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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Choong is our founder and serves as our Chief Executive Officer, President, Director Chief Operating Officer, Chairman
of the Board of Directors and Secretary since 2016. Dr. How is primarily respon... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, Dr. How has worked for TH3 Holdings
Sdn Bhd as president. Dr. How obtained a master’s degree and a doctorate degree in Business Administrative from Newport University,
USA in December 1997 and Dece... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Excellence Award in 2015, “Man of The Year”
in McMillan Global Award in 2016, The Distinguished Asia Pacific Outstanding Entrepreneur Lifetime Achievement Award in 2019, World Outstanding
Chinese En... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
paratory Programme at
HKU Space. From January 2011 to October 2015, Mr. Lee served as the managing director at ANSA CPA Limited. From September 2010 to October
2012, Mr. Lee served as an independent ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1998 to September 2000, Mr. Lee served as a director at Nitwell
Business Services Limited. From August 1994 to April 1998, Mr. Lee was an assistant audit manager at Cheng, Kwok & Chang. From July
199... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
From April 1983 to September 1985,
Mr. Lee served as an audit Clerk at Anthony Y.T. Tse & Company. Mr. Lee is an associate member of the Institute of Chartered Accountants
in England and Wales since... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
master’s
degree in professional accounting from the Hong Kong Polytechnic University in November 2010.
Corporate
Governance
The
Company promotes accountability for adherence to honest and ethical ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
recommendations concerning
the selection of outside auditors, reviewing the scope, results and effectiveness of the annual audit of the Company’s financial
statements and other services provided by ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Directors has determined that we do not have a board member that qualifies as an “audit committee financial expert”
as defined in Item 407(D)(5) of Regulation S-K, nor do we have a Board member that... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Our
Directors and our Executive officers have not been involved in any of the following events during the past ten years:
1.
Bankruptcy
petition filed by or against any business of which such p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or
4.
Being
found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have
violated a federal or state securities or com... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
such civil action or finding by the Commodity Futures Trading Commission has not
been subsequently reversed, suspended or vacated;
7.
Such
person was the subject of, or a party to, any Fed... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;
8.
Such
person was the subject of, or a party to, any sanction or order, not subsequently ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ethics that applies to all of our employees, including our principal executive officer, principal financial officer and
principal accounting officer, and the Board. A copy of this code is available ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors.
The Board of Directors believes that, given the stage of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the first page of this Information Statement.
ITEM
11. EXECUTIVE COMPENSATION
Mr.
How Kok Choong, the Chief Executive Officer, President, Director Chief Operating Officer, Chairman of the Board of... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021 and the employment
agreement will take effect on the listing of our stock on NASDAQ Capital Market. In March 2023, Mr. Mohd Shaharuddin Bin Abdullah resigned
from the Company and his employment... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
d Shaharuddin Bin Abdullah and Mr. Andrew Lee Kam Fan for the year ended December 31, 2022, we do not have an employment
or consulting agreement with any officers or Directors.
Compensation
Discussi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
his period of service up to the date of termination.
Prior to Mr. Mohd Shaharuddin Bin Abdullah resignation in March 2023, as an executive director of the Company, Mr. Mohd Shaharuddin
Bin Abdullah... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
57
As
Chief Financial Officer of the Company, Mr. Andrew Lee Kam Fan is paid a monthly salary of $3,870. His salary shall accrue on a day-to-day
basis, payable in arrears on the last day of each ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s
performance. This package may also include long-term stock-based compensation to certain... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
after analyzing our current business objectives and
growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability
of such ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,452,012 shares of common stock issued and outstanding, which number of issued and outstanding
shares of common stock have been used throughout this report.
Name and Address of Beneficial Owner
Sha... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Under this rule, certain shares may be deemed to
be beneficially owned by more than one person (if, for example, p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
any person as shown in the
following table does not necessarily reflect the person’s actual voting power at any particular date.
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR IN... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of March 31, 2020 due from Dr. How; and (ii) the allotment and issue of the common stock of the Company. The
Company allotted and issued 162,694 shares of the Company’s common stock, each with a par... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
agreement
share exchange agreement (the “Supplemental Share Exchange Agreement”). In accordance with Supplemental Share Exchange
Agreement, Dr. How received an aggregate consideration of $1,804,046,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ing approximately 0.0469% of the total issued and outstanding shares in the Company after the issuance of the Shares, which
is valued at $1,147,551 based on the closing price of $6.50 of the Company ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
representing 100% of our accounts receivable.
In
December 2021, there were share forfeiture agreements (the “Share Forfeiture Agreements”) between the Company and (i) HKC
Talent Limited; (ii) vario... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
How Kok Choong, is a stockholder. As a result, the
outstanding shares was reduced by 85,992,000 shares of common stock.
On
January 20, 2022, a share forfeiture agreement (the “Share Forfeiture Agre... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
4a(2) and/or Regulation S of the
Securities Act of 1933, as amended (“Regulation S”) due to the fact that all sales of stock were made to non-U.S. persons
(as defined under Rule 902 section (k)(2)(i)... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the Company is also the sole shareholder and director of Agape ATP (Asia) Limited.
CTA
Nutriceuticals (Asia) Sdn Bhd
The
directors and shareholders of CTA are related parties to Mr. Yap... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Wellness International Sdn Bhd is also a director of DSY Wellness & Longevity Center
Sdn Bhd.
TH3
Technology Sdn Bhd
Mr.
How Kok Choong, the CEO and director of the Company is also a direc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
dn Bhd (“TH3”)
Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3
Prepayment of IT expenses
1,273
DSY Beauty Sdn Bhd (“DSY Beauty”)
The directors and shareholders ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ay Sdn. Bhd. “Hostastay”
Mr. How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director of Hostastay as of April 21, 2021
Su... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Relationship
Nature
2022
2021
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 Internatio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Commission expense
584
Total
4,880
Related
party transactions for years ended December 31, 2022 and 2021, are as per table below:
Purchases
Name of Related
For the years ended December 31,
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd
Purchases of beauty products
3,975
718
DSY Wellness & Longevity Center Sdn Bhd (“DSYWLC”)
Mr. Yap Foo ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Nature
2022
2021
Hostastay
Sdn. Bhd.
Mr.
How Kok Choong, the CEO and director of the Company is also the director of Hostastay. Mr. How Kok Choong ceased to be the director
of Hosta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd
Purchases of products for the provision of complementary health therapies
5,431
DSY Beauty Sdn Bhd (“DSY Beauty”)
The director... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Total
12,323
63
Related
party transactions for years ended December 31, 2022 and 2021, are as per table below:
Commission
expense
Name of Related
For the years ended December 31,
Party
Relati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Company is also a director of TH3
IT support services fee
56,450
Redboy Picture Sdn Bhd (“Redboy”)
Mr. How Kok Choong, the CEO and director of the Company is also the director of Redboy
Spo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
policies and procedures for the review, approval or ratification
of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to operate as an independent registered public accounting
firm. On October 20, 2022, our Board of Directors approved the dismissal of Friedman and the engagement of Marcum Asia CPAs LLP (“Marcum
Asi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
200
395,000
Tax fees
30,350
16,500
Total
432,550
411,500
The
category of “Audit fees” includes fees for our annual audit, quarterly reviews and services rendered in connection with regulatory... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)
Financial Statements
The
following are filed as part of this report:
Financial
Statements
The
following financial statements of AGAPE ATP Corporati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Equity
F-6
Consolidated Statements of Cash Flows
F-7
Notes to Consolidated Financial Statements
F-8
– F-33
(b)
Exhibits
The
following exhibits are filed or “furnished” herewith:
3.1
Art... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Extension Calculation Linkbase Document*
101.DEF
Inline
XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB
Inline
XBRL Taxonomy Extension Label Linkbase Document*
101.PRE
In... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the undersigned, thereunto duly authorized.
AGAPE
ATP CORPORATION.
(Name
of Registrant)
Date:
March 31, 2023
By:
/s/
How Kok Choong
HOW
KOK CHOONG
Title:
Chief
Execut... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Independent Registered Public Accounting Firm (PCAOB
ID: 711)
F-3
Consolidated Balance Sheets
F-4
Consolidated Statements of Operations and Comprehensive Loss
F-5
Consolidated Statements of Ch... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31, 2022,
the related consolidated statement of operation, comprehensive loss, stockholders’ equity and cash flows for the year then ended,
and the related notes (collectively referred to as the “fi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rul... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex j... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Agape ATP Corporation
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheet of Agape ATP Corporation (the “Company”) as of December 31, 2021,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on the Co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, whether due to error or fraud.
Agape ATP Corp is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are requir... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provide a reasonable basis for our op... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
IE that can be used only to settle obligations of the consolidated VIE as of December 31, 2022 and 2021, respectively.)
1,438,430
2,597,848
Accounts receivable
2,826
Amount due from related part... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,912,122
OTHER ASSETS
Property and equipment, net
142,149
215,799
Intangible assets, net
24,044
3,660
Operating right-of-use assets
81,133
237,718
Investment in marketable securities
16,6... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Customer deposits
363,018
279,689
Operating lease liabilities
82,708
157,094
Other payables and accrued liabilities ($1,090 and $1,548 are included in the consolidated VIE that are without re... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ABILITIES
1,229,295
1,411,899
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common Stock, par value $0.0001; 1,000,000,000 s... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
9,266
93,398
TOTAL AGAPE CORPORATION STOCKHOLDERS’ EQUITY
1,541,941
3,312,972
NON-CONTROLLING INTERESTS
20,513
(336
TOTAL EQUITY
1,562,454
3,312,636
TOTAL LIABILITIES AND STOCKHOLDERS’ EQU... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2
2021
For the years ended December 31,
2022
2021
REVENUE
1,856,564
1,016,962
COST OF REVENUE
(666,042
(297,333
GROSS PROFIT
1,190,522
719,629
SELLING
(361,414
(394,682
COMMISSION
(... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,533,266
(1,858,568
OTHER INCOME (EXPENSES)
Other expenses, net
(79,539
(68,323
Interest income
16,190
25,570
Unrealized holding loss on marketable securities
(73,519
(505,231
Dividend in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
680
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
(20,820
436
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION
(1,686,899
(2,524,244
NET LOSS
(1,666,079
(2,524,680
OTHER COMPREH... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
060
(2,611,862
LOSS PER SHARE
Basic and diluted
(0.02
(0.01
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted
87,822,337
376,216,452
The
accompanying notes are an integ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
IN CAPITAL
ACCUMULATED
DEFICIT
COMPREHENSIVE
INCOME
CONTROLLING
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(87,618
(87,615
Balance
as of December 31, 2021
290,460,047
29,046
6,449,215
(3,258,687
93,398
(336
3,312,636
Forfeiture
of common stock
(218,008,035
(21,501
21,501
Net
lo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(4,945,586
9,266
20,513
1,562,454
The
accompanying notes are an integral part of these consolidated financial statements.
F-6
AGAPE
ATP CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Curr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
122
1,961
Amortization of operating right-of-use assets
144,064
139,451
Unrealized holding loss on marketable securities
73,519
505,231
Dividend income from marketable securities
(18,939
De... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,113
(128,363
Accounts payable
15,825
Accounts payable – related parties
25,597
Customer deposits
94,877
52,981
Operating lease liabilities
(145,197
(138,143
Other payables and accrued li... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(3,959
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred offering costs
(234,466
(15,210
Advances to related parties
(3,851
Net cash used in financing activities
(234,466
(19,061
EFFECT OF E... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1,438,430
2,597,848
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid
78,511
326,838
SUPPLEMENTAL NON-CASH FLOWS INFORMATION
Changes in right-of-use assets and lease liabilities due to l... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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. ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, equivalent to approximately 99.99% of the equity interest in Agape Superior Living Sdn. Bhd.,
a network marketing entity incorporated in Malaysia.
Agape
Superior Living Sdn. Bhd. is a limited comp... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
uan) formed a joint-venture 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 purs... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, ASL and its variable interest
entity (“VIE”), Agape S.E.A. Sdn. Bhd. (“SEA”) (See Note 3), and DSY Wellness.
Details
of the Company’s subsidiaries:
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES
Subsid... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 sha... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0
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
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
wellness products and health solution advisory services to our clients. Agape ATP Corp
primarily focus its efforts on attracting customers in Malaysia. Its advisory services center on the “ATP Zeta ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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’... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 s... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 v... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) for information pursuant to the rules a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of shares)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
Principles
of consolidation
Subsidiaries
are those entities in which the Company, directly or indirectly, controls more than one ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company’s consolidated financial statements include allowance for inventories
obsolescence, impairment of long-lived assets, allowance for deferred tax assets. Actual results could differ from
these... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, and the current economic conditions to make adjustments in the allowance when it is considered necessary.
Account balances are charged off against the allowance after all means of collection have b... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ories
consist of finished goods and are stated 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 unm... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
utilized to offset future income tax.
Prepayments
and deposits
Prepayments
and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
leness of the allowance policy and update it if necessary. For the years ended December 31, 2022 and 2021, the Company
wrote-off allowance for doubtful accounts of $120,372
and $0,
respectively. As o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Computer
and office equipment
5-7
years
Furniture
& fixtures
6-7
years
Leasehold
improvements
Lease
Term
Vehicle
5
years
The
cost and related accumulated depreci... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ATP CORPORATION
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
approach or, when available and appropriate, to comparable market values. As of December 31, 2022 and
2021, no impairment of long-lived assets was recognized.
Deferred
offering costs
Deferred
offe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in
the caption of “unrealized holding gain loss on marketable securities” in each reporting period.
Investment
in non-marketable equity securities
The
Company follows the provisions of ASU 2016-01... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or a similar investment of the same issue.
At
each reporting period, the Company will make a qualitative assessment considering impairment indicators to evaluate whether the investment
is impaired.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
amount less than the carrying amount of that investment; and (v) Factors that
raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from... |
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