Registration statement for securities of certain foreign private issuers

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Notes and other explanatory information [abstract]    
SCHEDULE OF USEFUL LIVES OF ITEMS OF PROPERTY AND EQUIPMENT  

The useful lives of items of property and equipment have been assessed as follows:

 

Category   Depreciation Method   Useful Life
Buildings   Straight line   20 years
Machinery   Straight line   5 years
Furniture and fixtures   Straight line   5 years
Motor vehicles   Straight line   5 years
Office equipment   Straight line   5 years
IT equipment   Straight line   3 – 5 years
Computer software   Straight line   2 – 8 years
Spa equipment, curtains, crockery, glassware, and linen   Straight line   5 years

SCHEDULE OF USEFUL LIFE OF INTANGIBLE ASSETS  

The useful life of intangible assets has been assessed as follows:

 

Category   Useful Life
Customer relationships   5 years
Trade names, trademarks, domain names, and licenses   Indefinite
SCHEDULE OF RESTATEMENTS IN THE CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

The Company made restatements in the Consolidated Statement of Operations and Comprehensive Loss related to revenues and cost of revenue with a third-party sales partner. The changes are in revenue and cost of revenue and have been restated from a gross presentation to a net presentation, please see the table below:

 

 

    Unaudited     Restatements     Restated  
    For the six months ended June 30, 2022  
    Unaudited     Restatements     Restated  
Revenue   $ 7,443,230     $ (2,099,983 )   $ 5,343,247  
Cost of Revenue     (5,212,637 )     2,099,983       (3,112,654 )
Gross Profit   $ 2,230,593     $ —     $ 2,230,593  

 

The Company made restatements in the Consolidated Statement of Operations and Comprehensive Income related to revenues and cost of revenue with a third-party sales partner. The changes are in revenue and cost of revenue and have been restated from a gross presentation to a net presentation, please see the table below:

                   
    For the year ended December 31, 2021  
    Audited     Restatements     Restated  
Revenue   $ 12,778,262     $ (4,483,458 )   $ 8,294,804  
Cost of Revenue   (10,020,804 )     4,483,458       (5,537,346 )
Gross Profit   $ 2,757,458     $

—

     $ 2,757,458