BIOPLUS LIFE CORP.

CIK:0001746214|SEC Filings

Consolidated Statements of Operations and Comprehensive Profit - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues, net	$ 2,547,216	$ 3,549,313
Cost of revenues	(1,234,379)	(2,178,491)
Gross profit	1,312,837	1,370,822
Other income	30,520	18,663
Operating expenses:
General and operating expenses	(1,022,480)	(1,067,077)
Finance cost	(28,378)	(34,378)
Total expenses	(1,050,858)	(1,101,455)
Profit from operations	292,499	288,030
Gain on disposal of subsidiary		28,912
Profit before income tax	292,499	316,942
Income tax expense	(121,766)	(102,748)
NET PROFIT	170,733	214,194
Other comprehensive (loss)/income:
- Foreign currency translation (loss)/gain	(71,233)	42,531
COMPREHENSIVE INCOME	$ 99,500	$ 256,725
Earnings per share	$ 0.0005	$ 0.0005
Weighted average number of common shares outstanding -Basic and diluted	362,888,888	362,610,479

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net profit	$ 170,733	$ 214,194
Adjustments to reconcile net profit to net cash generated from operating activities:
Gain on disposal of subsidiary		(28,912)
Interest income	(21)
Gain on disposal of property, plant and equipment	(714)
Bad debt written off	2,663	6,307
Amortisation of right of use assets	5,227	2,068
Interest expenses	28,378	34,378
Depreciation of property, plant and equipment	140,426	129,443
Operating profit before working capital changes	346,692	357,478
Changes in operating assets and liabilities:
Inventories	(90,578)	(64,355)
Account receivables	191,181	(234,721)
Other receivables, deposits and prepayments	(24,260)	93,185
Amount due from related parties	(6,813)	(8,561)
Amount due from directors	(126)	(1,858)
Account payable	(118,204)	315,069
Other payables and accrued liabilities	(93,900)	88,698
Provision for taxation	(3,419)	22,620
Change in lease liabilities	(7,237)	(2,975)
Net cash generated from operating activities	193,336	564,580
Cash flows from investing activities:
Proceed from disposal of subsidiary		17,504
Proceed from disposal of property, plant and equipment	1,317
Interest received	21
Purchase of intangible assets	(688)
Proceeds from disposal of investment	11,931	(11,931)
Purchase of property, plant and equipment	(91,100)	(206,458)
Net cash used in investing activities	(78,519)	(200,885)
Cash flows from financing activities:
Proceeds from issued shares		360
Cancellation of shares	(197,445)
Interest expenses	(26,368)	(33,471)
Repayment of term loan borrowing	(16,612)	(2,907)
Drawdown of finance lease	19,157
Repayment of finance lease	(20,202)	(12,164)
Net cash used in financing activities	(241,470)	(48,182)
Foreign currency translation adjustment	(4,063)	14,241
NET CHANGE IN CASH AND CASH EQUIVALENTS	(130,716)	329,754
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR	398,974	69,220
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR	268,258	398,974
CASH AND CASH EQUIVALENTS INFORMATION:
Cash and bank balance	268,258	398,974
Cash and cash equivalents, end of financial year	268,258	398,974
SUPPLEMENTAL CASH FLOWS INFORMATION
Income tax paid	$ (140,993)	$ (80,128)

Consolidated Balance Sheet - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and bank balances	$ 268,258	$ 398,974
Account receivables	337,221	552,616
Amount due from related parties	34,415	28,724
Inventories	450,297	374,330
Other receivables, deposits and prepayments	64,345	41,680
Total current assets	1,154,536	1,396,324
Non-current assets:
Property, plant and equipment, net	2,190,764	2,331,335
Operating lease right of use assets, net	34,718	41,527
Intangible assets	682
Total non-current assets	2,226,164	2,372,862
TOTAL ASSETS	3,380,700	3,769,186
Current liabilities:
Account payables	231,900	364,324
Obligation under finance lease	37,025	33,817
Bank borrowings	52,167	54,567
Operating lease liability	5,476	5,399
Other payables and accrued liabilities	476,855	587,923
Provision for taxation	22,022	38,675
Amount due to directors	2,876	3,124
Total current liabilities	828,321	1,087,829
Non-current liabilities:
Obligation under finance lease	73,208	81,981
Bank borrowings	522,948	561,195
Operating lease liability	29,242	36,128
Deferred taxation	31,600	20,657
Total non-current liabilities	656,998	699,961
TOTAL LIABILITIES	1,485,319	1,787,790
Stockholders’ equity:
Common stock, par value $0.0001: 362,144,847 and 362,905,561 shares issued and outstanding as of December 31, 2021, and December 31, 2020, respectively	36,215	36,291
Additional paid in capital	1,801,500	1,986,939
Accumulated profit/(loss)	168,377	(2,356)
Accumulated other comprehensive loss	(110,711)	(39,478)
Total stockholders’ equity	1,895,381	1,981,396
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 3,380,700	$ 3,769,186