreased from 1,000,000,000 shares of Common Stock at $0.0001 par value to 50,000,000 shares of Common Stock at $0.0001 par value.

 

As of September 30, 2024 and December 31, 2023, there were 50,000,000 common stocks authorized; 3,989,056 and 3,855,126 shares issued and outstanding, respectively.

 

Pursuant to a resolution passed at the Board Meeting on August 15, 2024, the Company declared a 1-for-20 reverse stock split of the Company’s issued and outstanding common stock, par value $0.0001 per share. Effective as of August 30, 2024, every 20 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 77,069,575 (pre-split) shares to 3,853,504 (post-split) shares.

 

Share-based compensation

 

The Company has share-based compensation to the executive director. The share-based compensation expense is recorded in general and administrative expenses. The value of the share is $5,000 a month and the number of share to issue is based on the average market price of the month. The Company will issue the share on half yearly basis.

 

As of September 30, 2024 and December 31, 2023, there were 5,143 and 0 shares issued respectively.

 

Treasury Stock

 

On January 26, 2024, the Company redeemed 6,765 treasury stock at par value $0.0001. As of September 30, 2024 and December 31, 2023, there were 0 and 6,765 treasury stock respectively.

 

Warrants

 

On October 10, 2023, the Company entered into an underwriting agreement with Network 1 Financial Securities, Inc., as underwriter named thereof, in connection with its initial public offering (“IPO”) of 82,500 shares of common stock, par value $0.0001 per share (the “Shares”) at a price of $80.00 per share. The Company issued Representative’s Warrants to purchase up to 5,775 shares of common stock at $88.00 per share, dated October 13, 2023, to Network 1 Financial Securities, Inc. The warrants shall be exercisable at any time, and from time to time, in whole or in part, 180 days after October 13, 2023 (i.e. the date of issuance) and expiring on October 10, 2028.

 

The warrants are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is needed for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant. As of October 13, 2023 (the “Grant Date”) the warrant was valued at $38,580 with the following assumptions.

 

 

SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD

		As of
		October 13, 2023
Risk-free interest rate			4.65	%
Expected volatility			49	%
Expected life (in years)			5 years
Expected dividend yield			0.00	%
Fair value of warrants		$	38,580

 

As of September 30, 2024, there were 5,775 warrants outstanding.

 

F-30

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

17. NON-CONTROLLING INTEREST

 

The Company’s non-controlling interest consists of the following:

 

SCHEDULE OF NON CONTROLLING INTEREST

		As of
		September 30, 2024				December 31, 2023
DSY Wellness:
Paid-in capital		$	97			$	97
Retained earnings			15,020				12,434
Accumulated other comprehensive income (loss)			895				(752	)
Noncontrolling interest gross			16,012				11,779
ASL			-				-
Total		$	16,012			$	11,779

 

18. INCOME TAXES CREDIT (EXPENSES)

 

The United States and foreign components of loss before income taxes were comprised of the following:

 

SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAX

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Tax jurisdictions from:
Local – United States		$	(302,021	)		$	(106,680	)		$	(1,130,098	)		$	(417,377	)
Foreign – Malaysia			(222,258	)			(164,841	)			(513,397	)			(680,993	)
Foreign – Hong Kong			(2,635	)			(49,271	)			(2,151	)			(42,601	)
Foreign – Tax Jurisdictions			(2,635	)			(49,271	)			(2,151	)			(42,601	)
Loss before income tax		$	(526,914	)		$	(320,792	)		$	(1,645,646	)		$	(1,140,971	)

 

Income tax credit (expense) consisted of the following:

 

SCHEDULE OF PROVISION FOR INCOME TAX

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Current:
- Local		$	-			$	-			$	-			$	-
- Foreign			2,875				-				(13,803	)			(3,825	)
Deferred:
- Local			-				-				-				-
- Foreign			-				(3,943	)			-				6,537
Income tax credit (expense)		$	2,875			$	(3,943	)		$	(13,803	)		$	2,712

 

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 and its subsidiaries operate in various countries: United States, Malaysia (including Labuan) and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

 

F-31

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

18. INCOME TAXES CREDIT (EXPENSES) (Continued)

 

United States of America

 

Agape ATP Corporation was incorporated in the State of Nevada and is subject to the tax laws of the United States of America with a corporate tax rate of 21% on its taxable income. Agape ATP Corporation also subject to controlled foreign corporations Subpart F income (“Subpart F”) tax, which is a tax primarily on passive income from controlled foreign corporations with a tax rate of 21%. In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied.

 

For the three and nine months ended September 30, 2024 and 2023, the Company’s foreign subsidiaries did not generate any income that are subject to Subpart F tax and GILTI tax.

 

As of September 30, 2024 and December 31, 2023, the operations in the United States of America incurred approximately $3,223,000 and $2,093,000, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income or Subpart F and GILTI taxes. These balances can be carried forward indefinitely. The deferred tax valuation allowance as of September 30, 2024 and December 31, 2023 were approximately $677,000 and $440,000, respectively.

 

Malaysia

 

Agape ATP Corporation, Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd, Cedar ATPC Sdn Bhd., DSY Wellness International Sdn. Bhd., ATPC Green Energy Sdn Bhd and OIE ATPC Exim (M) Sdn Bhd. are governed by the income taxes laws of Malaysia and the income taxes provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income taxes rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 15% for the first RM 150,000 (or approximately $37,500), 17% for the subsequent RM 150,000 to RM 600,000 (or approximately $37,500 to $150,000) and 24% for the remaining balance for three and nine months ended September 30, 2024 and 2023.

 

As of September 30, 2024 and December 31, 2023, the operations in Malaysia incurred approximately $3,249,000 and $2,796,000, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income. Approximately $746,000, $834,000, $1,213,000 and $456,000 of the net operating loss carry forwards will expire in 2031, 2032, 2033 and 2034, respectively, if unutilized. The deferred tax valuation allowance as of September 30, 2024 and December 31, 2023 were approximately $870,000 and $670,000, respectively.

 

Hong Kong

 

Agape ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income derived from Hong Kong. Business income derived or business expenses incurred outside the Special Administrative Region is not subject to Hong Kong Profits Tax or deduction.

 

F-32

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

18. INCOME TAXES CREDIT (EXPENSES) (Continued)

 

The following table sets forth the significant components of the aggregate deferred tax assets of the Company:

 

SCHEDULE OF DEFERRED TAX ASSETS

		September 30, 2024				December 31, 2023
		As of
		September 30, 2024				December 31, 2023
Deferred tax assets:
Net operating loss carry forwards in U.S.		$	676,812			$	439,492
Net operating loss carry forwards in Malaysia			869,126				664,105
Unabsorbed capital allowance carry forward in Malaysia			1,840				5,577
Less: valuation allowance			(1,547,778	)			(1,108,955	)
Deferred tax assets, net		$	-			$	219

 

Uncertain tax positions

 

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of September 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties tax for the three and nine months ended September 30, 2024 and 2023.

 

19. CONCENTRATIONS OF RISKS

 

(a) Major customers

 

For the three months ended September 30, 2024 and 2023, no customer accounted for 10% or more of the Company’s total revenues. For the nine months ended September 30, 2024 and 2023, no customer accounted for 10% or more of the Company’s total revenues.

 

As of September 30, 2024, six individual customers accounted for approximately 22.8% of the Company’s balance of accounts receivable, respectively. As of December 31, 2023, six individual customers and one company accounted for approximately 40.2% of the Company’s balance of accounts receivable.

 

(b) Major vendors

 

For the three months ended September 30, 2024, two vendors accounted for approximately 57.3% and 19.0% of the Company’s total purchases. For the three months ended September 30, 2023, two vendors accounted for approximately 67.5% and 31.2% of the Company’s total purchases, respectively.

 

For the nine months ended September 30, 2024, the same two vendors accounted for approximately 63.4% and 19.9% of the Company’s total purchases. For the nine months ended September 30, 2023, two vendors accounted for approximately 53.0% and 27.7% of the Company’s total purchases.

 

CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 57.3% and 63.4% of the Company’s total purchases for the three and nine months ended September 30, 2024, respectively. For the three months ended September 30, 2023, it accounted for approximately 67.5% and 53.0% of the Company’s total purchases, respectively.

 

As of September 30, 2024, two vendors accounted for approximately 54.6% and 24.6% of the Company’s total balance of accounts payable, respectively. As of December 31, 2023, two vendors accounted for approximately 61.8% and 35.4% of the Company’s total balance of accounts payable, respectively.

 

CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 24.6% and 35.4% of the Company’s total balance of accounts payable as of September 30, 2024 and December 31, 2023, respectively.

 

F-33

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

19. CONCENTRATIONS OF RISKS (Continued)

 

(c) Commission Expenses to Sales Distributors and Stockists

 

No sales distributor accounted for 10% or more of the Company’s commission expense for the three months ended September 30, 2024. Two sales distributors accounted for 10% or more of the Company’s commission expense for the three months ended September 30, 2023.

 

For the nine months ended September 30, 2024, one sales distributor accounted for 20.3% of the Company’s commission expense. For the nine months ended September 30, 2023, one sales distributor accounted for 10% or more of the Company’s commission expense.

 

(d) Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of September 30, 2024 and December 31, 2023, $2,713,020 and $4,817,213 were deposited with financial institutions, respectively, $2,492,285 and $4,630,476 of these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account 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 expected credit loss based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically, the Company did not have any bad debt on its account receivable.

 

(e) Exchange rate risk

 

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

 

F-34

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

20. LEASE

 

On June 1, 2023, upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $283,220, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.

 

On September 1, 2023, upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $126,093 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.

 

On October 1, 2023, upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2021. The Company recognized lease liabilities of approximately $8,940 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.

 

On December 18, 2023, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $78,824, using an effective interest rate of 8.63%, which was determined using the incremental borrowing rate.

 

On July 11, 2024, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $72,772, using an effective interest rate of 4.42%, which was determined using the incremental borrowing rate.

 

SCHEDULE OF LEASE COST

Components of Leases		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Operating lease cost		$	62,857			$	35,538			$	159,720			$	115,202
Amortization of finance lease asset			11,896				-				18,956				-
Interest on finance lease liabilities			2,350				-				4,989				-

 

Components of leases		As of September 30, 2024				As of December 31, 2023
Weighted average remaining lease term (years)
Operating lease			1.74				2.48
Finance lease			4.58				5.00
Weighted average discount rate
Operating lease			5.5	%			5.5	%
Finance lease			6.7	%			8.6	%

 

F-35

 

AGAPE ATP CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

 

20. LEASE (Continued)

 

The five-year maturity of the Company’s operating lease liabilities is as follow:

 

SCHEDULE OF LEASE COMMITMENTS

Twelve Months Ending September 30,		Operating lease liabilities				Finance lease liabilities
2025		$	173,307			$	32,439
2026			125,038				32,439
2027			-				32,439
2028			-				32,439
Thereafter			-				54,273
Total lease payments			298,345				184,029
Less: interest			(14,096	)			(30,017	)
Present value of lease liabilities		$	284,249			$	154,012

 

The Company also leases one office and operation center, and one shophouse with an expiring term of twelve months or less, which were classified as operation leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of September 30, 2024, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $66,028.

 

Short term lease cost for the three months ended September 30, 2024 and 2023 was $22,218 and $9,589, respectively. For the nine months ended September 30, 2024 and 2023, the short term lease cost was $43,980 and $29,359, respectively.

 

21. COMMITMENTS AND CONTINGENCIES 

 

The Company has no material commitments or contingencies that are required to be disclosed. The Company has evaluated its obligations and contingencies and determined that no material commitments or contingencies exist at this time.

 

The Company will continue to monitor and evaluate any potential future commitments or contingencies and will disclose any material items as required.

 

Legal

 

The Company is not involved in any material legal proceedings and there are no legal matters that are required to be disclosed.

 

22. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date of issuance of this unaudited condensed consolidated financial statements, and did not identify any events with material financial impact on the Company’s unaudited condensed consolidated financial statements.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The information contained in this quarterly report on Form 10-Q is intended to update the information contained in our Form 10-K, dated April 1, 2024, 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 unaudited condensed consolidated financial statements and the notes to the unaudited condensed 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 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

 

Agape ATP Corporation, a Nevada corporation (“the Company”) and its subsidiaries are principally engaged in the Health and Wellness Industry. The principal activity of the Company is to supply high-quality health and wellness products, including supplements to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system of the human body and various wellness programs.

 

Agape ATP Corporation is a company that provides health and wellness products and health solution advisory services to our clients. The Company primarily focus its efforts on attracting customers in Malaysia. Its advisory services center on the “ATP Zeta Health Program”, which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles, and promotion of health. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled nutritionists and/or dieticians.

 

 

In order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99% of ASL, with the goal of securing an established network marketing sales channel that has been established in Malaysia for the past 15 years. ASL has been offering the Company’s ATP Zeta Health Program as part of its product lineup. As such, the acquisition creates synergy in the Company’s operation by boosting the Company’s retail and marketing capabilities. The newly acquired subsidiary allows the Company to fulfill its mission of “helping people to create health and wealth” by providing a financially rewarding business opportunity to distributors and quality products to distributors and customers who seek a healthy lifestyle.

 

Via ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and BEAUNIQUE.

 

The ATP Zeta Health Program is a health program designed to promote health and general wellbeing designed to prevent health diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition and advice from skilled dieticians as well as trained members and distributors.

 

The ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from the cellular level. The series is comprised of the Energy Mask series, Hyaluronic Acid Serum and Mousse Facial Cleanser.

 

The BEAUNIQUE product series focuses on the research of our diet’s impact on modifying gene expressions in order to address genetic variations and deliver a nutrigenomic solution for every individual.

 

The Company deems creating public awareness on wellness and wellbeing lifestyle as essential to enhance the provision of its health solution advisory services; and therefore, incorporated WATP. Upon its establishment, WATP started collaborating with ASL to carry out various wellness programs.

 

To further its reach in the Health and Wellness Industry, on November 11, 2021, Agape ATP Corporation (Labuan) formed an entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which Agape ATP Corporation (Labuan) owns 60% of the equity interest, to pursue the business of providing complementary health therapies.

 

The Company is positioning itself for sustainable growth by diversifying its operations into the domain of renewable energy. This initiative is founded upon our commitment to environmental responsibility, long-term value creation, and proactive adaptation to global energy trends. On January 3, 2024, the Company formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. with Oriental Industries Enterprise (M) Sdn Bhd (“OIE”), which the Company and OIE each own 50% of the equity interest. On March 14, 2024, the Company acquired 50% of OIE ATPC Holdings (M) Sdn Bhd equity interest from OIE, subsequently the entity becomes a wholly owned subsidiary of the Company. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn Bhd.

 

On January 8, 2024, OIE ATPC Holdings (M) Sdn Bhd formed a wholly own entity, OIE ATPC Exim (M) Sdn Bhd. However, the Company had decided not to proceed with the continued development of OIE ATPC Exim (M) Sdn Bhd.

 

Results of Operation

 

For the three months ended September 30, 2024 and 2023

 

Revenue

 

We generated revenue of $331,289, which comprised revenue from the Company’s network marketing business of $29,133 (approximately 8.8% of revenue); revenue from the Company’s operations in the provision of complementary health therapies of $283,752 (approximately 85.7% of revenue) and revenue from Company’s operation in wellness and wellbeing lifestyle of $18,404 (approximately 5.5% of revenue) for the three months ended September 30, 2024 as compared to $355,314, which comprised revenue from the Company’s network marketing business of $89,208 (approximately 25.1% of revenue); revenue from the Company’s operations in the provision of complementary health therapies of $266,106 (approximately 74.9% of revenue) and there were no revenue generated from the Company’s operation in wellness and wellbeing lifestyle for the three months ended September 30, 2023. Revenue from the Company’s network marketing business decreased significantly by $60,075, or approximately 67.3%. Revenue from the Company’s operations in the provision of complementary health therapies increased by $17,646, or approximately 6.6%. The Company generated $18,404 from skin care and healthcare products, a new revenue stream from the Company’s operations in wellness and wellbeing lifestyle. Total revenue decreased by $24,025, or approximately 6.8%. The revenue decreased from the Company’s network marketing business was predominately due to the poor performance owing to limited product range available as compared to the previous years, which limited the potential development of this revenue stream. The revenue increased in provision of complementary health therapies business was due to after COVID-19 pandemic, more individual turned to complementary health therapies as preventive care and wellness to maintain good health, prevent illness and promote overall well-being. To align with Company’s core mission and emphasizing commitment to health and wellness, the Company venture into a new revenue stream by providing skin care and healthcare products in the Company’s operation in wellness and wellbeing lifestyle.

 

Cost of Revenue

 

Cost of revenue for the three months ended September 30, 2024 amounted to $147,104 as compared to $120,586 for the three months ended September 30, 2023, an increase of $26,518 or approximately 22.0%. The increase was due to the higher product cost in the Company’s network marketing business and the varying gross profit margins in the Company’s operations in the provision of complementary health therapies.

 

Cost of revenue typically comprise of freight-in, cost of goods and services purchased, packing materials and services acquired.

 

 

Gross Profit

 

Gross profit for the three months ended September 30, 2024 amounted to $184,185, represented a gross margin of approximately 55.6% as compared to $234,728 for the three months ended September 30, 2023, equivalent to a gross margin of approximately 66.1%. The decrease in gross margin was predominantly due to lower gross margin sustained by the Company’s network marketing business and the varying type of health therapies offered, gross margin associated with the provision of complementary health therapies.

 

Operating Expenses

 

Our operating expenses consist of selling expenses, commission expenses and general and administrative expenses (as defined below). Total operating expenses were $732,295 for the three months ended September 30, 2024, increased by $180,489 or approximately 32.7% from $551,806 for the three months ended September 30, 2023.

 

Selling expenses

 

Selling expenses for the three months ended September 30, 2024 amounted to $41,582 as compared to $49,285 for the three months ended September 30, 2023, a decrease of $7,703, or approximately 15.6%. The Company’s selling expenses typically comprise salaries and benefits expenses which represented approximately 80% to 85% of total selling expenses, credit card processing fees and promotional expenses.

 

Commission expenses

 

Commission expenses were $6,894 and $14,002 for the three months ended September 30, 2024 and 2023, respectively. The decrease in commission expenses was in line with the decrease in revenue in Company’s network marketing business.

 

General and administrative expenses (“G&A Expenses”)

 

G&A expenses for the three months ended September 30, 2024 amounted to $683,819, as compared to $488,519 for the three months ended September 30, 2023, an increase of $195,300, or approximately 40.0%. The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses and depreciation expenses. The increase in G&A expenses was mainly due to the salary incurred for one executive director and three independent directors, professional fees and the Nasdaq annual listing fees.

 

Other Income (Expenses), Net

 

For the three months ended September 30, 2024, the Company recorded an amount of $21,196 as other income, net, as compared to $3,714 other expenses, net, for the three months ended September 30, 2023, represented an increase of $24,910 in other income, net, or approximately 670.7%.

 

The other income, net of $21,196 generated during the three months ended September 30, 2024 comprised of foreign currency exchange gain of $2,525, unrealized holding loss on marketable securities of $1,176, other income, net of $3,445, gain on disposal of property and equipment of $111 and interest income of $16,291. The other expenses, net of $3,714 incurred during the three months ended September 30, 2023 comprised foreign currency exchange loss of $382, unrealized holding loss on marketable securities of $3,872, other expenses, net of $98, interest income of $658 and loss on disposal of property and equipment of $20.

 

Income Tax Credit (Expense)

 

The Company recorded benefit of income taxes of $2,875 and provision for income taxes of $3,943 for the three months ended September 30, 2024 and 2023, respectively. Both the provision for income taxes as well as the benefit of income taxes were in respect of the Company’s operations in Malaysia.

 

 

Net Loss

 

Net loss increased by $199,304 from a net loss of $324,735 for the three months ended September 30, 2023 to a net loss of $524,039 for the three months ended September 30, 2024, mainly due to reasons as discussed above.

 

For the nine months ended September 30, 2024 and 2023

 

Revenue

 

We generated revenue of $962,971, which comprised revenue from the Company’s network marketing business of $95,458 (approximately 9.9% of revenue); revenue from the Company’s operations in the provision of complementary health therapies of $849,109 (approximately 88.2% of revenue) and revenue from Company’s operation in wellness and wellbeing lifestyle of $18,404 (approximately 1.9% of revenue) for the nine months ended September 30, 2024 as compared to $1,040,017, which comprised revenue from the Company’s network marketing business of $318,729 (approximately 30.6% of revenue); and revenue from the Company’s operations in the provision of complementary health therapies of $721,288 (approximately 69.4% of revenue) for the nine months ended September 30, 2023. Revenue from the Company’s network marketing business decreased significantly by $223,271, or approximately 70.1%. Revenue from the Company’s operations in the provision of complementary health therapies increased by $127,821, or approximately 17.7%. The Company generated $18,404 from skin care and health products, a new revenue stream from the Company’s operations in wellness and wellbeing lifestyle. Total revenue decreased by $77,046, or approximately 7.4%. The decrease was predominately due to the poor performance from the Company’s network marketing business owing to limited product range available as compared to the previous years, which limited the potential development of this revenue stream.

 

Cost of Revenue

 

Cost of revenue for the nine months ended September 30, 2024 amounted to $381,805 as compared to $356,875 for the nine months ended September 30, 2023, an increase of $24,929, or approximately 7.0%. The increase was not in line with the decrease in revenue due to higher product cost in the Company’s network marketing business and the varying gross profit margins in the Company’s operations in the provision of complementary health therapies.

 

Cost of revenue typically comprise of freight-in, cost of goods and services purchased, packing materials and services acquired.

 

Gross Profit

 

Gross profit for the nine months ended September 30, 2024, amounted to $581,166, represented a gross margin of approximately 60.4% as compared to $683,142 for the nine months ended September 30, 2023, equivalent to a gross margin of approximately 65.7%. The decrease in gross margin was predominantly due to lower gross margin sustained by the Company’s network marketing business and the varying type of health therapies offered, gross margin associated with the provision of complementary health therapies.

 

Operating Expenses

 

Our operating expenses consist of selling expenses, commission expenses, general and administrative expenses. Total operating expenses were $2,306,400 for the nine months ended September 30, 2024, increased by $492,763 or approximately 27.2% from $1,813,637 for the nine months ended September 30, 2023.

 

Selling expenses

 

Selling expenses for the nine months ended September 30, 2024 amounted to $129,938 as compared to $189,509 for the nine months ended September 30, 2023, a decrease of $59,571, or approximately 31.4%, predominantly due to decrease in promotional expenses and reduced in number of headcounts as compared to previous year. The Company’s selling expenses typically comprise of salaries and benefits expenses which represented approximately 80% to 85% of total selling expenses, credit card processing fees and promotional expenses.

 

 

Commission expenses

 

Commission expenses were $23,573 and $69,886 for the nine months ended September 30, 2024 and 2023, respectively, a decrease of $46,313, or approximately 66.3%. The decrease in commission expenses was in line with the decrease in revenue in Company’s network marketing business.

 

General and administrative expenses (“G&A expenses”)

 

G&A expenses for the nine months ended September 30, 2024 amounted to $2,152,889, as compared to $1,554,242 for the nine months ended September 30, 2023, an increase of $598,647, or approximately 38.5%. The increase in G&A expenses was mainly due to the salary incurred for one executive director and three independent directors, professional fees and the Nasdaq annual listing fees. The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses and depreciation expenses.

 

Other Income (Expenses), Net

 

For the nine months ended September 30, 2024, the Company recorded an amount of $79,588 as other income, net, as compared to $10,476 other expenses, net, for the nine months ended September 30, 2023, represented an increase of $90,064 in other income, net, or approximately 859.7%.

 

The other income, net of $79,588 generated during the nine months ended September 30, 2024 comprised foreign currency exchange gain of $1,745, unrealized holding loss on marketable securities of $6,642, other income, net of $25,942, gain on disposal of property and equipment of $111 and interest income of $58,432. The other expenses, net of $10,476 incurred during the nine months ended September 30, 2023 comprised foreign currency exchange loss of $34,958, unrealized holding gain on marketable securities of $4,838, other income, net of $12,402, interest income of $5,475 and gain on disposal of property and equipment of $1,767.

 

Income Tax Expense (Credit)

 

The Company recorded provision for income taxes of $13,803 and benefit of income taxes of $2,712 for the nine months ended September 30, 2024 and 2023, respectively. Both the provision for income taxes as well as the benefit of income taxes were in respect of the Company’s operations in Malaysia.

 

Net Loss

 

Net loss increased by $521,189 from net loss of $1,138,259 for the nine months ended September 30, 2023 to net loss of $1,659,449 for the nine months ended September 30, 2024, mainly due to reasons as discussed above.

 

 

Liquidity and Capital Resources

 

As of September 30, 2024, we had working capital of $2,452,343, consisting of cash and cash in bank of $266,173 and time deposits of $2,452,860 as compared to working capital of $4,113,614 consisted of cash and cash in bank of $510,019 and time deposits of $4,322,441 as of December 31, 2023. The Company had a net loss of $1,659,449 for the nine months ended September 30, 2024 and accumulated deficits of $8,709,605 as of September 30, 2024 as compared to net loss of $2,109,935 for the year ended December 31, 2023 and accumulated deficits of $7,047,571 as of December 31, 2023.

 

The following summarizes the key components of our cash flows for the nine months ended September 30, 2024 and 2023:

 

		For the nine months ended September 30,
		2024				2023
Net cash used in operating activities		$	(2,080,879	)		$	(995,706	)
Net cash used in investing activities			(48,611	)			(7,200	)
Net cash used in financing activities			(6,691	)			(113,911	)
Effect of exchange rate on cash and cash equivalents			22,754				(9,954	)
Decrease in cash and cash equivalents		$	(2,113,427	)		$	(1,126,771	)

 

 

Operating activities

 

Net cash used in operating activities for the nine months ended September 30, 2024 was $2,080,879, comprised of net loss of $1,659,449, gain on disposal of office equipment of $111, the increase in inventories of $6,473, the increase in prepaid taxes of $8,592, the increase in prepayments and deposits of $329,898, the increase in other receivables $949, the decrease in customer deposits of $16,349, the payment of operating lease liabilities of $102,605, the decrease in other payables (including related parties) and accrued liabilities of $186,986. The net cash used in operating activities was mainly offset by non-cash depreciation and amortization expense of $36,022, amortization of finance assets of $18,956, amortization of operating right-of-use assets of $103,187, unrealized holding loss on marketable securities of $6,642, deferred tax benefit of $218, allowance for expected credit loss $28,359, the decrease in accounts receivables of $6,353, the decrease in other receivables (including related parties) of $8,858, the increase in account payable (including related parties) $8,724, and the increase of income tax payable of $13,213.

 

Net cash used in operating activities for the nine months ended September 30, 2023 was $995,706, comprised of net loss of $1,138,259, increase in accounts receivables of $20,800, increase in amount due from related parties of $782, increase in inventories of $13,484, decrease in customer deposits of $45,083, payment of operating lease liabilities of $114,943, decrease in other payables and accrued liabilities of $219,676, decrease in other payable – related parties of $1,959, decrease in income tax payable of $10,674, the non-cash items on unrealized holding gain on marketable securities of $4,838, deferred tax benefit of $6,537, offset by the non-cash depreciation and amortization expense of $59,424, amortization of operating right-of-use assets of $113,804, refund in prepaid taxes of $307,967, decrease in prepayments and deposits of $84,978, increase in accounts payables (including related parties) of $15,156.

 

Investing activities

 

Net cash used in investing activities for the nine months ended September 30, 2024 was $48,611, which was due to purchase of property and equipment of $48,722 and proceeds from disposal of office equipment $111.

 

Net cash used in investing activities for the nine months ended September 30, 2023 was $7,200, which was in respect of purchase of equipment.

 

Financing activities

 

Net cash used in financing activities for the nine months ended September 30, 2024 was $6,691, which was the reduction of finance lease liability.

 

Deferred offering cost made up the entire net cash used in financing activities for the nine months ended September 30, 2023 of $113,911.

 

Credit Facilities

 

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

 

Off-Balance Sheet Arrangements

 

As of September 30, 2024, 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.

 

Critical Accounting Estimates

 

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for expected credit loss, impairment of long-lived assets and allowance for deferred tax assets. Following are the methods and assumptions used in determining our estimates.

 

 

Estimated allowance for inventories obsolescence

 

Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. The Company did not recognize any inventory write-downs nor inventory write-off for the nine months ended September 30, 2024 and 2023.

 

Impairment of long-lived assets

 

Operating right-of-use assets and property, plant and equipment are stated at costs less accumulated depreciation and impairment, if any. In determining whether an asset is impaired, the Company has to exercise judgment and make estimation, particularly in assessing: (1) whether an event has occurred or any indicators that may affect the asset value; (2) whether the carrying value of an asset is not recoverable that is its carrying amount exceeds the amount of expected undiscounted future cash flows result from the use of the asset. Once it is established that impairment has occurred, the amount of impairment expense is determined as the difference between the carrying value of the asset and its estimated fair value based on a discounted cash flows approach.

 

As of September 30, 2024, the carrying amounts of operating right-of-use assets and property and equipment amounted to $282,734 and $47,508 as compared to December 31, 2023, the carrying amounts of operating right-of-use assets and property and equipment amounted to $357,301 and $77,858, respectively. No impairment losses on operating right-of-use assets and property and equipment were recognized as of September 30, 2024 and 2023.

 

Allowance for deferred tax assets

 

The Company conducts much of its business activities in Malaysia and Hong Kong and is subject to tax in each of these jurisdictions. Significant estimates are required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

 

Deferred tax assets relating to certain temporary differences and tax losses are recognized as management considers it is more likely than not that future taxable profit will be available against which the temporary differences or tax losses can be utilized. Where the expectation is different from the original estimate, such differences will impact the recognition of deferred tax assets and taxation in the periods in which such estimate is changed.

 

Allowance for expected credit loss

 

The Company estimates and records an allowance for its expected credit loss related to its accounts receivable. Credit losses are determined by Current Estimate of Expected Credit Losses model in accordance with Topic 326 – Financial Instruments – Credit Losses. For accounts receivable, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers.

 

 

Critical Accounting Policies

 

Revenue recognition

 

The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

 

The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.

 

Sales of Skin Care, Health and Wellness products

 

- Performance obligations satisfied at a point in time

 

The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.

 

Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues.

 

Sales of products for the provision of complementary health therapies

 

- Performance obligations satisfied at a point in time

 

Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.

 

The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultation session.

 

Provision of Health and Wellness services

 

- Performance obligations satisfied at a point in time

 

The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report.

 

The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs.

 

The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person.

 

 

Fair value of financial instruments

 

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

 

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

 

	●	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
	●	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

 

Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

 

Accounting Standards Adopted in 2024

 

In March 2023, the FASB issued ASU No. 2023-01 “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that Leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. The adoption of this accounting standard has no material impact on the unaudited condensed consolidated financial statements for the nine months ended and as at September 30, 2024.

 

The adoption of these ASUs did not have a material impact on the unaudited condensed consolidated financial statements for the nine months end and as at September 30, 2024.

 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

 

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its consolidated financial statements.

 

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU 2023-09 requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its consolidated financial statements.

 

In March 2024, the FASB issued ASU 2024-01 “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. The ASU clarify how an entity determines whether a profits interest or similar award is within the scope of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, by adding illustrative guidance. The guidance in ASU 2024-01 is effective for annual reporting periods beginning after December 15, 2024, and can be applied either retrospectively to all prior periods presented in the consolidated financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. Early adoption is permitted. The adoption of ASU 2024-01 is not expected to have any impact on the Company’s consolidated financial statements.

 

In March 2024, the FASB issued ASU 2024-02 “Codification Improvements – Amendments to Remove References to the Concepts Statements”. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2024 and are not expected to have a significant impact on our financial statements.

 

Except for the above-mentioned pronouncements, there are no other new recent issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows.

 

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Foreign exchange risk. Substantially most of our revenues are denominated in the Malaysian Ringgit while most of our expenses are denominated in Malaysian Ringgit, U.S. dollar and Hong Kong Dollar. We do not believe that we currently have any significant direct foreign exchange risk and have not hedged exposures denominated in foreign currencies or any other derivative financial instruments. Although in general, our exposure to foreign exchange risks should be limited, the value of an investment in our Common Stock may be affected by the foreign exchange rate between U.S. dollar and Malaysian Ringgit; and U.S. dollar and Hong Kong Dollar because the value of our business is effectively denominated in Malaysian Ringgit and Hong Kong Dollar, while the Common Stock is traded in U.S. dollars.

 

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 trade receivables 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 expected credit loss based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

ITEM 4 CONTROLS AND PROCEDURES 

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this Report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)). Based on the foregoing evaluation, our chief executive officer and chief financial officer concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses described below.

 

Internal Control Over Financial Reporting

 

Our management, including our chief executive officer and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the company’s chief executive officer and chief financial officer and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

 

	●	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
	●	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

 

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

As of September 30, 2024, our management, including our chief executive officer and chief financial officer, assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on such evaluation, the Company’s management, including our chief executive and chief financial officer, concluded that, during the period covered by this Report, internal controls and procedures over financial reporting were not effective. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

 

Identified Material Weakness

 

A material weakness in internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

 

Management, including our chief executive officer and chief financial officer identified the following material weakness during its assessment of internal controls over financial reporting as of September 30, 2024:

 

(i) insufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; (ii) lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures and lack of adequate policies and procedures in internal audit function to ensure that the Company’s policies and procedures have been carried out as planned.

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

Management’s Remediation Initiatives

 

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we will prepare written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines, to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including equity and debt transactions.

 

To further strengthen the Company’s internal controls, we plan to initiate the following measures going forward:

 

1.	We intend to establish an internal audit function with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control.
2.	Once we hire additional employees, we intend to initiate a comprehensive training program and development plan to provide ongoing company-wide trainings regarding internal control and requirements of U.S. GAAP financial statements and related disclosures, with particular emphasis on our accounting staff.

 

We anticipate that these initiatives will be at least partially, if not fully, implemented by the mid of fiscal year 2025.

 

Changes in Internal Control over Financial Reporting:

 

Except as disclosed above, there were no changes in our internal control over financial reporting during the quarter ended September 30, 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 materials, 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 averse to us.

 

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*
31.2		Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer*
32.1		Section 1350 Certification of principal executive officer *
32.2		Section 1350 Certification of principal financial 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.

 

	AGAPE ATP CORPORATION
	(Name of Registrant)
Date: November 14, 2024
	By:	/s/ How Kok Choong
	Title:	Chief Executive Officer, President, Director, Secretary and Treasurer
		(Principal Executive Officer and Principal Financial Officer)

 

 

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.

 

	AGAPE ATP CORPORATION
	(Name of Registrant)
Date: November 14, 2024
	By:	/s/ LEE Kam-Fan, Andrew
	Title:	Chief Financial Officer,

 

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, HOW KOK CHOONG, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Agape ATP Corporation (the “Company”) for the quarter ended September 30, 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. I am 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. 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: November 14, 2024	By:	/s/ How Kok Choong
		HOW KOK CHOONG
		Chief Executive Officer, President, Director, Secretary, Treasurer
		(Principal Executive Officer and Principal Financial Officer)

 

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, LEE KAM-FAN, ANDREW, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Agape ATP Corporation (the “Company”) for the quarter ended September 30, 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. I am 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. 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: November 14, 2024	By:	/s/ LEE Kam-fan, Andrew
		LEE KAM-FAN, ANDREW
		Chief 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 Agape ATP Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 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: November 14, 2024	By:	/s/ How Kok Choong
		HOW KOK CHOONG
		Chief Executive Officer, President, Director, Secretary, Treasurer
		(Principal Executive Officer and 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 furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

EXHIBIT 32.2

 

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 Agape ATP Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 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: November 14, 2024	By:	/s/ LEE Kam-fan, Andrew
		LEE KAM-FAN, ANDREW
		Chief 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 furnished to the Securities and Exchange Commission or its staff upon request.

 

 

v3.24.3

Cover - $ / shares	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41835
Entity Registrant Name	AGAPE ATP CORPORATION
Entity Central Index Key	0001713210
Entity Tax Identification Number	36-4838886
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1705 - 1708, Level 17, Tower 2, Faber Tower
Entity Address, Address Line Two	Jalan Desa Bahagia
Entity Address, Address Line Three	Taman Desa
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	58100
City Area Code	(60)
Local Phone Number	192230099
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ATPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,989,056
Entity Listing, Par Value Per Share	$ 0.0001

v3.24.3

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents (Included $1,294 and $122 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)		$ 2,719,033	$ 4,832,460
Accounts receivable, net		41,944	55,458
Inventories		60,564	47,907
Prepaid taxes (Included $0 and $1,670 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)		34,101	21,993
Prepayments and deposits, net (Included $20 and $7 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of September 30, 2024 and December 31, 2023, respectively.)		539,701	215,806
Total Current Assets		3,399,235	5,185,152
NON-CURRENT ASSETS
Property and equipment, net		47,508	77,858
Intangible assets, net		15,413	17,458
Finance lease assets		205,220	86,335
Operating right-of-use assets		282,734	357,301
Investment in marketable securities		12,084	20,171
Investment in non-marketable securities		1,500
Deferred tax assets			219
Total Non-Current Assets		564,459	559,342
TOTAL ASSETS		3,963,694	5,744,494
CURRENT LIABILITIES
Customer deposits		94,887	101,575
Operating lease liabilities, current		161,999	138,548
Other payables and accrued liabilities ($1,153 and $899 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of September 30, 2024 and December 31, 2023, respectively.)		540,896	726,061
Finance lease liabilities, current		23,085	7,075
Income tax payable		14,764
Total Current Liabilities		946,892	1,071,538
NON-CURRENT LIABILITIES
Operating lease liabilities, non-current		122,250	219,530
Finance lease liabilities, non-current		130,927	72,563
Total Non-Current Liabilities		253,177	292,093
TOTAL LIABILITIES		1,200,069	1,363,631
COMMITMENTS AND CONTINGENCIES (Note 21)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; Nil issued and outstanding
Common Stock, par value $0.0001; 50,000,000 shares authorized, 3,989,056 and 3,855,126 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.	[1]	399	386
Additional paid in capital		11,422,708	11,386,055
Treasury Stock, par value $0.0001; 0 and 6,765 shares as of September 30, 2024 and December 31, 2023, respectively.	[1]		(1)
Accumulated deficit		(8,709,605)	(7,047,571)
Accumulated other comprehensive income		34,111	30,215
TOTAL AGAPE ATP CORPORATION STOCKHOLDERS’ EQUITY		2,747,613	4,369,084
NON-CONTROLLING INTERESTS		16,012	11,779
TOTAL EQUITY		2,763,625	4,380,863
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		3,963,694	5,744,494
Nonrelated Party [Member]
CURRENT ASSETS
Amount due from related parties		1,432	435
CURRENT LIABILITIES
Accounts payable		83,309	55,585
Related Party [Member]
CURRENT ASSETS
Amount due from related parties		2,460	11,093
CURRENT LIABILITIES
Accounts payable		27,183	34,848
Other payable – related parties		$ 769	$ 7,846
[1] Issued and outstanding shares of common stock and treasury stock have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

v3.24.3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Cash	$ 2,719,033	$ 4,832,460
Prepaid taxes	34,101	21,993
Prepayment and deposits	539,701	215,806
Other payables and accrued liabilities	$ 540,896	$ 726,061
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares outstanding
Preferred stock, shares outstanding
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common stock, shares issued	3,989,056	3,855,126
Common stock, shares outstanding	3,989,056	3,855,126
[custom:TreasuryStockParOrStatedValuePerShare-0]	$ 0.0001	$ 0.0001
Treasury Stock, Common, Shares	0	6,765
Variable Interest Entity, Primary Beneficiary [Member]
Cash	$ 1,294	$ 122
Prepaid taxes	0	1,670
Prepayment and deposits	20	7
Other payables and accrued liabilities	$ 1,153	$ 899

v3.24.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
REVENUE		$ 331,289	$ 355,314	$ 962,971	$ 1,040,017
COST OF REVENUE		(147,104)	(120,586)	(381,805)	(356,875)
GROSS PROFIT		184,185	234,728	581,166	683,142
SELLING		(41,582)	(49,285)	(129,938)	(189,509)
COMMISSION		(6,894)	(14,002)	(23,573)	(69,886)
GENERAL AND ADMINISTRATIVE		(683,819)	(488,519)	(2,152,889)	(1,554,242)
TOTAL OPERATING EXPENSES		(732,295)	(551,806)	(2,306,400)	(1,813,637)
LOSS FROM OPERATIONS		(548,110)	(317,078)	(1,725,234)	(1,130,495)
OTHER INCOME (EXPENSES)
Other income (loss), net		3,445	(98)	25,942	12,402
Interest income		16,291	658	58,432	5,475
Unrealized holding (loss) gain on marketable securities		(1,176)	(3,872)	(6,642)	4,838
Gain (loss) on disposal of property and equipment		111	(20)	111	1,767
Exchange gain (loss), net		2,525	(382)	1,745	(34,958)
TOTAL OTHER INCOME (EXPENSES), NET		21,196	(3,714)	79,588	(10,476)
LOSS BEFORE INCOME TAXES		(526,914)	(320,792)	(1,645,646)	(1,140,971)
INCOME TAX CREDIT (EXPENSE)		2,875	(3,943)	(13,803)	2,712
NET LOSS		(524,039)	(324,735)	(1,659,449)	(1,138,259)
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		(14,411)	2,294	2,586	(10,704)
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION		(509,628)	(327,029)	(1,662,035)	(1,127,555)
NET LOSS		(524,039)	(324,735)	(1,659,449)	(1,138,259)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment		7,224	6,367	3,896	8,713
TOTAL COMPREHENSIVE LOSS		(516,815)	(318,368)	(1,655,553)	(1,129,546)
Less: Comprehensive (loss) income attributable to non-controlling interests		(12,522)	2,039	4,233	(11,580)
COMPREHENSIVE LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION		$ (504,293)	$ (320,407)	$ (1,659,786)	$ (1,117,966)
LOSS PER SHARE - basic		$ (0.13)	$ (0.09)	$ (0.43)	$ (0.30)
LOSS PER SHARE - diluted		$ (0.13)	$ (0.09)	$ (0.43)	$ (0.30)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - basic	[1]	3,881,074	3,772,601	3,859,393	3,772,601
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - diluted	[1]	3,881,074	3,772,601	3,859,393	3,772,601
[1] Weighted average number of common shares outstanding have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split

v3.24.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical)	Aug. 30, 2024	Aug. 15, 2024
Income Statement [Abstract]
Stockholders' Equity, Reverse Stock Split	1-for-20 reverse stock split	1-for-20

v3.24.3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)		Common Stock [Member]		Treasury Stock, Common [Member]		Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022		$ 377	[1]			$ 6,477,884	$ (4,945,586)	$ 9,266	$ 20,513	$ 1,562,454
Balance, shares at Dec. 31, 2022	[1]	3,772,601
Net income (loss)			[1]				(425,840)		(8,235)	(434,075)
Foreign currency translation adjustment			[1]					2,077	17	2,094
Balance at Mar. 31, 2023		$ 377	[1]			6,477,884	(5,371,426)	11,343	12,295	1,130,473
Balance, shares at Mar. 31, 2023	[1]	3,772,601
Balance at Dec. 31, 2022		$ 377	[1]			6,477,884	(4,945,586)	9,266	20,513	1,562,454
Balance, shares at Dec. 31, 2022	[1]	3,772,601
Net income (loss)										(1,138,259)
Balance at Sep. 30, 2023		$ 377	[1]			6,477,884	(6,073,141)	17,979	8,932	432,031
Balance, shares at Sep. 30, 2023	[1]	3,772,601
Balance at Dec. 31, 2022		$ 377	[1]			6,477,884	(4,945,586)	9,266	20,513	1,562,454
Balance, shares at Dec. 31, 2022	[1]	3,772,601
Balance at Dec. 31, 2023		$ 386	[1]	$ (1)	[1]	11,386,055	(7,047,571)	30,215	11,779	4,380,863
Balance, shares at Dec. 31, 2023	[1]	3,855,126		(6,765)
Balance at Mar. 31, 2023		$ 377	[1]			6,477,884	(5,371,426)	11,343	12,295	1,130,473
Balance, shares at Mar. 31, 2023	[1]	3,772,601
Net income (loss)			[1]				(374,686)		(4,763)	(379,449)
Foreign currency translation adjustment			[1]					269	(639)	(370)
Balance at Jun. 30, 2023		$ 377	[1]			6,477,884	(5,746,112)	11,612	6,893	750,654
Balance, shares at Jun. 30, 2023	[1]	3,772,601
Net income (loss)			[1]				(327,029)		2,294	(324,735)
Foreign currency translation adjustment			[1]					6,367	(255)	6,112
Balance at Sep. 30, 2023		$ 377	[1]			6,477,884	(6,073,141)	17,979	8,932	432,031
Balance, shares at Sep. 30, 2023	[1]	3,772,601
Balance at Dec. 31, 2023		$ 386	[1]	$ (1)	[1]	11,386,055	(7,047,571)	30,215	11,779	4,380,863
Balance, shares at Dec. 31, 2023	[1]	3,855,126		(6,765)
Net income (loss)			[1]		[1]		(709,707)		6,613	(703,094)
Foreign currency translation adjustment			[1]		[1]			(1,551)	(302)	(1,853)
Redemption of shares		$ (1)	[1]	$ 1	[1]
Redemption of shares, shares	[1]	(6,765)		6,765
Balance at Mar. 31, 2024		$ 385	[1]		[1]	11,386,055	(7,757,278)	28,664	18,090	3,675,916
Balance, shares at Mar. 31, 2024	[1]	3,848,361
Balance at Dec. 31, 2023		$ 386	[1]	$ (1)	[1]	11,386,055	(7,047,571)	30,215	11,779	4,380,863
Balance, shares at Dec. 31, 2023	[1]	3,855,126		(6,765)
Net income (loss)										(1,659,449)
Balance at Sep. 30, 2024		$ 399	[1]		[1]	11,422,708	(8,709,605)	34,111	16,012	$ 2,763,625
Balance, shares at Sep. 30, 2024		3,989,056	[1]		[1]					3,853,504
Balance at Mar. 31, 2024		$ 385	[1]		[1]	11,386,055	(7,757,278)	28,664	18,090	$ 3,675,916
Balance, shares at Mar. 31, 2024	[1]	3,848,361
Net income (loss)			[1]		[1]		(442,699)		10,384	(432,315)
Foreign currency translation adjustment			[1]		[1]			(1,777)	60	(1,717)
Share based compensation			[1]		[1]	6,667				6,667
Share based compensation, shares	[1]	423
Balance at Jun. 30, 2024		$ 385	[1]		[1]	11,392,722	(8,199,977)	26,887	28,534	3,248,551
Balance, shares at Jun. 30, 2024	[1]	3,848,784
Net income (loss)			[1]		[1]		(509,628)		(14,411)	(524,039)
Foreign currency translation adjustment			[1]		[1]			7,224	1,889	9,113
Share based compensation			[1]		[1]	30,000				30,000
Share based compensation, shares	[1]	4,720
Roundup of fractional shares upon reverse stock split		$ 14	[1]		[1]	(14)
Roundup of fractional shares upon reverse stock split, shares	[1]	135,552
Balance at Sep. 30, 2024		$ 399	[1]		[1]	$ 11,422,708	$ (8,709,605)	$ 34,111	$ 16,012	$ 2,763,625
Balance, shares at Sep. 30, 2024		3,989,056	[1]		[1]					3,853,504
[1] Common stock and treasury stock have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

v3.24.3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical)	Aug. 30, 2024	Aug. 15, 2024
Statement of Stockholders' Equity [Abstract]
Stockholders' Equity, Reverse Stock Split	1-for-20 reverse stock split	1-for-20

v3.24.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,659,449)	$ (1,138,259)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	32,411	54,993
Gain on disposal of property and equipment	(111)
Amortization of intangible assets	3,611	4,431
Amortization of finance lease assets	18,956
Amortization of operating right-of-use assets	103,187	113,804
Unrealized holding loss (gain) on marketable securities	6,642	(4,838)
Deferred tax provision (benefit)	218	(6,537)
Allowance for expected credit loss	28,359
Changes in operating assets and liabilities:
Accounts receivables	6,353	(20,800)
Amount due from related parties	8,858	(782)
Inventories	(6,473)	(13,484)
Prepaid taxes	(8,592)	307,967
Prepayments and deposits	(329,898)	84,978
Other receivables	(949)
Accounts payable	19,139	11,365
Accounts payable – related parties	(10,415)	3,791
Customer deposits	(16,349)	(45,083)
Operating lease liabilities	(102,605)	(114,943)
Other payables and accrued liabilities	(179,853)	(219,676)
Other payables – related parties	(7,133)	(1,959)
Income tax payable	13,213	(10,674)
Net cash used in operating activities	(2,080,880)	(995,706)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(48,722)	(7,200)
Proceeds from disposal of property and equipment	111
Net cash used in investing activities	(48,611)	(7,200)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred offering costs		(113,911)
Payment of finance lease liabilities	(6,691)
Net cash used in financing activities	(6,691)	(113,911)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	22,755	(9,954)
DECREASE IN CASH AND CASH EQUIVALENTS	(2,113,427)	(1,126,771)
CASH AND CASH EQUIVALENTS, beginning of period	4,832,460	1,438,430
CASH AND CASH EQUIVALENTS, end of period	2,719,033	311,659
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid	10,257	20,617
Refund of prepaid taxes	1,665
SUPPLEMENTAL NON-CASH FLOWS INFORMATION
Increase in right-of-use assets and lease liabilities due to lease renewal		$ 422,819

v3.24.3

ORGANIZATION AND BUSINESS BACKGROUND	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
ORGANIZATION AND BUSINESS BACKGROUND	1. ORGANIZATION AND BUSINESS BACKGROUND   Agape ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016.   Agape ATP Corporation operates through its subsidiaries, namely, Agape ATP Corporation (“AATP LB”), a company incorporated in Labuan, Malaysia, and Agape Superior Living Sdn. Bhd. (“ASL”), a company incorporated in Malaysia.   AATP LB, incorporated in Labuan, Malaysia, is an investment holding company with 100% equity interest in Agape ATP International Holding Limited (“AATP HK”), a company incorporated in Hong Kong.   On May 8, 2020, the Company entered into a Share Exchange Agreement with Mr. How Kok Choong, CEO and director of the Company to acquire 9,590,596 ordinary shares, no par value, equivalent to approximately 99.99% of the equity interest in Agape Superior Living Sdn. Bhd., a network marketing entity incorporated in Malaysia.   ASL is a limited company incorporated on August 8, 2003, under the laws of Malaysia.   On September 11, 2020, the Company incorporated Wellness ATP International Holdings Sdn. Bhd. (“WATP”), a wholly owned subsidiary under the laws of Malaysia, to pursue the business of promoting wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns on how to achieve positive wellness and lifestyle. On July 4, 2024, the entity changed its name to Cedar ATPC Sdn. Bhd. (“CEDAR”).   On November 11, 2021, AATP LB formed an entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which AATP LB owns 60% of the equity interest, to pursue the business of providing complementary health therapies.   The Company and its subsidiaries are principally engaged in the Health and Wellness Industry. The principal activity of the Company is to supply high-quality health and wellness products, including supplements to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system of the human body and various wellness programs.   The Company is positioning itself for sustainable growth by diversifying its operations into the domain of renewable energy. This initiative is founded upon our commitment to environmental responsibility, long-term value creation, and proactive adaptation to global energy trends. On January 3, 2024, the Company formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”), which the Company and OIE each own 50% of the equity interest. On March 14, 2024, the Company acquired 50% of OIE ATPC Holdings (M) Sdn. Bhd. equity interest from OIE, subsequently the entity becomes a wholly owned subsidiary of the Company. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn. Bhd (“AGE”).   On September 19, 2024, AGE increased its number of ordinary shares to 1,000,000 shares at RM 0.01 per share.   On January 8, 2024, AGE formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd (“ATPC Exim”). However, the Company had decided not to proceed with the continued development of ATPC Exim. There is no impact to the Group’s operation.   The accompanying consolidated financial statements reflect the activities of the Company, AATP LB, AATP HK, CEDAR, ASL, DSY Wellness, AGE, ATPC Exim and its variable interest entity (“VIE”), Agape S.E.A. Sdn. Bhd. (“SEA”) (See Note 4).   Details of the Company’s subsidiaries:  SCHEDULE OF SUBSIDIARIES AND ASSOCIATES     Subsidiary company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   Agape ATP Corporation   Labuan, March 6, 2017   100 shares of ordinary share of US$1 each   Investment holding     100 %                           2.   Agape ATP International Holding Limited   Hong Kong, June 1, 2017   1,000,000 shares of ordinary share of HK$1 each   Wholesaling of health and wellness products; and health solution advisory services     100 %                           3.   Agape Superior Living Sdn. Bhd.   Malaysia, August 8, 2003   9,590,598 shares of ordinary share of RM1 each   Health and wellness products and health solution advisory services via network marketing     99.99 %                           4.   Agape S.E.A. Sdn. Bhd.   Malaysia, March 4, 2004   2 shares of ordinary share of RM1 each   VIE of Agape Superior Living Sdn. Bhd.     VIE                             5.   Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd.   Malaysia, September 11, 2020   100 shares of ordinary share of RM1 each   The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns     100 %                           6.   DSY Wellness International Sdn. Bhd.   Malaysia, November 11, 2021   1,000 shares of ordinary share of RM1 each   Provision of complementary health therapies     60 %                           7.   ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.)   Malaysia, March 14, 2024   1,000,000 shares of ordinary share of RM0.01 each   Renewable energy     100 %                           8.   OIE ATPC Exim (M) Sdn. Bhd.   Malaysia, March 14, 2024   1,000 shares of ordinary share of RM1 each   Renewable energy     100 %     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   1. ORGANIZATION AND BUSINESS BACKGROUND (Continued)   Business Overview   Agape ATP Corporation is a company that provides health and wellness products and health solution advisory services to our clients. The Company primarily focus its efforts on attracting customers in Malaysia. Its advisory services center on the “ATP Zeta Health Program”, which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles, and promotion of health. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled nutritionists and/or dieticians.   In order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99% of ASL, with the goal of securing an established network marketing sales channel that has been established in Malaysia for the past 15 years. ASL has been offering the Company’s ATP Zeta Health Program as part of its product lineup. As such, the acquisition creates synergy in the Company’s operation by boosting the Company’s retail and marketing capabilities. The newly acquired subsidiary allows the Company to fulfill its mission of “helping people to create health and wealth” by providing a financially rewarding business opportunity to distributors and quality products to distributors and customers who seek a healthy lifestyle.   Via ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and BEAUNIQUE.   The ATP Zeta Health Program is a health program designed to promote health and general wellbeing designed to prevent health diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition and advice from skilled dieticians as well as trained members and distributors.   The ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from the cellular level. The series is comprised of the Energy Mask series, Hyaluronic Acid Serum and Mousse Facial Cleanser.   The BEAUNIQUE product series focuses on the research of our diet’s impact on modifying gene expressions in order to address genetic variations and deliver a nutrigenomic solution for every individual.   The Company deems creating public awareness on wellness and wellbeing lifestyle as essential to enhance the provision of its health solution advisory services; and therefore, incorporated CEDAR. Upon its establishment, CEDAR started collaborating with ASL to carry out various wellness programs.   To further its reach in the Health and Wellness Industry, on November 11, 2021, AATP LB formed an entity, DSY Wellness with an independent third party which AATP LB owns 60% of the equity interest, to pursue the business of providing complementary health therapies.   AGE delivers innovative solutions for sustainability, energy savings and promoting environmental stewardship to achieves energy efficiency and carbon neutrality for a healthier environment.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).   The interim unaudited financial information as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 1, 2024.   In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of September 30, 2024, its unaudited results of operations for the three and nine months ended September 30, 2024 and 2023, and its unaudited cash flows for the nine months ended September 30, 2024 and 2023, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.   The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable interest entity (“VIE”) over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation.   Principles of consolidation   Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.   A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the three and nine months ended September 30, 2024, SEA, the only VIE of the Company has no significant operations.   Certain effects of reverse stock split   On August 15, 2024, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 1-for-20 (the “Reverse Stock Split”), effective as of August 30, 2024. On that date, every 20 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 77,069,575 (pre-split) shares to 3,853,504 (post-split) shares. In addition, by reducing the number of outstanding shares, the Company’s loss per share in all prior periods increased by a factor of 20. The Reverse Stock Split affected all shares of Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split.   Stockholders who hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 20 are entitled the number of shares rounded up to the nearest whole share. The Company will issue share of the post-Reverse Stock Split Common Stock to any stockholder who would have received a fractional share as a result of the Reverse Stock Split.   The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $0.0001 per share and the number of authorized shares of Common Stock reduced from 1,000,000,000 shares to 50,000,000 shares after the Reverse Stock Split.   As the par value per share of the Company’s Common Stock remained unchanged at $0.0001 per share, the change in the Common Stock recorded at par value has been reclassified to additional paid-in-capital. All references to shares of Common Stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis.   Use of estimates   The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for expected credit loss, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ from these estimates.   Cash and cash equivalents   Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Accounts receivable, net   Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. An allowance for expected credit loss is recorded in the period when a loss is probable based on an assessment of collectivity by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily base on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectivity issues. In determining the amount of the allowance for expected credit loss, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of September 30, 2024 and December 31, 2023, $13,342 and $542 allowance for expected credit loss were recorded.   Inventories   Inventories consist of raw materials, work in process and finished goods. Raw materials are valued at cost and work in process are valued at cost of raw materials consumed, both using periodic inventory system in which physical count is performed in monthly basis. Finished goods are valued at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. For the three and nine months ended September 30, 2024 and 2023, the Company did not recognize any inventory write-downs nor write-off.   Prepaid taxes   Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.   Prepayments and deposits, net   Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for expected credit loss after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. There was no allowance for expected credit loss written-off during the three and nine months ended September 30, 2024 and 2023. There was $16,960 and $0 allowance for expected credit loss recorded as of September 30, 2024 and December 31, 2023.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Property and equipment, net   Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:  SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT     Useful Life Computer and office equipment   5-7 years Furniture & fixtures   6-7 years Leasehold improvements   Shorter of the remaining lease terms or the estimated useful lives Vehicle   5 years   The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.   Intangible assets, net   Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:  SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification   Useful Life Computer software   5 years   Impairment for long-lived assets   Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2024 and December 31, 2023, no impairment of long-lived assets was recognized.   Investment in marketable equity securities   The Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Customer deposits   Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy.   Revenue recognition   The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.   The ASU requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.   The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Sales of Skin Care, Health and Wellness products   - Performance obligations satisfied at a point in time   The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.   Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues.   For the three months ended September 30, 2024 and 2023, the Company recognized $565 and $53,690, as forfeited coupon income, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $2,952 and $82,562, as forfeited coupon income, respectively.   The Company had contracts for the sales of health and wellness products amounting to $10,258 which it is expected to fulfill within 12 months from September 30, 2024.   Sales of products for the provision of complementary health therapies   - Performance obligations satisfied at a point in time   Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.   The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultation session.   For the three months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $227,249 and $208,323 respectively. For the nine months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $688,415 and $539,291 respectively.   Provision of Health and Wellness services   - Performance obligations satisfied at a point in time   The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report.   The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs.   The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person.   For the three months ended September 30, 2024 and 2023, revenues from health and wellness services were $56,503 and $57,783 respectively. For the nine months ended September 30, 2024 and 2023, revenues from health and wellness services were $160,694 and $181,997 respectively.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Disaggregated information of revenues by products are as follows:  SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES     2024     2023     2024     2023       For the three months ended     For the nine months ended       September 30,     September 30,       2024     2023     2024     2023   Survivor Select   $ -     $ -     $ -     $ 28,210   Energized Mineral Concentrate     1,097       -       1,097       -   Ionized Cal-Mag     -       29,777       374       114,579   Omega Blend     -       -       -       22,471   Beta Maxx     -       -       -       21,206   Iron     -       -       -       21,617   Trim+     -       -       -       9,587   LIVO 5     24,103       46,057       78,478       67,869   Soy Protein Isolate Powder     2,292       6,931       8,616       17,384   Mix Soy Protein Isolate Powder with Black Sesame     1,641       6,443       6,893       14,047   Others – Products for the provision of complementary health therapies     227,249       208,323       688,415       539,291   Skin care and healthcare products     18,404       -       18,404       1,759   Total revenues - products     274,786       297,531       802,277       858,020   Health and Wellness services     56,503       57,783       160,694       181,997   Total revenues - products and services   $ 331,289     $ 355,314     $ 962,971     $ 1,040,017     Cost of revenue   Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and purchase cost of products and services for the provision of complementary health therapies. For the three and nine months ended September 30, 2024, cost of revenue were $147,104 and $381,805, respectively. For the three and nine months ended September 30, 2023 were $120,586 and $356,875.   Shipping and handling   Shipping and handling charges amounted to $817 and $1,395 for the three months ended September 30, 2024 and 2023, respectively. Shipping and handling charges amounted to $2,577 and $4,050 for the nine months ended September 30, 2024 and 2023, respectively. Shipping and handling charges are expensed as incurred and included in selling expenses.   Advertising costs   Advertising costs amounted to $17,250 and $36,945 for the three and nine months ended September 30, 2024. There were no advertising costs incurred for the three and nine months ended September 30, 2023. Advertising costs are expensed as incurred and included in selling expenses.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Selling expenses   The Company’s selling expenses typically comprise salaries and benefits expenses, credit card processing fees and promotional expenses. Selling expenses amounted to $41,582 and $49,285 for the three months ended September 30, 2024 and 2023, respectively. Selling expenses amounted to $129,938 and $189,509 for the nine months ended September 30, 2024 and 2023, respectively.   Commission expenses   As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $6,894 and $14,002 for the three months ended September 30, 2024 and 2023, respectively. Commission expenses amounted to $23,573 and $69,886 for the nine months ended September 30, 2024 and 2023, respectively.   General and administrative expenses (“G&A expenses”)   The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses, depreciation expenses and allowance for expected credit loss. G&A expenses amounted to $683,819 and $488,519 for the three months ended September 30, 2024 and 2023, respectively. G&A expenses amounted to $2,152,889 and $1,554,242 for the nine months ended September 30, 2024 and 2023, respectively.   Defined contribution plan   The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $57,304 and $37,187 for the three months ended September 30, 2024 and 2023, respectively. Total expenses for the plans were $87,391 and $116,660 for the nine months ended September 30, 2024 and 2023, respectively.   The related contribution plans include:     - Social Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000;   - Employees Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above.   - Employment Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000;   - Human Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary   Income taxes   The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.   Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.   An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No penalties and interest incurred related to underpayment of income taxes for the three and nine months ended September 30, 2024 and 2023.   The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.   Comprehensive income (loss)   Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.   Non-controlling interest   Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statements of operations as an allocation of the total income or loss for the periods between non-controlling interest holders and the shareholders of the Company.   Earnings (loss) per share   The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three and nine months ended September 30, 2024 and 2023, there were no dilutive shares.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Foreign currencies translation and transaction   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive loss.   The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.   In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.   Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:  SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Period-end MYR : US$1 exchange rate     4.12       4.59   Period-end HKD : US$1 exchange rate     7.77       7.81   Foreign currency exchange rate, translation     7.77       7.81         2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Period-average MYR : US$1 exchange rate     4.35       4.63       4.61       4.53   Period-average HKD : US$1 exchange rate     7.79       7.82       7.81       7.84   Foreign currency exchange rate period average     7.79       7.82       7.81       7.84       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   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 accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.   The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:     ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.   ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.   ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.   Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.   Leases   The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.   The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows.   Derivative financial instruments   Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial new investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company based on the terms of the warrant agreement to determine the warrants as equity instruments or derivative liabilities. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is required for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant.   Recent accounting pronouncements   The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.   In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU No. 2023-07 is not expected to have a significant impact on its unaudited condensed consolidated financial statements   In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU 2023-09 requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   In March 2024, the FASB issued ASU 2024-01 “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. The ASU clarify how an entity determines whether a profits interest or similar award is within the scope of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, by adding illustrative guidance. The guidance in ASU 2024-01 is effective for annual reporting periods beginning after December 15, 2024, and can be applied either retrospectively to all prior periods presented in the consolidated financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. Early adoption is permitted. The adoption of ASU 2024-01 is not expected to have any impact on the Company’s consolidated financial statements.   In March 2024, the FASB issued ASU 2024-02 “Codification Improvements – Amendments to Remove References to the Concepts Statements”. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2024 and are not expected to have a significant impact on our financial statements.   Recently adopted Accounting Pronouncements   In March 2023, the FASB issued ASU No. 2023-01 “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that Leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. The adoption of this accounting standard has no material impact on the unaudited condensed consolidated financial statements for the nine months ended and as at September 30, 2024.   Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the unaudited condensed consolidated financial position, statements of operations and cash flows.

v3.24.3

ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD	3. ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD.   On January 3, 2024, the Company together with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”) formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. (“OIE ATPC”) in which the Company and OIE each owns 50% equity interest at the cost of $108. On March 14, 2024, the Company acquired the remainder 50% of equity at cost of $107 from OIE. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn Bhd (“AGE”).   On January 8, 2024, ATPC Green Energy (“AGE”) formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd. (“ATPC Exim”).   As both AGE and ATPC Exim are newly formed, the Company considered the cost of investment is the fair value of the assets acquired.

v3.24.3

VARIABLE INTEREST ENTITY (“VIE”)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITY (“VIE”)	4. VARIABLE INTEREST ENTITY (“VIE”)   SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided majority of ASL’s purchases. The income generated was insufficient to finance its activities and 100% of its business is transacted with ASL. Therefore, it was considered to be a VIE and ASL is the primary beneficiary since it has both of the following characteristics:     a. The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and   b. The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.   Accordingly, the accounts of SEA is consolidated in the accompanying financial statements.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   4. VARIABLE INTEREST ENTITY (“VIE”) (Continued)   The carrying amount of the VIE’s assets and liabilities were as follows:  SCHEDULE OF VARIABLE INTEREST ENTITY     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Current assets   $ 1,314     $ 1,799   Current liabilities     (1,153 )     (899 ) Net asset   $ 161     $ 900         September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Current assets:                 Cash   $ 1,294     $ 122   Prepayment and deposits     20       7   Prepaid taxes     -       1,670   Total current assets   $ 1,314     $ 1,799                     Current liabilities:                 Other payables and accrued liabilities     1,153       899   Total current liabilities   $ 1,153     $ 899   Net asset   $ 161     $ 900     The summarized operating results of the VIE’s are as follows:       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Operating revenues   $ -     $ -     $ -     $ -   Gross profit   $ -     $ -     $ -     $ -   Profit (loss) from operations   $ (490 )   $ 41,014     $ (754 )   $ 40,654   Net profit (loss)   $ (490 )   $ 41,014     $ (754 )   $ 40,654       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

CASH AND CASH EQUIVALENTS	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS	5. CASH AND CASH EQUIVALENTS   As of September 30, 2024 and December 31, 2023 the Company has $2,719,033 and $4,832,460, respectively, of cash and cash equivalents, which consists of $266,173 and $510,019, respectively, of cash and cash in banks and $2,452,860 and $4,322,441, respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranged between 2.06% to 2.55% per annum for the three and nine months ended September 30, 2024. The effective interest rate ranged between 1.22% to 1.88% per annum for the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, $2,492,285 and $4,630,476 of these balances are not covered by deposit insurance, respectively.

v3.24.3

ACCOUNTS RECEIVABLE, NET	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	6. ACCOUNTS RECEIVABLE, NET  SCHEDULE OF ACCOUNTS RECEIVABLES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Accounts receivable   $ 55,286     $ 56,000   Allowance for expected credit loss     (13,342 )     (542 ) Total accounts receivable, net   $ 41,944     $ 55,458     Movements of allowance for expected credit loss are as follows:  SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Beginning balance   $ 542     $ -   Addition     12,738       546   Exchange rate effect     62       (4 ) Ending balance   $ 13,342     $ 542

v3.24.3

INVENTORIES	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	7. INVENTORIES   Inventories consist of the following:  SCHEDULE OF INVENTORIES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Finished goods     60,564       47,907   Total inventories   $ 60,564     $ 47,907     There were no inventory write-downs nor write-off for the three and nine months ended September 30, 2024 and 2023, respectively.

v3.24.3

PREPAYMENTS AND DEPOSITS, NET	9 Months Ended
	Sep. 30, 2024
Prepayments And Deposits Net
PREPAYMENTS AND DEPOSITS, NET	8. PREPAYMENTS AND DEPOSITS, NET  SCHEDULE OF PREPAID EXPENSES AND DEPOSITS     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Prepaid expenses   $ 451,242     $ 123,809   Deposits to suppliers     105,419       91,997   Subtotal     556,661       215,806   Allowance for expected credit loss – Prepaid expenses     (16,960 )     -   Total prepayments and deposits, net   $ 539,701     $ 215,806     Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance for expected credit loss for such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for credit losses after management has determined that the likelihood of collection is not probable.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   8. PREPAYMENTS AND DEPOSITS, NET (Continued)   Movements of allowance for expected credit loss are as follows:  SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES     For the nine months ended September 30, 2024     For the year ended December 31, 2023                 Beginning balance   $ -     $       -   Addition     16,960       -   Ending balance   $ 16,960     $ -

v3.24.3

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET   Property and equipment, net consist of the following:  SCHEDULE OF PROPERTY AND EQUIPMENT, NET     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Computer and office equipment   $ 99,082     $ 91,947   Furniture & fixtures     124,178       111,164   Motor vehicle     22,792       89,729   Leasehold improvements     205,151       184,155   Subtotal     451,203       476,995   Less: accumulated depreciation     (403,695 )     (399,137 ) Total property and equipment, net   $ 47,508     $ 77,858     Depreciation expense for the three months ended September 30, 2024 and 2023 amounted to $7,083 and $17,028, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 amounted to $32,411 and $54,993, respectively.

v3.24.3

INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	10. INTANGIBLE ASSETS, NET   Intangible assets, net, consist of the following:  SCHEDULE OF INTANGIBLE ASSETS, NET     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Computer software   $ 59,149     $ 53,095   Less: accumulated amortization     (43,736 )     (35,637 ) Total intangible assets, net   $ 15,413     $ 17,458     Amortization expense for the three months ended September 30, 2024 and 2023 amounted to $1,256 and $1,344, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 amounted to $3,611 and $4,431, respectively.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

INVESTMENT IN MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2024
Investment In Marketable Securities
INVESTMENT IN MARKETABLE SECURITIES	11. INVESTMENT IN MARKETABLE SECURITIES     (i) On May 17, 2018, the Company purchased 83,333 shares of common stock in Greenpro Capital Corp. for $500,000 at a purchase price of $6 per share.         (ii) On July 30, 2018, the Company disposed 20 shares of common stock in Greenpro Capital Corp. for $125 at a purchase price of $6.2613 per share.         (iii) On October 16, 2018, the Company purchased 33,333 shares of common stock in Greenpro Capital Corp. for $1,000 at a purchase price of $0.03 per share.         (iv) On July 19, 2022, Greenpro Capital Corp. filed a certificate of change with the Secretary of State of Nevada to effect a reverse split of the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company. As at July 28, 2022, the Company has an investment of 116,646 common stock of Greenpro Capital Corp. The Company’s investment of 116,646 common stock of Greenpro Capital Corp. was reduced to 11,665 subsequent to the reverse stock split.         (v) On November 3, 2020, the Company received dividend of 6,667 shares of common stock in DSwiss, Inc. for $76,671 at fair value of $11.50 per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares.         (vi) On December 9, 2020, the Company received dividend of 16,663 shares of common stock in DSwiss, Inc. for $83,315 at fair value of $5 per share from Greenpro Capital Corporation as result of its Spin-off of DSwiss, Inc.’s shares.         (vii) On September 27, 2021, the Company received dividend of 11,665 shares of common stock in SEATech Ventures Corp. for $18,874 at fair value of $1.62 per share from Greenpro Capital Corp as a dividend income since Greenpro Capital Corp previously owned these shares.   SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES                   As of       September 30, 2024     December 31, 2023   Fair value of investment in marketable securities at the beginning of period / year   $ 20,171     $ 16,687   Unrealized holding (loss) gain     (6,641 )     3,493   Transfer to non-marketable securities     (1,500 )     -   Exchange rate effect     54       (9 ) Fair value of investment in marketable securities at the end of period / year   $ 12,084     $ 20,171       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

INVESTMENT IN NON-MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2024
Investment In Non-marketable Securities
INVESTMENT IN NON-MARKETABLE SECURITIES	12. INVESTMENT IN NON-MARKETABLE SECURITIES     (i) On April 3, 2019, the Company purchased a 5% of stock or 15,000,000 shares of common stock in Phoenix Plus Corp. (a non-marketable security) for $1,500 at purchase price of $0.0001 per share. Phoenix Plus Corp. obtained approval for Depository Trust Company eligibility on April 26, 2022. Since the commencement of trading of common stock of Phoenix Plus Corp. on May 18, 2022, to July 16, 2024 there were only 12 days traded with number of shares of common stock ranging from 100 to 57,500. The Company deems there is an absence of a readily determinable fair value of the common stock of Phoenix Plus Corp. and has continued to value its investment in the company Phoenix Plus Corp. at cost. The carrying value of the Company’s investment in Phoenix Plus Corp. was $1,500 as of September 30, 2024 and December 31, 2023.         (ii) On July 2, 2024, the Company purchased 5% of stock or 15,000,000 shares of common stock with a par value of $0.0001 per share of Radiance Holdings Corp. at the consideration of the 15,000,000 shares of Phoenix Plus Corp held by the Company.   SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES                   As of   Radiance Holdings Corp   September 30, 2024     December 31, 2023   Cost of investment   $ 1,500     $           -                     Investment in non-marketable securities     1,500       -

v3.24.3

CUSTOMER DEPOSITS	9 Months Ended
	Sep. 30, 2024
Customer Deposits
CUSTOMER DEPOSITS	13. CUSTOMER DEPOSITS   SCHEDULE OF CUSTOMER DEPOSITS                   As of       September 30, 2024     December 31, 2023                 Customer deposits – Non Refundable   $ 94,187     $ 100,540   Unexpired product coupons     700       1,035   Total customer deposits   $ 94,887     $ 101,575     Customer deposits represent amounts advanced by customers on product orders and unexpired product coupons issued to the Company’s members and distributors of its network marketing business.

v3.24.3

OTHER PAYABLES AND ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
OTHER PAYABLES AND ACCRUED LIABILITIES	14. OTHER PAYABLES AND ACCRUED LIABILITIES   SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES                   As of       September 30, 2024     December 31, 2023                 Professional fees   $ 151,945     $ 348,664   Promotion expenses     53,467       47,995   Payroll     6,057       26,104   Amounts held in eWallets     187,137       185,137   Tax penalty     75,000       75,000   Others     67,290       43,161   Total other payables and accrued liabilities   $ 540,896     $ 726,061     The Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with the Company. The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.20) and for members or distributors without bank account. Commission payment exceeding the RM100 threshold shall only be credited into the member’s or distributor’s bank upon request. The eWallet functionality allows the members to place new product orders utilizing eWallet available balance and/or request commission payout via multiple payment methods provided that each of the withdrawal amount exceeds RM100. Amounts held in eWallets are reflected on the balance sheet as a current liability.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	15. RELATED PARTY BALANCES AND TRANSACTIONS   Related party balances   Amount due from related parties   SCHEDULE OF RELATED PARTIES             As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Prepayment of IT expenses   $ 2,460     $ 2,922   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Deposits for products purchases     -       8,171                             Total amount due from related parties           $ 2,460     $ 11,093     Accounts payable – related parties               As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 27,183     $ 30,439   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     -       54   Mr. Chew Yi Zheng   Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd   Render therapy and health consultation to customer     -       4,355   Total account payable – related parties           $ 27,183     $ 34,848       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party balances   Other payable - related parties               As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use     547       570   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     -       535   Mr. Yap Foo Ching (Steve Yap)   Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd   Payment on behalf by Mr. Yap     -       6,534   Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense     222       207   Total other payable – related parties           $ 769     $ 7,846     Related party transactions   Purchases               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 79,758     $ 73,054   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     151       397   Total purchases           $ 79,909     $ 73,451       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Purchases   Related party transactions               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 246,003     $ 188,032   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     17,231       17,961   Total purchases           $ 263,234     $ 205,993     Other purchases               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use   $ 900     $ 1,947   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     134       1,267   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Purchase of products for general use     -       71   Total other purchases           $ 1034     $ 3,285       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Other purchases               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use   $ 2,681     $ 4,155   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     2,800       4,637   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Purchase of products for general use     -       347   Total other purchases           $ 5,481     $ 9,139     Commission               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense   $ 550     $ 1,364   Total commission           $ 550     $ 1,364       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Commission               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense   $ 1,938     $ 4,863   Total commission           $ 1,938     $ 4,863     Other income               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Rental income   $ 652     $ 663   Redboy Picture Sdn Bhd (“Redboy”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy   Rental income     -       1,325   TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Rental income     195       199   Total other income           $ 847     $ 2,187     Other income               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Rental income   $ 1,954     $ 1,988   Redboy Picture Sdn Bhd (“Redboy”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy   Rental income     -       5,302   TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Rental income     586       265   Total other income           $ 2,540     $ 7,555       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Other expenses               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   IT support services fee   $ 14,976     $ 13,642   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Office rental expense and facilities     21,708       7,952   Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Office furniture & fittings and improvements     -       -   Total other expenses           $ 36,684     $ 21,594     Other expenses               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   IT support services fee   $ 44,429     $ 41,126   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of products for general use     5       -   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Office rental expense     37,338       23,857   Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Office furniture & fittings and improvements     1,755       -   Total other expenses           $ 83,527     $ 64,983       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	16. STOCKHOLDERS’ EQUITY   Preferred stock   As of September 30, 2024 and December 31, 2023, there were 200,000,000 preferred stocks authorized but none were issued and outstanding.   Common stock   Pursuant to a resolution passed at the Board Meeting on August 15, 2024, the number of authorized shares of the Company decreased from 1,000,000,000 shares of Common Stock at $0.0001 par value to 50,000,000 shares of Common Stock at $0.0001 par value.   As of September 30, 2024 and December 31, 2023, there were 50,000,000 common stocks authorized; 3,989,056 and 3,855,126 shares issued and outstanding, respectively.   Pursuant to a resolution passed at the Board Meeting on August 15, 2024, the Company declared a 1-for-20 reverse stock split of the Company’s issued and outstanding common stock, par value $0.0001 per share. Effective as of August 30, 2024, every 20 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 77,069,575 (pre-split) shares to 3,853,504 (post-split) shares.   Share-based compensation   The Company has share-based compensation to the executive director. The share-based compensation expense is recorded in general and administrative expenses. The value of the share is $5,000 a month and the number of share to issue is based on the average market price of the month. The Company will issue the share on half yearly basis.   As of September 30, 2024 and December 31, 2023, there were 5,143 and 0 shares issued respectively.   Treasury Stock   On January 26, 2024, the Company redeemed 6,765 treasury stock at par value $0.0001. As of September 30, 2024 and December 31, 2023, there were 0 and 6,765 treasury stock respectively.   Warrants   On October 10, 2023, the Company entered into an underwriting agreement with Network 1 Financial Securities, Inc., as underwriter named thereof, in connection with its initial public offering (“IPO”) of 82,500 shares of common stock, par value $0.0001 per share (the “Shares”) at a price of $80.00 per share. The Company issued Representative’s Warrants to purchase up to 5,775 shares of common stock at $88.00 per share, dated October 13, 2023, to Network 1 Financial Securities, Inc. The warrants shall be exercisable at any time, and from time to time, in whole or in part, 180 days after October 13, 2023 (i.e. the date of issuance) and expiring on October 10, 2028.   The warrants are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is needed for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant. As of October 13, 2023 (the “Grant Date”) the warrant was valued at $38,580 with the following assumptions.     SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD     As of       October 13, 2023   Risk-free interest rate     4.65 % Expected volatility     49 % Expected life (in years)     5 years   Expected dividend yield     0.00 % Fair value of warrants   $ 38,580     As of September 30, 2024, there were 5,775 warrants outstanding.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

NON-CONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTEREST	17. NON-CONTROLLING INTEREST   The Company’s non-controlling interest consists of the following:   SCHEDULE OF NON CONTROLLING INTEREST                   As of       September 30, 2024     December 31, 2023   DSY Wellness:                 Paid-in capital   $ 97     $ 97   Retained earnings     15,020       12,434   Accumulated other comprehensive income (loss)     895       (752 ) Noncontrolling interest gross     16,012       11,779   ASL     -       -   Total   $ 16,012     $ 11,779

v3.24.3

INCOME TAXES CREDIT (EXPENSES)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES CREDIT (EXPENSES)	18. INCOME TAXES CREDIT (EXPENSES)   The United States and foreign components of loss before income taxes were comprised of the following:   SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAX     2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Tax jurisdictions from:                                 Local – United States   $ (302,021 )   $ (106,680 )   $ (1,130,098 )   $ (417,377 ) Foreign – Malaysia     (222,258 )     (164,841 )     (513,397 )     (680,993 ) Foreign – Hong Kong     (2,635 )     (49,271 )     (2,151 )     (42,601 ) Foreign – Tax Jurisdictions     (2,635 )     (49,271 )     (2,151 )     (42,601 )                                   Loss before income tax   $ (526,914 )   $ (320,792 )   $ (1,645,646 )   $ (1,140,971 )   Income tax credit (expense) consisted of the following:   SCHEDULE OF PROVISION FOR INCOME TAX     2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Current:                                 - Local   $ -     $ -     $ -     $ -   - Foreign     2,875       -       (13,803 )     (3,825 )                                   Deferred:                                 - Local     -       -       -       -   - Foreign     -       (3,943 )     -       6,537   Income tax credit (expense)   $ 2,875     $ (3,943 )   $ (13,803 )   $ 2,712     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 and its subsidiaries operate in various countries: United States, Malaysia (including Labuan) and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   18. INCOME TAXES CREDIT (EXPENSES) (Continued)   United States of America   Agape ATP Corporation was incorporated in the State of Nevada and is subject to the tax laws of the United States of America with a corporate tax rate of 21% on its taxable income. Agape ATP Corporation also subject to controlled foreign corporations Subpart F income (“Subpart F”) tax, which is a tax primarily on passive income from controlled foreign corporations with a tax rate of 21%. In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied.   For the three and nine months ended September 30, 2024 and 2023, the Company’s foreign subsidiaries did not generate any income that are subject to Subpart F tax and GILTI tax.   As of September 30, 2024 and December 31, 2023, the operations in the United States of America incurred approximately $3,223,000 and $2,093,000, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income or Subpart F and GILTI taxes. These balances can be carried forward indefinitely. The deferred tax valuation allowance as of September 30, 2024 and December 31, 2023 were approximately $677,000 and $440,000, respectively.   Malaysia   Agape ATP Corporation, Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd, Cedar ATPC Sdn Bhd., DSY Wellness International Sdn. Bhd., ATPC Green Energy Sdn Bhd and OIE ATPC Exim (M) Sdn Bhd. are governed by the income taxes laws of Malaysia and the income taxes provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income taxes rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 15% for the first RM 150,000 (or approximately $37,500), 17% for the subsequent RM 150,000 to RM 600,000 (or approximately $37,500 to $150,000) and 24% for the remaining balance for three and nine months ended September 30, 2024 and 2023.   As of September 30, 2024 and December 31, 2023, the operations in Malaysia incurred approximately $3,249,000 and $2,796,000, respectively, of cumulative net operating losses (“NOL”) which can be carried forward to offset future taxable income. Approximately $746,000, $834,000, $1,213,000 and $456,000 of the net operating loss carry forwards will expire in 2031, 2032, 2033 and 2034, respectively, if unutilized. The deferred tax valuation allowance as of September 30, 2024 and December 31, 2023 were approximately $870,000 and $670,000, respectively.   Hong Kong   Agape ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income derived from Hong Kong. Business income derived or business expenses incurred outside the Special Administrative Region is not subject to Hong Kong Profits Tax or deduction.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   18. INCOME TAXES CREDIT (EXPENSES) (Continued)   The following table sets forth the significant components of the aggregate deferred tax assets of the Company:   SCHEDULE OF DEFERRED TAX ASSETS     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Deferred tax assets:                 Net operating loss carry forwards in U.S.   $ 676,812     $ 439,492   Net operating loss carry forwards in Malaysia     869,126       664,105   Unabsorbed capital allowance carry forward in Malaysia     1,840       5,577   Less: valuation allowance     (1,547,778 )     (1,108,955 ) Deferred tax assets, net   $ -     $ 219     Uncertain tax positions   The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of September 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties tax for the three and nine months ended September 30, 2024 and 2023.

v3.24.3

CONCENTRATIONS OF RISKS	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS OF RISKS	19. CONCENTRATIONS OF RISKS   (a) Major customers   For the three months ended September 30, 2024 and 2023, no customer accounted for 10% or more of the Company’s total revenues. For the nine months ended September 30, 2024 and 2023, no customer accounted for 10% or more of the Company’s total revenues.   As of September 30, 2024, six individual customers accounted for approximately 22.8% of the Company’s balance of accounts receivable, respectively. As of December 31, 2023, six individual customers and one company accounted for approximately 40.2% of the Company’s balance of accounts receivable.   (b) Major vendors   For the three months ended September 30, 2024, two vendors accounted for approximately 57.3% and 19.0% of the Company’s total purchases. For the three months ended September 30, 2023, two vendors accounted for approximately 67.5% and 31.2% of the Company’s total purchases, respectively.   For the nine months ended September 30, 2024, the same two vendors accounted for approximately 63.4% and 19.9% of the Company’s total purchases. For the nine months ended September 30, 2023, two vendors accounted for approximately 53.0% and 27.7% of the Company’s total purchases.   CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 57.3% and 63.4% of the Company’s total purchases for the three and nine months ended September 30, 2024, respectively. For the three months ended September 30, 2023, it accounted for approximately 67.5% and 53.0% of the Company’s total purchases, respectively.   As of September 30, 2024, two vendors accounted for approximately 54.6% and 24.6% of the Company’s total balance of accounts payable, respectively. As of December 31, 2023, two vendors accounted for approximately 61.8% and 35.4% of the Company’s total balance of accounts payable, respectively.   CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 24.6% and 35.4% of the Company’s total balance of accounts payable as of September 30, 2024 and December 31, 2023, respectively.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   19. CONCENTRATIONS OF RISKS (Continued)   (c) Commission Expenses to Sales Distributors and Stockists   No sales distributor accounted for 10% or more of the Company’s commission expense for the three months ended September 30, 2024. Two sales distributors accounted for 10% or more of the Company’s commission expense for the three months ended September 30, 2023.   For the nine months ended September 30, 2024, one sales distributor accounted for 20.3% of the Company’s commission expense. For the nine months ended September 30, 2023, one sales distributor accounted for 10% or more of the Company’s commission expense.   (d) Credit risk   Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of September 30, 2024 and December 31, 2023, $2,713,020 and $4,817,213 were deposited with financial institutions, respectively, $2,492,285 and $4,630,476 of these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.   Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for expected credit loss based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically, the Company did not have any bad debt on its account receivable.   (e) Exchange rate risk   The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.3

LEASE	9 Months Ended
	Sep. 30, 2024
Lease
LEASE	20. LEASE   On June 1, 2023, upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $283,220, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.   On September 1, 2023, upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $126,093 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.   On October 1, 2023, upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2021. The Company recognized lease liabilities of approximately $8,940 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate.   On December 18, 2023, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $78,824, using an effective interest rate of 8.63%, which was determined using the incremental borrowing rate.   On July 11, 2024, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $72,772, using an effective interest rate of 4.42%, which was determined using the incremental borrowing rate.   SCHEDULE OF LEASE COST Components of Leases   For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Operating lease cost   $ 62,857     $ 35,538     $ 159,720     $ 115,202                                     Amortization of finance lease asset     11,896       -       18,956       -   Interest on finance lease liabilities     2,350       -       4,989       -     Components of leases   As of September 30, 2024     As of December 31, 2023                 Weighted average remaining lease term (years)                 Operating lease     1.74       2.48   Finance lease     4.58       5.00                     Weighted average discount rate                 Operating lease     5.5 %     5.5 % Finance lease     6.7 %     8.6 %     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   20. LEASE (Continued)   The five-year maturity of the Company’s operating lease liabilities is as follow:   SCHEDULE OF LEASE COMMITMENTS Twelve Months Ending September 30,   Operating lease liabilities     Finance lease liabilities                 2025   $ 173,307     $ 32,439   2026     125,038       32,439   2027     -       32,439   2028     -       32,439   Thereafter     -       54,273   Total lease payments     298,345       184,029   Less: interest     (14,096 )     (30,017 ) Present value of lease liabilities   $ 284,249     $ 154,012     The Company also leases one office and operation center, and one shophouse with an expiring term of twelve months or less, which were classified as operation leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of September 30, 2024, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $66,028.   Short term lease cost for the three months ended September 30, 2024 and 2023 was $22,218 and $9,589, respectively. For the nine months ended September 30, 2024 and 2023, the short term lease cost was $43,980 and $29,359, respectively.

v3.24.3

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	21. COMMITMENTS AND CONTINGENCIES    The Company has no material commitments or contingencies that are required to be disclosed. The Company has evaluated its obligations and contingencies and determined that no material commitments or contingencies exist at this time.   The Company will continue to monitor and evaluate any potential future commitments or contingencies and will disclose any material items as required.   Legal   The Company is not involved in any material legal proceedings and there are no legal matters that are required to be disclosed.

v3.24.3

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS   The Company has evaluated subsequent events through the date of issuance of this unaudited condensed consolidated financial statements, and did not identify any events with material financial impact on the Company’s unaudited condensed consolidated financial statements.

v3.24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation   The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).   The interim unaudited financial information as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 1, 2024.   In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of September 30, 2024, its unaudited results of operations for the three and nine months ended September 30, 2024 and 2023, and its unaudited cash flows for the nine months ended September 30, 2024 and 2023, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.   The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable interest entity (“VIE”) over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation.
Principles of consolidation	Principles of consolidation   Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.   A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the three and nine months ended September 30, 2024, SEA, the only VIE of the Company has no significant operations.
Certain effects of reverse stock split	Certain effects of reverse stock split   On August 15, 2024, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 1-for-20 (the “Reverse Stock Split”), effective as of August 30, 2024. On that date, every 20 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 77,069,575 (pre-split) shares to 3,853,504 (post-split) shares. In addition, by reducing the number of outstanding shares, the Company’s loss per share in all prior periods increased by a factor of 20. The Reverse Stock Split affected all shares of Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split.   Stockholders who hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 20 are entitled the number of shares rounded up to the nearest whole share. The Company will issue share of the post-Reverse Stock Split Common Stock to any stockholder who would have received a fractional share as a result of the Reverse Stock Split.   The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $0.0001 per share and the number of authorized shares of Common Stock reduced from 1,000,000,000 shares to 50,000,000 shares after the Reverse Stock Split.   As the par value per share of the Company’s Common Stock remained unchanged at $0.0001 per share, the change in the Common Stock recorded at par value has been reclassified to additional paid-in-capital. All references to shares of Common Stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis.
Use of estimates	Use of estimates   The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for expected credit loss, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ from these estimates.
Cash and cash equivalents	Cash and cash equivalents   Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Accounts receivable, net	Accounts receivable, net   Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. An allowance for expected credit loss is recorded in the period when a loss is probable based on an assessment of collectivity by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily base on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectivity issues. In determining the amount of the allowance for expected credit loss, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of September 30, 2024 and December 31, 2023, $13,342 and $542 allowance for expected credit loss were recorded.
Inventories	Inventories   Inventories consist of raw materials, work in process and finished goods. Raw materials are valued at cost and work in process are valued at cost of raw materials consumed, both using periodic inventory system in which physical count is performed in monthly basis. Finished goods are valued at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. For the three and nine months ended September 30, 2024 and 2023, the Company did not recognize any inventory write-downs nor write-off.
Prepaid taxes	Prepaid taxes   Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax.
Prepayments and deposits, net	Prepayments and deposits, net   Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for expected credit loss after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. There was no allowance for expected credit loss written-off during the three and nine months ended September 30, 2024 and 2023. There was $16,960 and $0 allowance for expected credit loss recorded as of September 30, 2024 and December 31, 2023.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Property and equipment, net	Property and equipment, net   Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:  SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT     Useful Life Computer and office equipment   5-7 years Furniture & fixtures   6-7 years Leasehold improvements   Shorter of the remaining lease terms or the estimated useful lives Vehicle   5 years   The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.
Intangible assets, net	Intangible assets, net   Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:  SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification   Useful Life Computer software   5 years
Impairment for long-lived assets	Impairment for long-lived assets   Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2024 and December 31, 2023, no impairment of long-lived assets was recognized.
Investment in marketable equity securities	Investment in marketable equity securities   The Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Investments in marketable equity securities (non-current) are reported at fair value with changes in fair value recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss in the caption of “unrealized holding gain (loss) on marketable securities” in each reporting period.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Customer deposits	Customer deposits   Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy.
Revenue recognition	Revenue recognition   The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products.   The ASU requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.   The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Sales of Skin Care, Health and Wellness products   - Performance obligations satisfied at a point in time   The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns.   Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues.   For the three months ended September 30, 2024 and 2023, the Company recognized $565 and $53,690, as forfeited coupon income, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $2,952 and $82,562, as forfeited coupon income, respectively.   The Company had contracts for the sales of health and wellness products amounting to $10,258 which it is expected to fulfill within 12 months from September 30, 2024.   Sales of products for the provision of complementary health therapies   - Performance obligations satisfied at a point in time   Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases.   The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultation session.   For the three months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $227,249 and $208,323 respectively. For the nine months ended September 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $688,415 and $539,291 respectively.   Provision of Health and Wellness services   - Performance obligations satisfied at a point in time   The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report.   The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs.   The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person.   For the three months ended September 30, 2024 and 2023, revenues from health and wellness services were $56,503 and $57,783 respectively. For the nine months ended September 30, 2024 and 2023, revenues from health and wellness services were $160,694 and $181,997 respectively.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Disaggregated information of revenues by products are as follows:  SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES     2024     2023     2024     2023       For the three months ended     For the nine months ended       September 30,     September 30,       2024     2023     2024     2023   Survivor Select   $ -     $ -     $ -     $ 28,210   Energized Mineral Concentrate     1,097       -       1,097       -   Ionized Cal-Mag     -       29,777       374       114,579   Omega Blend     -       -       -       22,471   Beta Maxx     -       -       -       21,206   Iron     -       -       -       21,617   Trim+     -       -       -       9,587   LIVO 5     24,103       46,057       78,478       67,869   Soy Protein Isolate Powder     2,292       6,931       8,616       17,384   Mix Soy Protein Isolate Powder with Black Sesame     1,641       6,443       6,893       14,047   Others – Products for the provision of complementary health therapies     227,249       208,323       688,415       539,291   Skin care and healthcare products     18,404       -       18,404       1,759   Total revenues - products     274,786       297,531       802,277       858,020   Health and Wellness services     56,503       57,783       160,694       181,997   Total revenues - products and services   $ 331,289     $ 355,314     $ 962,971     $ 1,040,017
Cost of revenue	Cost of revenue   Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and purchase cost of products and services for the provision of complementary health therapies. For the three and nine months ended September 30, 2024, cost of revenue were $147,104 and $381,805, respectively. For the three and nine months ended September 30, 2023 were $120,586 and $356,875.
Shipping and handling	Shipping and handling   Shipping and handling charges amounted to $817 and $1,395 for the three months ended September 30, 2024 and 2023, respectively. Shipping and handling charges amounted to $2,577 and $4,050 for the nine months ended September 30, 2024 and 2023, respectively. Shipping and handling charges are expensed as incurred and included in selling expenses.
Advertising costs	Advertising costs   Advertising costs amounted to $17,250 and $36,945 for the three and nine months ended September 30, 2024. There were no advertising costs incurred for the three and nine months ended September 30, 2023. Advertising costs are expensed as incurred and included in selling expenses.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Selling expenses	Selling expenses   The Company’s selling expenses typically comprise salaries and benefits expenses, credit card processing fees and promotional expenses. Selling expenses amounted to $41,582 and $49,285 for the three months ended September 30, 2024 and 2023, respectively. Selling expenses amounted to $129,938 and $189,509 for the nine months ended September 30, 2024 and 2023, respectively.
Commission expenses	Commission expenses   As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $6,894 and $14,002 for the three months ended September 30, 2024 and 2023, respectively. Commission expenses amounted to $23,573 and $69,886 for the nine months ended September 30, 2024 and 2023, respectively.
General and administrative expenses (“G&A expenses”)	General and administrative expenses (“G&A expenses”)   The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses, depreciation expenses and allowance for expected credit loss. G&A expenses amounted to $683,819 and $488,519 for the three months ended September 30, 2024 and 2023, respectively. G&A expenses amounted to $2,152,889 and $1,554,242 for the nine months ended September 30, 2024 and 2023, respectively.
Defined contribution plan	Defined contribution plan   The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $57,304 and $37,187 for the three months ended September 30, 2024 and 2023, respectively. Total expenses for the plans were $87,391 and $116,660 for the nine months ended September 30, 2024 and 2023, respectively.   The related contribution plans include:     - Social Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000;   - Employees Provident Fund (“EPF”) –based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above.   - Employment Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000;   - Human Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary
Income taxes	Income taxes   The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.   Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.   An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No penalties and interest incurred related to underpayment of income taxes for the three and nine months ended September 30, 2024 and 2023.   The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.
Comprehensive income (loss)	Comprehensive income (loss)   Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.
Non-controlling interest	Non-controlling interest   Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statements of operations as an allocation of the total income or loss for the periods between non-controlling interest holders and the shareholders of the Company.
Earnings (loss) per share	Earnings (loss) per share   The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three and nine months ended September 30, 2024 and 2023, there were no dilutive shares.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Foreign currencies translation and transaction	Foreign currencies translation and transaction   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive loss.   The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its functional currency.   In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.   Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:  SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Period-end MYR : US$1 exchange rate     4.12       4.59   Period-end HKD : US$1 exchange rate     7.77       7.81   Foreign currency exchange rate, translation     7.77       7.81         2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Period-average MYR : US$1 exchange rate     4.35       4.63       4.61       4.53   Period-average HKD : US$1 exchange rate     7.79       7.82       7.81       7.84   Foreign currency exchange rate period average     7.79       7.82       7.81       7.84       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.   The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:     ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.   ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.   ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.   Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.
Leases	Leases   The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)   Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.   The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows.
Derivative financial instruments	Derivative financial instruments   Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial new investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company based on the terms of the warrant agreement to determine the warrants as equity instruments or derivative liabilities. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is required for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant.
Recent accounting pronouncements	Recent accounting pronouncements   The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.   In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU No. 2023-07 is not expected to have a significant impact on its unaudited condensed consolidated financial statements   In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU 2023-09 requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements.     AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   In March 2024, the FASB issued ASU 2024-01 “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. The ASU clarify how an entity determines whether a profits interest or similar award is within the scope of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, by adding illustrative guidance. The guidance in ASU 2024-01 is effective for annual reporting periods beginning after December 15, 2024, and can be applied either retrospectively to all prior periods presented in the consolidated financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. Early adoption is permitted. The adoption of ASU 2024-01 is not expected to have any impact on the Company’s consolidated financial statements.   In March 2024, the FASB issued ASU 2024-02 “Codification Improvements – Amendments to Remove References to the Concepts Statements”. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2024 and are not expected to have a significant impact on our financial statements.
Recently adopted Accounting Pronouncements	Recently adopted Accounting Pronouncements   In March 2023, the FASB issued ASU No. 2023-01 “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that Leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. The adoption of this accounting standard has no material impact on the unaudited condensed consolidated financial statements for the nine months ended and as at September 30, 2024.   Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the unaudited condensed consolidated financial position, statements of operations and cash flows.

v3.24.3

ORGANIZATION AND BUSINESS BACKGROUND (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES	Details of the Company’s subsidiaries:  SCHEDULE OF SUBSIDIARIES AND ASSOCIATES     Subsidiary company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   Agape ATP Corporation   Labuan, March 6, 2017   100 shares of ordinary share of US$1 each   Investment holding     100 %                           2.   Agape ATP International Holding Limited   Hong Kong, June 1, 2017   1,000,000 shares of ordinary share of HK$1 each   Wholesaling of health and wellness products; and health solution advisory services     100 %                           3.   Agape Superior Living Sdn. Bhd.   Malaysia, August 8, 2003   9,590,598 shares of ordinary share of RM1 each   Health and wellness products and health solution advisory services via network marketing     99.99 %                           4.   Agape S.E.A. Sdn. Bhd.   Malaysia, March 4, 2004   2 shares of ordinary share of RM1 each   VIE of Agape Superior Living Sdn. Bhd.     VIE                             5.   Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd.   Malaysia, September 11, 2020   100 shares of ordinary share of RM1 each   The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns     100 %                           6.   DSY Wellness International Sdn. Bhd.   Malaysia, November 11, 2021   1,000 shares of ordinary share of RM1 each   Provision of complementary health therapies     60 %                           7.   ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.)   Malaysia, March 14, 2024   1,000,000 shares of ordinary share of RM0.01 each   Renewable energy     100 %                           8.   OIE ATPC Exim (M) Sdn. Bhd.   Malaysia, March 14, 2024   1,000 shares of ordinary share of RM1 each   Renewable energy     100 %

v3.24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT	SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT     Useful Life Computer and office equipment   5-7 years Furniture & fixtures   6-7 years Leasehold improvements   Shorter of the remaining lease terms or the estimated useful lives Vehicle   5 years
SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET	Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows:  SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification   Useful Life Computer software   5 years
SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES	Disaggregated information of revenues by products are as follows:  SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES     2024     2023     2024     2023       For the three months ended     For the nine months ended       September 30,     September 30,       2024     2023     2024     2023   Survivor Select   $ -     $ -     $ -     $ 28,210   Energized Mineral Concentrate     1,097       -       1,097       -   Ionized Cal-Mag     -       29,777       374       114,579   Omega Blend     -       -       -       22,471   Beta Maxx     -       -       -       21,206   Iron     -       -       -       21,617   Trim+     -       -       -       9,587   LIVO 5     24,103       46,057       78,478       67,869   Soy Protein Isolate Powder     2,292       6,931       8,616       17,384   Mix Soy Protein Isolate Powder with Black Sesame     1,641       6,443       6,893       14,047   Others – Products for the provision of complementary health therapies     227,249       208,323       688,415       539,291   Skin care and healthcare products     18,404       -       18,404       1,759   Total revenues - products     274,786       297,531       802,277       858,020   Health and Wellness services     56,503       57,783       160,694       181,997   Total revenues - products and services   $ 331,289     $ 355,314     $ 962,971     $ 1,040,017
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES	Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:  SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Period-end MYR : US$1 exchange rate     4.12       4.59   Period-end HKD : US$1 exchange rate     7.77       7.81   Foreign currency exchange rate, translation     7.77       7.81         2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Period-average MYR : US$1 exchange rate     4.35       4.63       4.61       4.53   Period-average HKD : US$1 exchange rate     7.79       7.82       7.81       7.84   Foreign currency exchange rate period average     7.79       7.82       7.81       7.84

v3.24.3

VARIABLE INTEREST ENTITY (“VIE”) (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF VARIABLE INTEREST ENTITY	The carrying amount of the VIE’s assets and liabilities were as follows:  SCHEDULE OF VARIABLE INTEREST ENTITY     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Current assets   $ 1,314     $ 1,799   Current liabilities     (1,153 )     (899 ) Net asset   $ 161     $ 900         September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Current assets:                 Cash   $ 1,294     $ 122   Prepayment and deposits     20       7   Prepaid taxes     -       1,670   Total current assets   $ 1,314     $ 1,799                     Current liabilities:                 Other payables and accrued liabilities     1,153       899   Total current liabilities   $ 1,153     $ 899   Net asset   $ 161     $ 900     The summarized operating results of the VIE’s are as follows:       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Operating revenues   $ -     $ -     $ -     $ -   Gross profit   $ -     $ -     $ -     $ -   Profit (loss) from operations   $ (490 )   $ 41,014     $ (754 )   $ 40,654   Net profit (loss)   $ (490 )   $ 41,014     $ (754 )   $ 40,654

v3.24.3

ACCOUNTS RECEIVABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLES	SCHEDULE OF ACCOUNTS RECEIVABLES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Accounts receivable   $ 55,286     $ 56,000   Allowance for expected credit loss     (13,342 )     (542 ) Total accounts receivable, net   $ 41,944     $ 55,458
SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES	Movements of allowance for expected credit loss are as follows:  SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Beginning balance   $ 542     $ -   Addition     12,738       546   Exchange rate effect     62       (4 ) Ending balance   $ 13,342     $ 542

v3.24.3

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	Inventories consist of the following:  SCHEDULE OF INVENTORIES     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Finished goods     60,564       47,907   Total inventories   $ 60,564     $ 47,907

v3.24.3

PREPAYMENTS AND DEPOSITS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Prepayments And Deposits Net
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS	SCHEDULE OF PREPAID EXPENSES AND DEPOSITS     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Prepaid expenses   $ 451,242     $ 123,809   Deposits to suppliers     105,419       91,997   Subtotal     556,661       215,806   Allowance for expected credit loss – Prepaid expenses     (16,960 )     -   Total prepayments and deposits, net   $ 539,701     $ 215,806
SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES	Movements of allowance for expected credit loss are as follows:  SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES     For the nine months ended September 30, 2024     For the year ended December 31, 2023                 Beginning balance   $ -     $       -   Addition     16,960       -   Ending balance   $ 16,960     $ -

v3.24.3

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT, NET	Property and equipment, net consist of the following:  SCHEDULE OF PROPERTY AND EQUIPMENT, NET     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Computer and office equipment   $ 99,082     $ 91,947   Furniture & fixtures     124,178       111,164   Motor vehicle     22,792       89,729   Leasehold improvements     205,151       184,155   Subtotal     451,203       476,995   Less: accumulated depreciation     (403,695 )     (399,137 ) Total property and equipment, net   $ 47,508     $ 77,858

v3.24.3

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS, NET	Intangible assets, net, consist of the following:  SCHEDULE OF INTANGIBLE ASSETS, NET     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023                 Computer software   $ 59,149     $ 53,095   Less: accumulated amortization     (43,736 )     (35,637 ) Total intangible assets, net   $ 15,413     $ 17,458

v3.24.3

INVESTMENT IN MARKETABLE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investment In Marketable Securities
SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES	SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES                   As of       September 30, 2024     December 31, 2023   Fair value of investment in marketable securities at the beginning of period / year   $ 20,171     $ 16,687   Unrealized holding (loss) gain     (6,641 )     3,493   Transfer to non-marketable securities     (1,500 )     -   Exchange rate effect     54       (9 ) Fair value of investment in marketable securities at the end of period / year   $ 12,084     $ 20,171

v3.24.3

INVESTMENT IN NON-MARKETABLE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investment In Non-marketable Securities
SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES	SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES                   As of   Radiance Holdings Corp   September 30, 2024     December 31, 2023   Cost of investment   $ 1,500     $           -                     Investment in non-marketable securities     1,500       -

v3.24.3

CUSTOMER DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2024
Customer Deposits
SCHEDULE OF CUSTOMER DEPOSITS	SCHEDULE OF CUSTOMER DEPOSITS                   As of       September 30, 2024     December 31, 2023                 Customer deposits – Non Refundable   $ 94,187     $ 100,540   Unexpired product coupons     700       1,035   Total customer deposits   $ 94,887     $ 101,575

v3.24.3

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES	SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES                   As of       September 30, 2024     December 31, 2023                 Professional fees   $ 151,945     $ 348,664   Promotion expenses     53,467       47,995   Payroll     6,057       26,104   Amounts held in eWallets     187,137       185,137   Tax penalty     75,000       75,000   Others     67,290       43,161   Total other payables and accrued liabilities   $ 540,896     $ 726,061

v3.24.3

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTIES	SCHEDULE OF RELATED PARTIES             As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Prepayment of IT expenses   $ 2,460     $ 2,922   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Deposits for products purchases     -       8,171                             Total amount due from related parties           $ 2,460     $ 11,093     Accounts payable – related parties               As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 27,183     $ 30,439   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     -       54   Mr. Chew Yi Zheng   Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd   Render therapy and health consultation to customer     -       4,355   Total account payable – related parties           $ 27,183     $ 34,848       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party balances   Other payable - related parties               As of   Name of Related Party   Relationship   Nature   September 30, 2024     December 31, 2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use     547       570   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     -       535   Mr. Yap Foo Ching (Steve Yap)   Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd   Payment on behalf by Mr. Yap     -       6,534   Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense     222       207   Total other payable – related parties           $ 769     $ 7,846     Related party transactions   Purchases               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 79,758     $ 73,054   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     151       397   Total purchases           $ 79,909     $ 73,451       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Purchases   Related party transactions               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchases of products for the provision of complementary health therapies   $ 246,003     $ 188,032   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of beauty products     17,231       17,961   Total purchases           $ 263,234     $ 205,993     Other purchases               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use   $ 900     $ 1,947   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     134       1,267   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Purchase of products for general use     -       71   Total other purchases           $ 1034     $ 3,285       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Other purchases               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”)   The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd   Purchase of products for general use   $ 2,681     $ 4,155   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchase of products for general use     2,800       4,637   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Purchase of products for general use     -       347   Total other purchases           $ 5,481     $ 9,139     Commission               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense   $ 550     $ 1,364   Total commission           $ 550     $ 1,364       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Commission               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Mr. How Kok Choong   Mr. How Kok Choong, the CEO and director of the Company   Commission expense   $ 1,938     $ 4,863   Total commission           $ 1,938     $ 4,863     Other income               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Rental income   $ 652     $ 663   Redboy Picture Sdn Bhd (“Redboy”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy   Rental income     -       1,325   TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Rental income     195       199   Total other income           $ 847     $ 2,187     Other income               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Rental income   $ 1,954     $ 1,988   Redboy Picture Sdn Bhd (“Redboy”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy   Rental income     -       5,302   TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   Rental income     586       265   Total other income           $ 2,540     $ 7,555       AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares)   15. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)   Related party transactions   Other expenses               For the three months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   IT support services fee   $ 14,976     $ 13,642   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Office rental expense and facilities     21,708       7,952   Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Office furniture & fittings and improvements     -       -   Total other expenses           $ 36,684     $ 21,594     Other expenses               For the nine months ended September 30,   Name of Related Party   Relationship   Nature   2024     2023                         TH3 Holdings Sdn Bhd (“TH3”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3   IT support services fee   $ 44,429     $ 41,126   SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd)   The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd   Purchases of products for general use     5       -   DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”)   Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC   Office rental expense     37,338       23,857   Ando Design Sdn Bhd (“Ando”)   Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando   Office furniture & fittings and improvements     1,755       -   Total other expenses           $ 83,527     $ 64,983

v3.24.3

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD	SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD     As of       October 13, 2023   Risk-free interest rate     4.65 % Expected volatility     49 % Expected life (in years)     5 years   Expected dividend yield     0.00 % Fair value of warrants   $ 38,580

v3.24.3

NON-CONTROLLING INTEREST (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
SCHEDULE OF NON CONTROLLING INTEREST	The Company’s non-controlling interest consists of the following:   SCHEDULE OF NON CONTROLLING INTEREST                   As of       September 30, 2024     December 31, 2023   DSY Wellness:                 Paid-in capital   $ 97     $ 97   Retained earnings     15,020       12,434   Accumulated other comprehensive income (loss)     895       (752 ) Noncontrolling interest gross     16,012       11,779   ASL     -       -   Total   $ 16,012     $ 11,779

v3.24.3

INCOME TAXES CREDIT (EXPENSES) (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAX	The United States and foreign components of loss before income taxes were comprised of the following:   SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAX     2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Tax jurisdictions from:                                 Local – United States   $ (302,021 )   $ (106,680 )   $ (1,130,098 )   $ (417,377 ) Foreign – Malaysia     (222,258 )     (164,841 )     (513,397 )     (680,993 ) Foreign – Hong Kong     (2,635 )     (49,271 )     (2,151 )     (42,601 ) Foreign – Tax Jurisdictions     (2,635 )     (49,271 )     (2,151 )     (42,601 )                                   Loss before income tax   $ (526,914 )   $ (320,792 )   $ (1,645,646 )   $ (1,140,971 )
SCHEDULE OF PROVISION FOR INCOME TAX	Income tax credit (expense) consisted of the following:   SCHEDULE OF PROVISION FOR INCOME TAX     2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Current:                                 - Local   $ -     $ -     $ -     $ -   - Foreign     2,875       -       (13,803 )     (3,825 )                                   Deferred:                                 - Local     -       -       -       -   - Foreign     -       (3,943 )     -       6,537   Income tax credit (expense)   $ 2,875     $ (3,943 )   $ (13,803 )   $ 2,712
SCHEDULE OF DEFERRED TAX ASSETS	The following table sets forth the significant components of the aggregate deferred tax assets of the Company:   SCHEDULE OF DEFERRED TAX ASSETS     September 30, 2024     December 31, 2023       As of       September 30, 2024     December 31, 2023   Deferred tax assets:                 Net operating loss carry forwards in U.S.   $ 676,812     $ 439,492   Net operating loss carry forwards in Malaysia     869,126       664,105   Unabsorbed capital allowance carry forward in Malaysia     1,840       5,577   Less: valuation allowance     (1,547,778 )     (1,108,955 ) Deferred tax assets, net   $ -     $ 219

v3.24.3

LEASE (Tables)	9 Months Ended
	Sep. 30, 2024
Lease
SCHEDULE OF LEASE COST	SCHEDULE OF LEASE COST Components of Leases   For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Operating lease cost   $ 62,857     $ 35,538     $ 159,720     $ 115,202                                     Amortization of finance lease asset     11,896       -       18,956       -   Interest on finance lease liabilities     2,350       -       4,989       -     Components of leases   As of September 30, 2024     As of December 31, 2023                 Weighted average remaining lease term (years)                 Operating lease     1.74       2.48   Finance lease     4.58       5.00                     Weighted average discount rate                 Operating lease     5.5 %     5.5 % Finance lease     6.7 %     8.6 %
SCHEDULE OF LEASE COMMITMENTS	The five-year maturity of the Company’s operating lease liabilities is as follow:   SCHEDULE OF LEASE COMMITMENTS Twelve Months Ending September 30,   Operating lease liabilities     Finance lease liabilities                 2025   $ 173,307     $ 32,439   2026     125,038       32,439   2027     -       32,439   2028     -       32,439   Thereafter     -       54,273   Total lease payments     298,345       184,029   Less: interest     (14,096 )     (30,017 ) Present value of lease liabilities   $ 284,249     $ 154,012

v3.24.3

SCHEDULE OF SUBSIDIARIES AND ASSOCIATES (Details)	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2021	May 08, 2020
Agape ATP Corporation Labuan [Member]
Place and date of incorporation	Labuan, March 6, 2017
Particulars of issued capital	100 shares of ordinary share of US$1 each
Principal activities	Investment holding
Proportional of ownership interest and voting power held	100.00%
Agape ATP International Holding Limited [Member]
Place and date of incorporation	Hong Kong, June 1, 2017
Particulars of issued capital	1,000,000 shares of ordinary share of HK$1 each
Principal activities	Wholesaling of health and wellness products; and health solution advisory services
Proportional of ownership interest and voting power held	100.00%	60.00%
Agape Superior Living Sdn. Bhd., [Member]
Place and date of incorporation	Malaysia, August 8, 2003
Particulars of issued capital	9,590,598 shares of ordinary share of RM1 each
Principal activities	Health and wellness products and health solution advisory services via network marketing
Proportional of ownership interest and voting power held	99.99%		99.99%
Agape S.E.A. Sdn. Bhd. [Member]
Place and date of incorporation	Malaysia, March 4, 2004
Particulars of issued capital	2 shares of ordinary share of RM1 each
Principal activities	VIE of Agape Superior Living Sdn. Bhd.
Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd. [Member]
Place and date of incorporation	Malaysia, September 11, 2020
Particulars of issued capital	100 shares of ordinary share of RM1 each
Principal activities	The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns
Proportional of ownership interest and voting power held	100.00%
DSY Wellness International Sdn. Bhd. [Member]
Place and date of incorporation	Malaysia, November 11, 2021
Particulars of issued capital	1,000 shares of ordinary share of RM1 each
Principal activities	Provision of complementary health therapies
Proportional of ownership interest and voting power held	60.00%	60.00%
ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.) [Member]
Place and date of incorporation	Malaysia, March 14, 2024
Particulars of issued capital	1,000,000 shares of ordinary share of RM0.01 each
Principal activities	Renewable energy
Proportional of ownership interest and voting power held	100.00%
OIE ATPC Exim (M) Sdn Bhd [Member]
Place and date of incorporation	Malaysia, March 14, 2024
Particulars of issued capital	1,000 shares of ordinary share of RM1 each
Principal activities	Renewable energy
Proportional of ownership interest and voting power held	100.00%

v3.24.3

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - $ / shares	May 08, 2020	Sep. 30, 2024	Sep. 19, 2024	Aug. 15, 2024	Mar. 14, 2024	Jan. 03, 2024	Dec. 31, 2023	Nov. 11, 2021
Common stock, shares authorized		50,000,000	1,000,000	1,000,000,000			50,000,000
Common stock, par value		$ 0.0001	$ 0.01	$ 0.0001			$ 0.0001
Share Exchange Agreement [Member] | Mr.How Kok Choong [Member]
Stock issued during period acquisitions, shares	9,590,596
Agape ATP Corporation Labuan [Member]
Ownership interest percentage		100.00%
Agape Superior Living Sdn. Bhd., [Member]
Ownership interest percentage	99.99%	99.99%
DSY Wellness International Sdn. Bhd. [Member]
Ownership interest percentage		60.00%						60.00%
OIE ATPC Holdings (M) Sdn Bhd [Member]
Ownership interest percentage					50.00%	50.00%
Agape ATP International Holding Limited [Member]
Ownership interest percentage		100.00%						60.00%

v3.24.3

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT (Details)	Sep. 30, 2024
Computer and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life of Property and Equipment	5 years
Computer and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life of Property and Equipment	7 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life of Property and Equipment	6 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life of Property and Equipment	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Shorter of Lease Term or Asset Utility [Member]
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life of Property and Equipment	5 years

v3.24.3

SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET (Details)	Sep. 30, 2024
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	5 years

v3.24.3

SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Product Information [Line Items]
Total revenues - products and services	$ 331,289	$ 355,314	$ 962,971	$ 1,040,017
Survivor Select [Member]
Product Information [Line Items]
Total revenues - products and services				28,210
Energized Mineral Concentrate [Member]
Product Information [Line Items]
Total revenues - products and services	1,097		1,097
Ionized Cal Mag [Member]
Product Information [Line Items]
Total revenues - products and services		29,777	374	114,579
Omega Blend [Member]
Product Information [Line Items]
Total revenues - products and services				22,471
Beta Maxx [Member]
Product Information [Line Items]
Total revenues - products and services				21,206
Iron [Member]
Product Information [Line Items]
Total revenues - products and services				21,617
Trim Plus [Member]
Product Information [Line Items]
Total revenues - products and services				9,587
LIVO 5 [Member]
Product Information [Line Items]
Total revenues - products and services	24,103	46,057	78,478	67,869
Soy Protein Isolate Powder [Member]
Product Information [Line Items]
Total revenues - products and services	2,292	6,931	8,616	17,384
Mix Soy Protein Isolate Powder with Black Sesame [Member]
Product Information [Line Items]
Total revenues - products and services	1,641	6,443	6,893	14,047
Product Health Therapies [Member]
Product Information [Line Items]
Total revenues - products and services	227,249	208,323	688,415	539,291
Skin Care And Health Care Products [Member]
Product Information [Line Items]
Total revenues - products and services	18,404		18,404	1,759
Product [Member]
Product Information [Line Items]
Total revenues - products and services	274,786	297,531	802,277	858,020
Health and Wellness Services [Member]
Product Information [Line Items]
Total revenues - products and services	$ 56,503	$ 57,783	$ 160,694	$ 181,997

v3.24.3

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Period End MYR [Member]
Debt Instrument [Line Items]
Foreign currency exchange rate, translation	4.12		4.12		4.59
Period End HKD [Member]
Debt Instrument [Line Items]
Foreign currency exchange rate, translation	7.77		7.77		7.81
Period Average MYR [Member]
Debt Instrument [Line Items]
Foreign currency exchange rate period average	4.35	4.63	4.61	4.53
Period Average HKD [Member]
Debt Instrument [Line Items]
Foreign currency exchange rate period average	7.79	7.82	7.81	7.84

v3.24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 30, 2024	Aug. 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 19, 2024	Dec. 31, 2022
Product Information [Line Items]
Reverse stock split	1-for-20 reverse stock split	1-for-20
Common stock, shares issued	20		3,989,056		3,989,056		3,855,126
Common stock shares outstanding	20
Shares outstanding		77,069,575
Shares outstanding			3,853,504		3,853,504
Common stock, par value		$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.01
Common stock, shares authorized		1,000,000,000	50,000,000		50,000,000		50,000,000	1,000,000
Accounts receivable, allowance for credit loss			$ 13,342		$ 13,342		$ 542
Inventory write-down or write-off			0	$ 0	0	$ 0
Prepayments and deposits allowance for credit loss write offs			0	0	0	0
Prepayments and deposits allowance for credit loss			16,960		16,960		0
Impairment of long-lived assets recognized					0		0
Forfeited coupon income			565	53,690	2,952	82,562
Contract liability			94,887		94,887		$ 101,575
Revenues			331,289	355,314	962,971	1,040,017
Revenues			331,289	355,314	962,971	1,040,017
Cost of revenue			147,104	120,586	381,805	356,875
Selling expenses			41,582	49,285	129,938	189,509
Commission expenses			6,894	14,002	23,573	69,886
General and administrative expenses			683,819	488,519	2,152,889	1,554,242
Defined contribution plan expense			57,304	37,187	$ 87,391	116,660
Income tax description					greater than 50% likely of being realized on examination
Income tax examination, penalties and interest expense			$ 0	$ 0	$ 0	$ 0
Noncontrolling interest, description					Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals
Potentially dilutive securities outstanding			0	0	0	0
Social Security Organization [Member]
Product Information [Line Items]
Defined contribution plan, description					1.75% based on employee’s monthly salary capped of RM 5,000
Employees Provident Fund [Member]
Product Information [Line Items]
Defined contribution plan, description					based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above
Employment Insurance System [Member]
Product Information [Line Items]
Defined contribution plan, description					0.2% based on employee’s monthly salary capped of RM 5,000
Human Resource Development Fund [Member]
Product Information [Line Items]
Defined contribution plan, description					1% based on employee’s monthly salary
Selling and Marketing Expense [Member]
Product Information [Line Items]
Shipping and handling charges			$ 817	$ 1,395	$ 2,577	$ 4,050
Advertising costs			17,250	0	36,945	0
Health and Wellness Services [Member]
Product Information [Line Items]
Contract liability			10,258		10,258
Revenues			56,503	57,783	160,694	181,997
Revenues			56,503	57,783	160,694	181,997
Product Health Therapies [Member]
Product Information [Line Items]
Revenues			$ 227,249	$ 208,323	$ 688,415	$ 539,291

v3.24.3

ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD (Details Narrative) - OIE ATPC Holdings [Member] - OIE [Member] - USD ($)	Mar. 14, 2024	Jan. 03, 2024
Ownership percentage	50.00%	50.00%
Aggregate cost	$ 107	$ 108

v3.24.3

SCHEDULE OF VARIABLE INTEREST ENTITY (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total current assets	$ 3,399,235		$ 3,399,235		$ 5,185,152
Current liabilities	(946,892)		(946,892)		(1,071,538)
Net asset	2,747,613		2,747,613		4,369,084
Cash	2,719,033		2,719,033		4,832,460
Prepayment and deposits	539,701		539,701		215,806
Prepaid taxes	34,101		34,101		21,993
Other payables and accrued liabilities	540,896		540,896		726,061
Total current liabilities	946,892		946,892		1,071,538
Operating revenues	331,289	$ 355,314	962,971	$ 1,040,017
Gross profit	184,185	234,728	581,166	683,142
Profit (loss) from operations	(548,110)	(317,078)	(1,725,234)	(1,130,495)
Net profit (loss)	(509,628)	(327,029)	(1,662,035)	(1,127,555)
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total current assets	1,314		1,314		1,799
Current liabilities	(1,153)		(1,153)		(899)
Net asset	161		161		900
Cash	1,294		1,294		122
Prepayment and deposits	20		20		7
Prepaid taxes	0		0		1,670
Other payables and accrued liabilities	1,153		1,153		899
Total current liabilities	1,153		1,153		$ 899
Operating revenues
Gross profit
Profit (loss) from operations	(490)	41,014	(754)	40,654
Net profit (loss)	$ (490)	$ 41,014	$ (754)	$ 40,654

v3.24.3

VARIABLE INTEREST ENTITY (“VIE”) (Details Narrative) - Agape Superior Living Sdn. Bhd., [Member]	Sep. 30, 2024	May 08, 2020
Ownership interest percentage	99.99%	99.99%
Agape S.E.A. Sdn. Bhd. [Member]
Ownership interest percentage	100.00%

v3.24.3

CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Cash and cash equivalents	$ 2,719,033	$ 4,832,460
Cash and cash in banks	266,173	510,019
Time deposits	2,452,860	4,322,441
Time deposits uninsured	$ 2,492,285	$ 4,630,476
Minimum [Member]
Percentage of interest rate for time deposits	2.06%		1.22%
Maximum [Member]
Percentage of interest rate for time deposits	2.55%		1.88%

v3.24.3

SCHEDULE OF ACCOUNTS RECEIVABLES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 55,286	$ 56,000
Allowance for expected credit loss	(13,342)	(542)
Total accounts receivable, net	$ 41,944	$ 55,458

v3.24.3

SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Beginning balance	$ 542
Addition	12,738	546
Exchange rate effect	62	(4)
Ending balance	$ 13,342	$ 542

v3.24.3

SCHEDULE OF INVENTORIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 60,564	$ 47,907
Total inventories	$ 60,564	$ 47,907

v3.24.3

INVENTORIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory write-down or write-off	$ 0	$ 0	$ 0	$ 0

v3.24.3

SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Prepayments And Deposits Net
Prepaid expenses	$ 451,242	$ 123,809
Deposits to suppliers	105,419	91,997
Subtotal	556,661	215,806
Allowance for expected credit loss – Prepaid expenses	(16,960)
Total prepayments and deposits, net	$ 539,701	$ 215,806

v3.24.3

SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Prepayments And Deposits Net
Beginning balance
Addition	16,960
Ending balance	$ 16,960

v3.24.3

SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Subtotal	$ 451,203	$ 476,995
Less: accumulated depreciation	(403,695)	(399,137)
Total property and equipment, net	47,508	77,858
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	99,082	91,947
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Subtotal	124,178	111,164
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Subtotal	22,792	89,729
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 205,151	$ 184,155

v3.24.3

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 7,083	$ 17,028	$ 32,411	$ 54,993

v3.24.3

SCHEDULE OF INTANGIBLE ASSETS, NET (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Computer software	$ 59,149	$ 53,095
Less: accumulated amortization	(43,736)	(35,637)
Total intangible assets, net	$ 15,413	$ 17,458

v3.24.3

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,256	$ 1,344	$ 3,611	$ 4,431

v3.24.3

SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investment In Marketable Securities
Fair value of investment in marketable securities at the beginning of period / year	$ 20,171	$ 16,687
Unrealized holding (loss) gain	(6,641)	3,493
Transfer to non-marketable securities	(1,500)
Exchange rate effect	54	(9)
Fair value of investment in marketable securities at the end of period / year	$ 12,084	$ 20,171

v3.24.3

INVESTMENT IN MARKETABLE SECURITIES (Details Narrative) - USD ($)	Aug. 30, 2024	Aug. 15, 2024	Jul. 19, 2022	Sep. 27, 2021	Dec. 09, 2020	Nov. 03, 2020	Oct. 16, 2018	Jul. 30, 2018	May 17, 2018	Jul. 28, 2022
Reverse stock split, description	1-for-20 reverse stock split	1-for-20
Greenpro Capital Corp. [Member]
Investment owned, balance, shares							33,333		83,333
Investment owned, balance, value							$ 1,000		$ 500,000
Shares issued, price per share							$ 0.03		$ 6
Investment owned, balance shares			11,665					20		116,646
Shares disposed, value								$ 125
Shares disposed, price per share								$ 6.2613
Reverse stock split, description			effect a reverse split of the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company
DSwiss Inc. [Member]
Common stock received as dividend, shares					16,663	6,667
Dividend amount					$ 83,315	$ 76,671
Dividend share price per share					$ 5	$ 11.50
SEATech Ventures Corp. [Member]
Common stock received as dividend, shares				11,665
Dividend amount				$ 18,874
Dividend share price per share				$ 1.62

v3.24.3

SCHEDULE OF INVESTMENT IN NON MARKETABLE SECURITIES (Details) - Phoenix Plus Corporation [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Cost of investment	$ 1,500
Investment in non-marketable securities	$ 1,500

v3.24.3

INVESTMENT IN NON-MARKETABLE SECURITIES (Details Narrative) - USD ($)			26 Months Ended
	Jul. 02, 2024	Apr. 03, 2019	Jul. 16, 2024	Sep. 30, 2024	Dec. 31, 2023
Phoenix Plus Corporation [Member]
Percentage of stock purchased		5.00%
Consideration shares		15,000,000
Shares purchased, value		$ 1,500
Shares purchased, price per share		$ 0.0001
Investments				$ 1,500	$ 1,500
Phoenix Plus Corporation [Member] | Minimum [Member]
Shares traded			100
Phoenix Plus Corporation [Member] | Maximum [Member]
Shares traded			57,500
Radiance Holdings Corp [Member]
Percentage of stock purchased	5.00%
Consideration shares	15,000,000
Shares purchased, price per share	$ 0.0001

v3.24.3

SCHEDULE OF CUSTOMER DEPOSITS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Customer Deposits
Customer deposits – Non Refundable	$ 94,187	$ 100,540
Unexpired product coupons	700	1,035
Total customer deposits	$ 94,887	$ 101,575

v3.24.3

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Professional fees	$ 151,945	$ 348,664
Promotion expenses	53,467	47,995
Payroll	6,057	26,104
Amounts held in eWallets	187,137	185,137
Tax penalty	75,000	75,000
Others	67,290	43,161
Total other payables and accrued liabilities	$ 540,896	$ 726,061

v3.24.3

OTHER PAYABLES AND ACCRUED LIABILITIES (Details Narrative)	9 Months Ended
	Sep. 30, 2024 MYR (RM)
Commission payments descriptions	The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.20)
Comission payable	RM 100
Commission payable, threshold	100
Maximum [Member]
Commission payable, threshold	RM 100

v3.24.3

SCHEDULE OF RELATED PARTIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total purchases	$ 79,909	$ 73,451	$ 263,234	$ 205,993
Total other purchases	1,034	3,285	5,481	9,139
Total commission	6,894	14,002	23,573	69,886
Office rental expense	847	2,187	2,540	7,555
Total other expenses	36,684	21,594	$ 83,527	64,983
TH3 Technology Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3		Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3
Nature			Prepayment of IT expenses		Prepayment of IT expenses
Total amount due from related parties	2,460		$ 2,460		$ 2,922
DSY Beauty Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature			Deposits for products purchases		Deposits for products purchases
Total amount due from related parties					$ 8,171
Related Party [Member]
Related Party Transaction [Line Items]
Total amount due from related parties	2,460		2,460		11,093
Total account payable, related parties	27,183		27,183		34,848
Total other payable, related parties	769		$ 769		$ 7,846
CTA Nutriceuticals Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
Nature			Purchases of products for the provision of complementary health therapies		Purchases of products for the provision of complementary health therapies
Total account payable, related parties	27,183		$ 27,183		$ 30,439
DSY Beauty Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature			Purchases of beauty products		Purchases of beauty products
Total account payable, related parties					$ 54
Mr. Chew Yi Zheng [Member]
Related Party Transaction [Line Items]
Relationship			Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd
Nature			Render therapy and health consultation to customer		Render therapy and health consultation to customer
Total account payable, related parties					$ 4,355
DSY Wellness International Sdn. Bhd. [Member]
Related Party Transaction [Line Items]
Relationship					Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd
CTA Nutriceuticals Asia Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd		The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
Nature			Purchase of products for general use		Purchase of products for general use
Total other payable, related parties	547		$ 547		$ 570
DSY Beauty Sdn Bhd Two [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd		The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature			Purchase of products for general use		Purchase of products for general use
Total other payable, related parties					$ 535
Yap Foo Ching [Member]
Related Party Transaction [Line Items]
Relationship			Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd		Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd
Nature			Payment on behalf by Mr. Yap		Payment on behalf by Mr. Yap
Total other payable, related parties					$ 6,534
How Kok Choong [Member]
Related Party Transaction [Line Items]
Relationship			Mr. How Kok Choong, the CEO and director of the Company		Mr. How Kok Choong, the CEO and director of the Company
Nature			Commission expense		Commission expense
Total other payable, related parties	222		$ 222		$ 207
Total commission	$ 550	$ 1,364	$ 1,938	$ 4,863
CTA Nutriceuticals Sdn Bhd One [Member]
Related Party Transaction [Line Items]
Relationship	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
Nature	Purchases of products for the provision of complementary health therapies	Purchases of products for the provision of complementary health therapies	Purchases of products for the provision of complementary health therapies	Purchases of products for the provision of complementary health therapies
Total purchases	$ 79,758	$ 73,054	$ 246,003	$ 188,032
DSY Beauty Sdn Bhd Three [Member]
Related Party Transaction [Line Items]
Relationship	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature	Purchases of beauty products	Purchases of beauty products	Purchases of beauty products	Purchases of beauty products
Total purchases	$ 151	$ 397	$ 17,231	$ 17,961
CTA Nutriceuticals Asia Sdn Bhd One [Member]
Related Party Transaction [Line Items]
Relationship	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd	The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
Nature	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use
Total other purchases	$ 900	$ 1,947	$ 2,681	$ 4,155
DSY Beauty Sdn Bhd Four [Member]
Related Party Transaction [Line Items]
Relationship	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use
Total other purchases	$ 134	$ 1,267	$ 2,800	$ 4,637
DSY Wellnessand Longevity Center Sdn Bhd Dsywlc Four [Member]
Related Party Transaction [Line Items]
Relationship	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC
Nature	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use	Purchase of products for general use
Total other purchases		$ 71		$ 347
How Kok Choong One [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company	Mr. How Kok Choong, the CEO and director of the Company	Mr. How Kok Choong, the CEO and director of the Company	Mr. How Kok Choong, the CEO and director of the Company
Nature	Commission expense	Commission expense	Commission expense	Commission expense
Total commission	$ 550	$ 1,364	$ 1,938	$ 4,863
Ando Design Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
Nature	Rental income	Rental income	Rental income	Rental income
Office rental expense	$ 652	$ 663	$ 1,954	$ 1,988
Redboy Picture Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy	Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy	Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy	Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy
Nature	Rental income	Rental income	Rental income	Rental income
Office rental expense		$ 1,325		$ 5,302
TH3 Technology Sdn Bhd One [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3
Nature	Rental income	Rental income	Rental income	Rental income
Office rental expense	$ 195	$ 199	$ 586	$ 265
TH3 Technology Sdn Bhd Two [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3	Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3
Nature	IT support services fee	IT support services fee	IT support services fee	IT support services fee
Total other expenses	$ 14,976	$ 13,642	$ 44,429	$ 41,126
DSY Wellness & Longevity Center Sdn Bhd (“DSYWLC”) [Member]
Related Party Transaction [Line Items]
Relationship	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC	Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC
Nature	Office rental expense and facilities	Office rental expense and facilities	Office rental expense	Office rental expense
Total other expenses	$ 21,708	$ 7,952	$ 37,338	$ 23,857
Ando Design Sdn Bhd One [Member]
Related Party Transaction [Line Items]
Relationship	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando	Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando
Nature	Office furniture & fittings and improvements	Office furniture & fittings and improvements	Office furniture & fittings and improvements	Office furniture & fittings and improvements
Total other expenses			$ 1,755
SY Welltech Sdn Bhd [Member]
Related Party Transaction [Line Items]
Relationship			The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd	The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Nature			Purchases of products for general use	Purchases of products for general use
Total other expenses			$ 5

v3.24.3

SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD (Details)	Oct. 13, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant fair value	$ 38,580
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.65%
Expected volatility	49.00%
Expected life (in years)	5 years
Expected dividend yield	0.00%
Warrant fair value	$ 38,580

v3.24.3

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)							3 Months Ended			9 Months Ended	12 Months Ended
		Aug. 30, 2024	Aug. 15, 2024	Jan. 26, 2024	Oct. 13, 2023	Oct. 10, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 19, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized							200,000,000			200,000,000	200,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Shares authorized decreased			1,000,000,000				50,000,000			50,000,000	50,000,000	1,000,000
Common stock, par value			$ 0.0001				$ 0.0001			$ 0.0001	$ 0.0001	$ 0.01
Common Stock, Shares, Outstanding							3,989,056			3,989,056	3,855,126
Reverse stock split			1-for-20 reverse stock split
Common stock, shares issued		20					3,989,056			3,989,056	3,855,126
Common stock shares outstanding		20
Shares outstanding			77,069,575
Shares outstanding							3,853,504			3,853,504
Share based compensation							$ 30,000	$ 6,667
Tresury stock redeemed				6,765
Tresury stock, par value				$ 0.0001			$ 0.0001			$ 0.0001	$ 0.0001
Tresury stock, shares							0			0	6,765
Warrant fair value					$ 38,580
Warrant outstanding							5,775			5,775
Executive Director [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of shares										$ 5,000
Share based compensation										$ 5,143	$ 0
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares authorized decreased			50,000,000
Common stock, par value			$ 0.0001			$ 0.0001
Shares outstanding	[1]						3,989,056	3,848,784	3,848,361	3,989,056	3,855,126		3,772,601	3,772,601	3,772,601	3,772,601
Issuance of shares						$ 82,500
Share based compensation	[1]
Tresury stock redeemed	[1]								(6,765)
Share price					$ 88.00	$ 80.00
Warrants to purchase shares					5,775
[1] Common stock and treasury stock have been adjusted on a retroactive basis to reflect 1-for-20 reverse stock split effective on August 30, 2024.

v3.24.3

SCHEDULE OF NON CONTROLLING INTEREST (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Paid-in capital	$ 97	$ 97
Retained earnings	15,020	12,434
Accumulated other comprehensive income (loss)	895	(752)
Noncontrolling interest gross	16,012	11,779
ASL
Total	$ 16,012	$ 11,779

v3.24.3

SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAX (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loss before income tax	$ (526,914)	$ (320,792)	$ (1,645,646)	$ (1,140,971)
UNITED STATES
Local – United States	(302,021)	(106,680)	(1,130,098)	(417,377)
MALAYSIA
Loss before income tax	(222,258)	(164,841)	(513,397)	(680,993)
HONG KONG
Loss before income tax	$ (2,635)	$ (49,271)	$ (2,151)	$ (42,601)

v3.24.3

SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Current:
- Local
- Foreign	2,875		(13,803)	(3,825)
Deferred:
- Local
- Foreign		(3,943)		6,537
Income tax credit (expense)	$ 2,875	$ (3,943)	$ (13,803)	$ 2,712

v3.24.3

SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carry forwards in U.S.	$ 676,812	$ 439,492
Net operating loss carry forwards in Malaysia	869,126	664,105
Unabsorbed capital allowance carry forward in Malaysia	1,840	5,577
Less: valuation allowance	(1,547,778)	(1,108,955)
Deferred tax assets, net		$ 219

v3.24.3

INCOME TAXES CREDIT (EXPENSES) (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Tax rate description			(“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied
Deferred tax valuation allowance	$ 1,547,778		$ 1,547,778		$ 1,108,955
2031 [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	746,000		746,000
2032 [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	834,000		834,000
2033 [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	1,213,000		1,213,000
2034 [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	456,000		456,000
UNITED STATES
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	3,223,000		3,223,000		2,093,000
Deferred tax valuation allowance	677,000		$ 677,000		440,000
MALAYSIA
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage			24.00%
Operating loss carryforwards	3,249,000		$ 3,249,000		2,796,000
Deferred tax valuation allowance	$ 870,000		$ 870,000		$ 670,000
Income tax examination, description			The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 15% for the first RM 150,000 (or approximately $37,500), 17% for the subsequent RM 150,000 to RM 600,000 (or approximately $37,500 to $150,000) and 24% for the remaining balance for three and nine months ended September 30, 2024 and 2023
MALAYSIA | Remaining [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage	24.00%	24.00%	24.00%	24.00%
MALAYSIA | First RM [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage	15.00%	15.00%	15.00%	15.00%
MALAYSIA | Subsequent RM [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage	17.00%	17.00%	17.00%	17.00%
HONG KONG
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage			16.50%
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage			21.00%
Foreign Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax percentage			21.00%

v3.24.3

CONCENTRATIONS OF RISKS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Deposits	$ 2,713,020		$ 2,713,020		$ 4,817,213
Deposit for insurance	$ 2,492,285		$ 2,492,285		$ 4,630,476
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage	19.00%	31.20%	19.90%	27.70%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor One [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage		67.50%		53.00%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage	57.30%	67.50%	63.40%	53.00%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Sales Distributor [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage	10.00%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Two Sales Distributor [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage		10.00%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | One Sales Distributor [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage			20.30%	10.00%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage			24.60%		35.40%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage			54.60%		61.80%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage			24.60%		35.40%
No Customer [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage	10.00%	10.00%	10.00%	10.00%
Six Individual Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage			22.80%		40.20%
Vendor One [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Concentrations of risk percentage	57.30%		63.40%

v3.24.3

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 11, 2024	Dec. 31, 2023	Dec. 18, 2023	Oct. 01, 2023	Sep. 01, 2023	Jun. 01, 2023
Lease
Operating lease cost	$ 62,857	$ 35,538	$ 159,720	$ 115,202
Amortization of finance lease asset	11,896		18,956
Interest on finance lease liabilities	$ 2,350		$ 4,989
Weighted average remaining lease term (years) - Operating lease	1 year 8 months 26 days		1 year 8 months 26 days			2 years 5 months 23 days
Weighted average remaining lease term (years) - Finance lease	4 years 6 months 29 days		4 years 6 months 29 days			5 years
Weighted average discount rate - Operating lease	5.50%		5.50%			5.50%		5.50%	5.50%	5.50%
Weighted average discount rate - Finance lease	6.70%		6.70%		4.42%	8.60%	8.63%

v3.24.3

SCHEDULE OF LEASE COMMITMENTS (Details) - USD ($)	Sep. 30, 2024	Jul. 11, 2024	Dec. 18, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Operating lease liabilities - 2025	$ 173,307
Operating lease liabilities - 2026	125,038
Operating lease liabilities - 2027
Operating lease liabilities - 2028
Operating lease liabilities - Thereafter
Operating lease liabilities - Total lease payments	298,345
Operating lease liabilities - Less: interest	(14,096)
Present value of operating lease liabilities	284,249
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Finance lease liabilities - 2025	32,439
Finance lease liabilities - 2026	32,439
Finance lease liabilities - 2027	32,439
Finance lease liabilities - 2028	32,439
Finance lease liabilities - Thereafter	54,273
Finance lease liabilities - Total lease payments	184,029
Finance lease liabilities - Less: interest	(30,017)
Present value of finance lease liabilities	$ 154,012	$ 72,772	$ 78,824

v3.24.3

LEASE (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 01, 2023	Jun. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 11, 2024	Dec. 31, 2023	Dec. 18, 2023
Lease
Lease option to extend	upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2021	upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020	upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020
Operating right-of-use assets	$ 8,940	$ 126,093	$ 283,220	$ 282,734		$ 282,734			$ 357,301
Operating lease effective interest rate	5.50%	5.50%	5.50%	5.50%		5.50%			5.50%
Lease term								5 years		5 years
Finance lease liabilities				$ 154,012		$ 154,012		$ 72,772		$ 78,824
Finance lease effective interest rate				6.70%		6.70%		4.42%	8.60%	8.63%
Operating lease payments						$ 66,028
Short term lease cost				$ 22,218	$ 9,589	$ 43,980	$ 29,359

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