0001493152-20-023799.txt : 20201217 0001493152-20-023799.hdr.sgml : 20201217 20201217061532 ACCESSION NUMBER: 0001493152-20-023799 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20201031 FILED AS OF DATE: 20201217 DATE AS OF CHANGE: 20201217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Phoenix Plus Corp. CENTRAL INDEX KEY: 0001785493 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700] IRS NUMBER: 611907981 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-233778 FILM NUMBER: 201394173 BUSINESS ADDRESS: STREET 1: 17/F, THE WORKSTATION STREET 2: 43-45, LYNDHURST TERRACE CITY: CENTRAL STATE: K3 ZIP: 00000 BUSINESS PHONE: 85281200914 MAIL ADDRESS: STREET 1: 17/F, THE WORKSTATION STREET 2: 43-45, LYNDHURST TERRACE CITY: CENTRAL STATE: K3 ZIP: 00000 10-Q 1 form10q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended October 31, 2020

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________

 

Commission File Number 333-233778

 

PHOENIX PLUS CORP

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

 

Nevada   61-1907981

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

17/F, THE WORKSTATION, 43-45, LYNDHURST TERRACE,

CENTRAL, HONG KONG

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code +852 8120 0914

 

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 [X] 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 [X]

 

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

 

Large Accelerated Filer [  ] Accelerated Filer [  ] Non-accelerated Filer [  ] Smaller reporting company [X]

Emerging growth company [X]

 

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 [X]

 

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

 

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

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has fled 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 [X]

 

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 December 13, 2020
Common Stock, $.0001 par value   331,917,500

 

 

 

   

 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION  
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: F-1
  Condensed Consolidated Balance Sheets as of October 31, 2020 (unaudited) and July 31, 2020 (audited) F-2
  Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three months Ended October 31, 2020 and 2019 (unaudited) F-3
  Condensed Consolidated Statements of Changes in Equity for the Three months Ended October 31, 2020 and 2019 F-4
  Condensed Consolidated Statements of Cash Flows for the Three months Ended October 31, 2020 and 2019 (unaudited) F-5
  Notes to the Condensed Consolidated Financial Statements F-6 - F-13
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3-5
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 6
ITEM 4. CONTROLS AND PROCEDURES 6
PART II OTHER INFORMATION  
ITEM 1 LEGAL PROCEEDINGS 7
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 7
ITEM 4 MINE SAFETY DISCLOSURES 7
ITEM 5 OTHER INFORMATION 7
ITEM 6 EXHIBITS 8
  SIGNATURES 9

 

 2 

 

 

PART I FINANCIAL INFORMATION

 

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

 

PHOENIX PLUS CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
Condensed Consolidated Financial Statements  
   
Condensed Consolidated Balance Sheets as of October 31, 2020 (unaudited) and July 31, 2020 (audited) F-2
Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three months Ended October 31, 2020 and 2019 (unaudited) F-3
Condensed Consolidated Statements of Changes in Equity for the Three months Ended October 31, 2020 and 2019 (unaudited) F-4
Condensed Consolidated Statements of Cash Flows for the Three months Ended October 31, 2020 and 2019 (unaudited) F-5
Notes to the Condensed Consolidated Financial Statements F-6 - F-13

 

 F-1 

 

 

PHOENIX PLUS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF OCTOBER 31, 2020 AND JULY 31, 2020

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

 

   As of   As of 
   October 31, 2020   July 31, 2020 
   Unaudited   Audited 
ASSETS          
CURRENT ASSETS          
Trade receivables  $32,136   $17,943 
Prepayment and deposits   238,385    242,936 
 Cash in bank   1,512,319    1,408,048 
Total Current Assets  $1,782,840   $1,668,927 
           
NON-CURRENT ASSETS          
Property, plant and equipment, net  $43,529   $59,852 
Lease asset- right of use   10,562    14,151 
    54,091    74,003 
           
TOTAL ASSETS   1,836,931    1,742,930 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Account payable   -    577 
Others payables and accrued liabilities   175,812    41,666 
Lease liabilities, current   12,405    16,632 
Total Current Liabilities  $188,217   $58,875 
           
TOTAL LIABILITIES  $188,217   $58,875 
           
STOCKHOLDERS’ EQUITY          
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding   -    - 
Common Shares, par value $0.0001; 1,000,000,000 shares authorized, 331,917,500 shares issued and outstanding as of October 31, 2020 and July 31, 2020  $33,192   $33,192 
Additional paid in capital   2,463,308    2,463,308 
Accumulated other comprehensive profit   -    - 
Accumulated deficit   (847,786)   (812,445)
TOTAL STOCKHOLDERS’ EQUITY  $1,648,714   $1,684,055 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $1,836,931   $1,742,930 

 

See accompanying notes to condensed consolidated financial statements.

 

 F-2 

 

 

PHOENIX PLUS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSES

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020 and 2019

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

(Unaudited)

 

   Three months ended
October 31, 2020		   Three months ended
October 31, 2019		 
   (Unaudited)   (Unaudited) 
REVENUE  $14,193   $15,306 
           
COST OF REVENUE   (9,067)   (836)
           
GROSS PROFIT   5,126    14,470 
           
OTHER INCOME   21,558    3,021 
           
SELLING AND DISTRIBUTION EXPENSES   (5,625)   (144,038)
           
GENERAL AND ADMINISTRATIVE EXPENSES   (56,400)   (147,778)
           
LOSS BEFORE INCOME TAX   (35,341)  $(274,325)
           
INCOME TAXES PROVISION   -    - 
           
NET LOSS   (35,341)   (274,325)
           
Net Loss attributable to Non-Controlling Interests          
Other comprehensive income/(loss):          
- Foreign exchange adjustment gain/(loss)   -    - 
COMPREHENSIVE LOSS  $(35,341)  $(274,325)
           
Net loss per share- Basic and diluted   (0.00)   (0.00)
           
Weighted average number of common shares outstanding - Basic and diluted   331,917,500    331,917,500 

 

See accompanying notes to condensed consolidated financial statements.

 

 F-3 

 

 

PHOENIX PLUS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020 and 2019

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

(Unaudited)

 

Three Months Ended October 31, 2020
(Unaudited)

 

   COMMON SHARES   ADDITIONAL   ACCUMULATED OTHER         
   Number of Shares   Amount   PAID-IN CAPITAL   COMPREHENSIVE INCOME   ACCUMULATED DEFICIT   TOTAL EQUITY 
Balance as of July 31, 2020   331,917,500   $33,192   $2,463,308   $-   $(812,445)  $1,684,055 
Net loss for the period   -    -    -                      -    (35,341)   (35,341)
Balance as of October 31,2020   331,917,500    33,192    2,463,308    -    (847,786)   1,648,714 

 

Three Months Ended October 31, 2019
(Unaudited)

 

   COMMON SHARES   ADDITIONAL   ACCUMULATED OTHER         
   Number of Shares   Amount   PAID-IN CAPITAL   COMPREHENSIVE INCOME   ACCUMULATED DEFICIT   TOTAL EQUITY 
Balance as of July 31, 2019   331,917,500   $33,192   $2,463,308   $                   -   $(15,425)  $2,481,075 
Net loss for the period   -    -    -    -    (274,325)   (274,325)
Balance as of October 31, 2019   331,917,500    33,192    2,463,308    -    (289,750)   2,206,750 

 

 F-4 

 

 

PHOENIX PLUS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020 and 2019

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

(Unaudited)

 

   Three months ended
October 31		 
   2020   2019 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(35,341)  $(274,325)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   16,323    5,441 
Operating lease expenses   3,589    23,801 
Changes in operating assets and liabilities:          
Accounts receivables   (14,193)   (5,102)
Other receivables and prepayment   4,551    - 
Accounts payable   (577)   - 
Other payables and accrued liabilities   134,146    (523)
Amount due to related parties   -    3,845 
Operating lease liabilities   (4,227)   (23,801)
Net cash provided by / (used in) operating activities   104,271    (270,664)
           
CASH FLOWS FROM INVESTING ACTIVITY          
Purchase of property, plant and equipment  $-   $(114,263)
Net cash used in investing activity   -    (114,263)
           
CASH FLOWS FROM FINANCING ACTIVITY:          
Subscriptions receivables   -    197,810 
Net cash provided by financing activity   -    197,810 
           
Effect of exchange rate changes on cash and cash equivalents  $-   $- 
           
Net increase/(decrease) in cash and cash equivalents   104,271    (181,117)
Cash and cash equivalents, beginning of year   1,408,048    2,291,534 
CASH AND CASH EQUIVALENTS, END OF YEAR  $1,512,319   $2,104,417 
SUPPLEMENTAL CASH FLOWS INFORMATION          
Income taxes paid  $-   $- 
Interest paid  $-   $- 

 

See accompanying notes to condensed consolidated financial statements.

 

 F-5 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCOTBER 31, 2020

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

(UNAUDITED)

 

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

Phoenix Plus Corp. was incorporated on November 5, 2018 under the laws of the state of Nevada.

 

The Company, through its subsidiaries, engaged in providing technical consultancy on solar power system and consultancy on green energy solution, and also focused on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products) and technologies for a wide range of applications including electrical power production.

 

On March 18, 2019, the Company acquired 100% of the equity interests in Phoenix Plus Corp. (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia.

 

On July 25, 2019, Phoenix Plus Corp., a Malaysia Company acquired Phoenix Plus International Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong.

 

Details of the Company’s subsidiaries:

 

  Company name   Place and date of
incorporation		   Particulars of issued capital   Principal activities
               
1. Phoenix Plus Corp.   Labuan / January 4, 2019   100 share of ordinary share of US$1 each   Investment holding
               
2. Phoenix Plus International Limited   Hong Kong / March 19, 2019  

1 ordinary share

of HKD$1

   Providing technical consultancy on solar power system and consultancy on green energy solution

 

 F-6 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries. For the period ended October 31, 2020 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp. and Phoenix Plus International Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted July 31 as its fiscal year end.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

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

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Property, Plant and equipment

 

Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Leasehold improvement   21 months (over remaining lease term)

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

 

 F-7 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

Income taxes

 

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

 

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

 

Going Concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, For the period ended October 31, 2020, the Company incurred a net loss of $35,341 and has generated revenue of $14,193. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

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

 

 F-8 

 

 

PHOENIX PLUS CORP

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

Net income/(loss) per share

 

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

 

Foreign currencies translation

 

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

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the 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 statement of stockholders’ equity.

 

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

 

  

As of and for
the period ended

October 31, 2020

   As of and for
the period ended October 31, 2019		 
         
Period-end RM : US$1 exchange rate   4.15    4.18 
Period-average RM : US$1 exchange rate   4.16    4.18 
Period-end HK$: US$1 exchange rate   7.75    7.84 
Period-average HK$ : US$1 exchange rate   7.75    7.84 

 

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.

 

 F-9 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

 

Leases

 

Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective August 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 11).

 

Recent accounting pronouncements

 

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

 

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

 

 F-10 

 

 

PHOENIX PLUS CORP

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

3. COMMON STOCK

 

On November 5, 2018, the Company issued 100,000 shares of restricted common stock, with a par value of $0.0001 per share, to Mr. Fong Teck Kheong for initial working capital of $10.

 

On March 25, 2019, the Company issued 119,900,000 shares of restricted common stock, with a par value of $0.0001 per share, to Mr. Fong Teck Kheong for additional working capital of $11,990.

 

Between March 28, 2019 to April 1, 2019, the Company issued 135,000,000 shares of restricted common stock to 5 parties, with a par value of $0.0001 per share, for total additional working capital of $13,500.

 

On April 1, 2019, the Company issued 15,000,000 shares of restricted common stock to AGAPE ATP Corporation a company incorporated in Nevada with a par value of $0.0001 per share, for additional working capital of $1,500.

 

On April 1, 2019, the Company issued 30,000,000 shares of restricted common stock, with a par value of $0.0001 per share, to H&D Holding Sdn Bhd, a company incorporated in Malaysia, for additional working capital of $3,000.

 

Between April 9, 2019 to April 16, 2019, the Company issued 25,100,000 shares of restricted common stock to Junsei Ryu, Lee Chong Chow and Phoenix Plus Holding Sdn Bhd with a par value of $0.03 per share, for additional working capital of $753,000.

 

Between April 25, 2019 to May 10, 2019, the Company sold shares to 19 foreign individuals, whom all reside in Malaysia. A total of 2,000,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $200,000.

 

Between May 11, 2019 to June 18, 2019, the Company sold shares to 23 foreign parties whom resides in Malaysia. A total of 2,067,500 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to $413,500.

 

Between May 20, 2019 to July 25,2019, the Company sold shares to 15 foreign parties , all of which do not reside in the United States. A total of 2,750,000 shares of restricted common stock were sold at a price of $0.40 per share. The total proceeds to the Company amounted to a total of $1,100,000.

 

As of October 31, 2020, the Company has an issued and outstanding common share of 331,917,500.

 

4. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment as of October 31, 2020 are summarized below:

 

   As of
October 31, 2020
(unaudited)		   As of
July 31, 2020
(audited)		 
Leasehold improvement  $114,263   $114,263 
Accumulated depreciation   (70,734)  $(54,411)
Total  $43,529   $59,852 

 

These leasehold improvement include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. The leasehold improvement have completed on September 2019.

 

Depreciation expense for the period ended October 31, 2020 and October 31, 2019 was $16,323 and $5,441 respectively

 

5. PREPAYMENT AND DEPOSITS

 

Prepayments and deposits consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020
(unaudited)		     As of
July 31, 2020
(audited)		  
Subscription receivable   $ 232,040     $ 232,040  
Deposits     3,277       3,277  
Prepayment     3,068       7,619  
Total prepayments and deposits   $ 238,385     $ 242,936  

 

 Subscription receivable is an investment in a company’s share of 18,000 ordinary shares.

 

6. TRADE PAYABLE

 

Trade payable consisted of the following at October 31, 2020 and July 31, 2020:

 

   As of
October 31, 2020
(unaudited)		  

As of
July 31, 2020

(audited)

 
Trade payable  $            -   $577 
Total trade payable  $-   $577 

 

7. OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities consisted of the following at October 31, 2020 and July 31, 2020:

 

   As of
October 31, 2020		   As of
July 31, 2020		 
Accrued audit fees  $8,800   $12,500 
Accrued expenses  $10,786   $11,069 
Share subscription receipts in advance  $156,226   $18,097 
Total payables and accrued liabilities  $175,812   $41,666 

 

 F-11 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

8. REVENUE

 

For the period ended October 31, 2020 and 2019 the Company has revenue arise from the following:

 

  

Three months period ended

October 31, 2020 (Unaudited)

  

Three months period ended

October 31, 2019 (Unaudited)

 
Consultancy service provided  $14,193   $15,306 
Total Revenue  $14,193   $15,306 

 

9. OTHER REVENUE

 

For the period ended October 31, 2020 and 2019 the Company has other revenue arise from the following:

 

  

Three months period ended

October 31, 2020 (Unaudited)

  

Three months period ended

October 31, 2019 (Unaudited)

 
Gain from foreign exchange arise from bank remittance transaction  $21,558   $3,021 
Bank interest   -   $- 
   $21,558   $3,021 

 

10. INCOME TAXES

 

For the period ended October 31, 2020 the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

  

Three months ended

October 31, 2020

(Unaudited)

  

Three months ended

October 31, 2019

(Unaudited)

 
Tax jurisdictions from:          
Local  $(5,343)  $(110,967)
Foreign, representing          
- Labuan   17,649    (16,243)
- Hong Kong  $(47,567)  $(147,115)
Loss before income tax  $(35,341)  $(274,325)

 

The provision for income taxes consisted of the following:

 

  

For the period ended

October 31, 2020

  

For the period ended

October 31, 2019

 
Current:         
- Local              -    - 
- Foreign   -            - 
Deferred:          
- Local   -    - 
- Foreign   -    - 
           
Income tax expense  $-   $- 

 

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

 

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

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of October 31, 2020 the operations in the United States of America incurred $5,343 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $1,122 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Labuan

 

Under the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

 

Hong Kong

 

Phoenix Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income.

 

 F-12 

 

 

PHOENIX PLUS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2020

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

(UNAUDITED)

 

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

 

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

 

As of August 1, 2019, the Company recognized approximately US$26,823, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of August 1, 2019, with discounted rate of 3.3% adopted from CIMB Bank Berhad’s fixed deposit rate as a reference for discount rate.

 

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

 

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

 

Gross lease payable  $27,632 
Less: imputed interest   (860)
Initial recognition as of August 1, 2019  $26,772 

 

As of October 31, 2020, operating lease right of use asset as follow:

 

Initial recognition as of August 1, 2019  $26,772 
Additional portion from 1 July 31, 2020 to 30 June 2021   2,719 
Accumulated amortization   (19,153)
Foreign exchange translation gain   224 
Balance as of October 31, 2020  $10,562 

 

As of October 31, 2020, operating lease liability as follow:

 

Initial recognition as of August 1, 2019  $26,772 
Add: additional portion (increase of leasing fee)   2,719 
Less: gross repayment   (18,184)
Add: imputed interest   874 
Foreign exchange translation loss   224 
Balance as of October 31, 2020  $12,405 
Less: lease liability current portion   (12,405)
Lease liability non-current portion  $- 

 

For the three months ended October 31, 2020 and October 31, 2019, the amortization of the operating lease right of use asset are $3,589 and $23,801.

 

Maturities of operating lease obligation as follow:

 

Year ending     
   $- 
July 31, 2021 (8 months)   12,325 
Total  $12,325 

 

Other information:

 

   Period ended October 31 
   2020   2019 
  

(Unaudited)

   (Unaudited) 
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flow from operating lease  $

4,227

   $

23,801

 
Right-of-use assets obtained in exchange for operating lease liabilities   

10,562

    

14,151

 
Remaining lease term for operating lease (years)   0.7    1.5 
Weighted average discount rate for operating lease   3.3%   3.1%

 

Lease expenses were $4,401 for the period ended October 31, 2020 and $3,012 for the period ended October 31, 2019. The Company adopt ASC 842 on and after August 1, 2019.

 

13. SIGNIFICANT EVENTS

 

During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. 

 

14. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through October 31, 2020 the date the Company issued unaudited consolidated financial statements in accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. During this period, there was no subsequent event that required recognition or disclosure.

 

 F-13 

 

 

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

 

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form 10-K, dated October 30, 2020, for the year ended July 31, 2020 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We 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

 

Phoenix Plus Corp., a Nevada Corporation, is a company that operates through its wholly owned subsidiary, Phoenix Plus Corp., a Company organized in Labuan, Malaysia. It should be noted that our wholly owned subsidiary, Phoenix Plus Corp., owns 100% of Phoenix Plus International Limited, the operating Hong Kong Company which is described below. All of the previous entities share the same exact business plan.

 

We have a physical office in Malaysia with address of 2-3 & 2-5 Bedford Business Park, Jalan 2/137B, Batu 5, Jalan Kelang Lama, 58200 Kuala Lumpur, Malaysia which completed renovation in September 2019. The office space is 12,000 square feet and to date the company has spent $114,263 towards ongoing renovations. These renovations include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. Our office space is rented by Phoenix Plus International Limited for a 12 month period from July 1, 2019 to June 30, 2020, for an initial down payment of MYR 13,500 and additional bi-monthly payments in the amount of MYR 6,500 over the course of the lease. The Company has an option to renew the tenancy for another 12 months period at a rental subject to mutual agreement with the landlord

 

Phoenix Plus Corp, through its Hong Kong subsidiary, is engaged in providing technical consultancy on solar power systems and consultancy on green energy solutions, with an additional focus on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products) and technologies for a wide range of applications including electrical power production. Our mission is to harness the power of the sun to meet the growing resource demands of sustainable 21st century development.

 

Our business is to market and sell solar power products, systems and services. Specifically, we intend to engage in the following:

 

● Install solar panels in both commercial and residential settings; and
● Develop and maintain solar parks.

 

 3 

 

 

Results of Operation

 

For the three months ended October 31, 2020 and 2019

 

Revenues

 

For the three months ended October 31, 2020 and 2019, the Company has generated revenue of $14,193 and $15,306 respectively. The revenue represented income from consultancy services provided to our customers on engineering, equipment procurement and transportation, and construction on solar plant.

 

Cost of Revenue and Gross Margin

 

For the three months ended October 31, 2020 and 2019, cost incurred arise in providing consultancy services are $9,067 and $836 respectively. The company generates a gross profit for the three months ended October 31, 2020 and 2019 of $5,126 and $14,470.

 

Selling and marketing expenses

 

For the three months ended October 31, 2020 and 2019, we had incurred selling and marketing expenses in the amount of $5,625 and $144,038. These expenses comprised of marketing events and conference to promote the company in Malaysia.

 

General and administrative expenses

 

For the three months ended October 31, 2020 and 2019, we had incurred general and administrative expenses in the amount of $56,400 and $147,778. These expenses are comprised of professional fees, listing consultancy fees, office and outlet operation expenses and depreciation.

 

Other Income

 

The Company recorded an amount of $21,558 and $3,021 as other income for the three months ended October 31, 2020 and 2019. This income is derived from the interest income and foreign exchange gain.

 

Net Loss

 

Our net loss for three months ended October 31, 2020 and 2019 were $35,341 and $274,325. The net loss mainly derived from the general and administrative, and selling and marketing expenses incurred.

 

 4 

 

 

Liquidity and Capital Resources

 

As of October 31, 2020, and 2019, we had cash and cash equivalents of $1,512,319 and $944,614. We expect increased levels of operations going forward will result in more significant cash flow and in turn working.

 

We depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. During the three months ended October 31, 2020, we have met these requirements primarily from the receipt of subscription for private placement shares.

 

Cash Used In Operating Activities

 

For the three months ended October 31, 2020 and 2019, net cash generate from/ (used in) operating activities was $104,271 and $(270,664). The increase in cash used in operating activities was mainly for payment of general and administrative expenses, and selling and marketing expenses.

 

Cash Provided By Financing Activities

 

For the three months ended October 31, 2020 and 2019, net cash provided by financing activities was $0 and $197,810. The financing cash flow performance primarily reflects sale of common stock and collection of subscription receivables.

 

Cash Used In Investing Activities

 

For the three months ended October 31, 2020 and 2019, the net cash used in investing activities was $0and $114,263. The cash used in investing activities was primarily due to renovation expenses related to a leased office space and office equipment.

 

Credit Facilities

 

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

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of October 31, 2020.

 

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

 5 

 

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

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

 

ITEM 4 CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of October 31, 2020. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Investment Officer. Based upon that evaluation, our Chief Executive Officer and Chief Investment Officer concluded that, as of October 31, 2020, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of October 31, 2020, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ended October 31, 2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 6 

 

 

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 adverse to us.

 

Item 1A. Risk Factors.

 

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

 

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

 

None

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None

 

 7 

 

 

ITEM 6. Exhibits

 

Exhibit No.   Description
     
31.1   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
     
32.1   Section 1350 Certification of principal executive officer *
     
101.INS   XBRL Instance Document*
     
101.SCH   XBRL Schema Document*
     
101.CAL   XBRL Calculation Linkbase Document*
     
101.DEF   XBRL Definition Linkbase Document*
     
101.LAB   XBRL Label Linkbase Document*
     
101.PRE   XBRL Presentation Linkbase Document*

 

* Filed herewith.

 

 8 

 

 

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.

 

  Phoenix Plus Corp.
  (Name of Registrant)
     
Date: December 17, 2020    
  By: /s/ FONG TECK KHEONG
  Title:

Chief Executive Officer,

President, Director, Secretary and Treasurer

 

 9 

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, , certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Phoenix Plus Corp (the “Company”) for the quarter ended October 31, 2020;

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: December 17, 2020 By: /s/ FONG TECK KHEONG
    FONG TECK KHEONG
   

Chief Executive Officer,

President, Director, Secretary, Treasurer

 

 

 

 EX-32.1 3 ex32-1.htm

 

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 PHOENIX PLUS CORP. (the “Company”) on Form 10-Q for the quarter ended October 31, 2020 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: December 17, 2020 By: /s/ FONG TECK KHEONG
    FONG TECK KHEONG
    Chief Executive Officer,
    President, Director, Secretary, Treasurer

 

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

 

 

 

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Entity Central Index Key 0001785493  
Document Type 10-Q  
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Document Period End Date Oct. 31, 2020  
Current Fiscal Year End Date --07-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current No  
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Entity Shell Company false  
Entity Common Stock, Shares Outstanding   331,917,500
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Document Fiscal Year Focus 2021  
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Jul. 31, 2020
CURRENT ASSETS    
Trade receivables $ 32,136 $ 17,943
Prepayment and deposits 238,385 242,936
Cash in bank 1,512,319 1,408,048
Total Current Assets 1,782,840 1,668,927
NON-CURRENT ASSETS    
Property, plant and equipment, net 43,529 59,852
Lease asset- right of use 10,562 14,151
Total Non Current Assets 54,091 74,003
TOTAL ASSETS 1,836,931 1,742,930
CURRENT LIABILITIES    
Account payable 577
Others payables and accrued liabilities 175,812 41,666
Lease liabilities, current 12,405 16,632
Total Current Liabilities 188,217 58,875
TOTAL LIABILITIES 188,217 58,875
STOCKHOLDERS' EQUITY    
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Common Shares, par value $0.0001; 1,000,000,000 shares authorized, 331,917,500 shares issued and outstanding as of October 31, 2020 and July 31, 2020 33,192 33,192
Additional paid in capital 2,463,308 2,463,308
Accumulated other comprehensive profit
Accumulated deficit (847,786) (812,445)
TOTAL STOCKHOLDERS' EQUITY 1,648,714 1,684,055
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,836,931 $ 1,742,930
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Oct. 31, 2020
Jul. 31, 2020
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 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Income Statement [Abstract]    
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COST OF REVENUE (9,067) (836)
GROSS PROFIT 5,126 14,470
OTHER INCOME 21,558 3,021
SELLING AND DISTRIBUTION EXPENSES (5,625) (144,038)
GENERAL AND ADMINISTRATIVE EXPENSES (56,400) (147,778)
LOSS BEFORE INCOME TAX (35,341) (274,325)
INCOME TAXES PROVISION
NET LOSS (35,341) (274,325)
Net Loss attributable to Non-Controlling Interests
Other comprehensive income/(loss):    
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COMPREHENSIVE LOSS $ (35,341) $ (274,325)
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Accumulated Other Comprehensive Income [Member]
Accumulated Deficit [Member]
Total
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Net loss for the year (274,325) (274,325)
Ending balance at Oct. 31, 2019 $ 33,192 2,463,308 (289,750) 2,206,750
Ending balance, shares at Oct. 31, 2019 331,917,500        
Beginning balance at Jul. 31, 2020 $ 33,192 2,463,308 (812,445) 1,684,055
Beginning balance, shares at Jul. 31, 2020 331,917,500        
Net loss for the year (35,341) (35,341)
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 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
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Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 16,323 5,441
Operating lease expenses 3,589 23,801
Changes in operating assets and liabilities:    
Accounts receivables (14,193) (5,102)
Other receivables and prepayment 4,551
Accounts payable (577)
Other payables and accrued liabilities 134,146 (523)
Amount due to related parties 3,845
Operating lease liabilities (4,227) (23,801)
Net cash provided by / (used in) operating activities 104,271 (270,664)
CASH FLOWS FROM INVESTING ACTIVITY    
Purchase of property, plant and equipment (114,263)
Net cash used in investing activity (114,263)
CASH FLOWS FROM FINANCING ACTIVITY:    
Subscriptions receivables 197,810
Net cash provided by financing activity 197,810
Effect of exchange rate changes on cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents 104,271 (181,117)
Cash and cash equivalents, beginning of year 1,408,048 2,291,534
CASH AND CASH EQUIVALENTS, END OF YEAR 1,512,319 2,104,417
SUPPLEMENTAL CASH FLOWS INFORMATION    
Income taxes paid
Interest paid  
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Description of Business and Organization
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Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

Phoenix Plus Corp. was incorporated on November 5, 2018 under the laws of the state of Nevada.

 

The Company, through its subsidiaries, engaged in providing technical consultancy on solar power system and consultancy on green energy solution, and also focused on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products) and technologies for a wide range of applications including electrical power production.

 

On March 18, 2019, the Company acquired 100% of the equity interests in Phoenix Plus Corp. (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia.

 

On July 25, 2019, Phoenix Plus Corp., a Malaysia Company acquired Phoenix Plus International Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong.

 

Details of the Company’s subsidiaries:

 

  Company name   Place and date of
incorporation		   Particulars of issued capital   Principal activities
               
1. Phoenix Plus Corp.   Labuan / January 4, 2019   100 share of ordinary share of US$1 each   Investment holding
               
2. Phoenix Plus International Limited   Hong Kong / March 19, 2019  

1 ordinary share

of HKD$1

   Providing technical consultancy on solar power system and consultancy on green energy solution
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Summary of Significant Accounting Policies
 3 Months Ended
Oct. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries. For the period ended October 31, 2020 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp. and Phoenix Plus International Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted July 31 as its fiscal year end.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

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

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Property, Plant and equipment

 

Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Leasehold improvement   21 months (over remaining lease term)

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

 

Income taxes

 

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

 

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

 

Going Concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, For the period ended October 31, 2020, the Company incurred a net loss of $35,341 and has generated revenue of $14,193. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

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

 

Net income/(loss) per share

 

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

 

Foreign currencies translation

 

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

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the 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 statement of stockholders’ equity.

 

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

 

   

As of and for
the period ended

October 31, 2020

     As of and for
the period ended October 31, 2019		  
             
Period-end RM : US$1 exchange rate     4.15       4.18  
Period-average RM : US$1 exchange rate     4.16       4.18  
Period-end HK$: US$1 exchange rate     7.75       7.84  
Period-average HK$ : US$1 exchange rate     7.75       7.84  

 

Related parties

 

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

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

 

Leases

 

Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective August 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 11).

 

Recent accounting pronouncements

 

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

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
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Common Stock
 3 Months Ended
Oct. 31, 2020
Equity [Abstract]  
Common Stock

3. COMMON STOCK

 

On November 5, 2018, the Company issued 100,000 shares of restricted common stock, with a par value of $0.0001 per share, to Mr. Fong Teck Kheong for initial working capital of $10.

 

On March 25, 2019, the Company issued 119,900,000 shares of restricted common stock, with a par value of $0.0001 per share, to Mr. Fong Teck Kheong for additional working capital of $11,990.

 

Between March 28, 2019 to April 1, 2019, the Company issued 135,000,000 shares of restricted common stock to 5 parties, with a par value of $0.0001 per share, for total additional working capital of $13,500.

 

On April 1, 2019, the Company issued 15,000,000 shares of restricted common stock to AGAPE ATP Corporation a company incorporated in Nevada with a par value of $0.0001 per share, for additional working capital of $1,500.

 

On April 1, 2019, the Company issued 30,000,000 shares of restricted common stock, with a par value of $0.0001 per share, to H&D Holding Sdn Bhd, a company incorporated in Malaysia, for additional working capital of $3,000.

 

Between April 9, 2019 to April 16, 2019, the Company issued 25,100,000 shares of restricted common stock to Junsei Ryu, Lee Chong Chow and Phoenix Plus Holding Sdn Bhd with a par value of $0.03 per share, for additional working capital of $753,000.

 

Between April 25, 2019 to May 10, 2019, the Company sold shares to 19 foreign individuals, whom all reside in Malaysia. A total of 2,000,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $200,000.

 

Between May 11, 2019 to June 18, 2019, the Company sold shares to 23 foreign parties whom resides in Malaysia. A total of 2,067,500 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to $413,500.

 

Between May 20, 2019 to July 25,2019, the Company sold shares to 15 foreign parties , all of which do not reside in the United States. A total of 2,750,000 shares of restricted common stock were sold at a price of $0.40 per share. The total proceeds to the Company amounted to a total of $1,100,000.

 

As of October 31, 2020, the Company has an issued and outstanding common share of 331,917,500.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment
 3 Months Ended
Oct. 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment as of October 31, 2020 are summarized below:

 

    As of
October 31, 2020
(unaudited)		     As of
July 31, 2020
(audited)		  
Leasehold improvement   $ 114,263     $ 114,263  
Accumulated depreciation     (70,734 )   $ (54,411 )
Total   $ 43,529     $ 59,852  

 

These leasehold improvement include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. The leasehold improvement have completed on September 2019.

 

Depreciation expense for the period ended October 31, 2020 and October 31, 2019 was $16,323 and $5,441 respectively
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Prepayment and Deposits
 3 Months Ended
Oct. 31, 2020
Prepayment And Deposits  
Prepayment and Deposits

5. PREPAYMENT AND DEPOSITS

 

Prepayments and deposits consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020
(unaudited)		     As of
July 31, 2020
(audited)		  
Subscription receivable   $ 232,040     $ 232,040  
Deposits     3,277       3,277  
Prepayment     3,068       7,619  
Total prepayments and deposits   $ 238,385     $ 242,936  

 

 Subscription receivable is an investment in a company’s share of 18,000 ordinary shares.
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Trade Payable
 3 Months Ended
Oct. 31, 2020
Trade Payable  
Trade Payable

6. TRADE PAYABLE

 

Trade payable consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020
(unaudited)		    

As of
July 31, 2020

(audited)

  
Trade payable   $             -     $ 577  
Total trade payable   $ -     $ 577  
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Other Payables and Accrued Liabilities
 3 Months Ended
Oct. 31, 2020
Payables and Accruals [Abstract]  
Other Payables and Accrued Liabilities

7. OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020		     As of
July 31, 2020		  
Accrued audit fees   $ 8,800     $ 12,500  
Accrued expenses   $ 10,786     $ 11,069  
Share subscription receipts in advance   $ 156,226     $ 18,097  
Total payables and accrued liabilities   $ 175,812     $ 41,666  
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue
 3 Months Ended
Oct. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue

8. REVENUE

 

For the period ended October 31, 2020 and 2019 the Company has revenue arise from the following:

 

   

Three months period ended

October 31, 2020 (Unaudited)

    

Three months period ended

October 31, 2019 (Unaudited)

  
Consultancy service provided   $ 14,193     $ 15,306  
Total Revenue   $ 14,193     $ 15,306  
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Other Revenue
 3 Months Ended
Oct. 31, 2020
Other Revenue  
Other Revenue

9. OTHER REVENUE

 

For the period ended October 31, 2020 and 2019 the Company has other revenue arise from the following:

 

   

Three months period ended

October 31, 2020 (Unaudited)

    

Three months period ended

October 31, 2019 (Unaudited)

  
Gain from foreign exchange arise from bank remittance transaction   $ 21,558     $ 3,021  
Bank interest     -     $ -  
    $ 21,558     $ 3,021  
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Income Taxes
 3 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

10. INCOME TAXES

 

For the period ended October 31, 2020 the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

   

Three months ended

October 31, 2020

(Unaudited)

    

Three months ended

October 31, 2019

(Unaudited)

  
Tax jurisdictions from:                
Local   $ (5,343 )   $ (110,967 )
Foreign, representing                
- Labuan     17,649       (16,243 )
- Hong Kong   $ (47,567 )   $ (147,115 )
Loss before income tax   $ (35,341 )   $ (274,325 )

 

The provision for income taxes consisted of the following:

 

   

For the period ended

October 31, 2020

    

For the period ended

October 31, 2019

  
Current:                
- Local                -       -  
- Foreign     -               -  
Deferred:                
- Local     -       -  
- Foreign     -       -  
                 
Income tax expense   $ -     $ -  

 

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

 

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

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of October 31, 2020 the operations in the United States of America incurred $5,343 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $1,122 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Labuan

 

Under the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

 

Hong Kong

 

Phoenix Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities
 3 Months Ended
Oct. 31, 2020
Leases [Abstract]  
Lease Right-of-Use Asset and Lease Liabilities

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

 

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

 

As of August 1, 2019, the Company recognized approximately US$26,823, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of August 1, 2019, with discounted rate of 3.3% adopted from CIMB Bank Berhad’s fixed deposit rate as a reference for discount rate.

 

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

 

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

 

Gross lease payable   $ 27,632  
Less: imputed interest     (860 )
Initial recognition as of August 1, 2019   $ 26,772  

 

As of October 31, 2020, operating lease right of use asset as follow:

 

Initial recognition as of August 1, 2019   $ 26,772  
Additional portion from 1 July 31, 2020 to 30 June 2021     2,719  
Accumulated amortization     (19,153 )
Foreign exchange translation gain     224  
Balance as of October 31, 2020   $ 10,562  

 

As of October 31, 2020, operating lease liability as follow:

 

Initial recognition as of August 1, 2019   $ 26,772  
Add: additional portion (increase of leasing fee)     2,719  
Less: gross repayment     (18,184 )
Add: imputed interest     874  
Foreign exchange translation loss     224  
Balance as of October 31, 2020   $ 12,405  
Less: lease liability current portion     (12,405 )
Lease liability non-current portion   $ -  

 

For the three months ended October 31, 2020 and October 31, 2019, the amortization of the operating lease right of use asset are $3,589 and $23,801.

 

Maturities of operating lease obligation as follow:

 

Year ending        
    $ -  
July 31, 2021 (8 months)     12,325  
Total   $ 12,325  

 

Other information:

 

    Period ended October 31  
    2020     2019  
    (Unaudited)     (Unaudited)  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flow from operating lease   $ 4,227     $ 23,801  
Right-of-use assets obtained in exchange for operating lease liabilities     10,562       14,151  
Remaining lease term for operating lease (years)     0.7       1.5  
Weighted average discount rate for operating lease     3.3 %     3.1 %

 

Lease expenses were $4,401 for the period ended October 31, 2020 and $3,012 for the period ended October 31, 2019. The Company adopt ASC 842 on and after August 1, 2019.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Events
 3 Months Ended
Oct. 31, 2020
Significant Events  
Significant Events

13. SIGNIFICANT EVENTS

 

During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. 
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Subsequent Events
 3 Months Ended
Oct. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

14. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through October 31, 2020 the date the Company issued unaudited consolidated financial statements in accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. During this period, there was no subsequent event that required recognition or disclosure.
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Oct. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of presentation

 

The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries. For the period ended October 31, 2020 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp. and Phoenix Plus International Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted July 31 as its fiscal year end.
Basis of Consolidation

Basis of consolidation

 

The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.
Use of Estimates

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.
Revenue Recognition

Revenue recognition

 

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

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution.
Cash and Cash Equivalents

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
Property, Plant and Equipment

Property, Plant and equipment

 

Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Leasehold improvement   21 months (over remaining lease term)

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.
Income Taxes

Income taxes

 

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

 

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

Going Concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, For the period ended October 31, 2020, the Company incurred a net loss of $35,341 and has generated revenue of $14,193. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

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

Net income/(loss) per share

 

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

Foreign currencies translation

 

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

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the 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 statement of stockholders’ equity.

 

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

 

   

As of and for
the period ended

October 31, 2020

     As of and for
the period ended October 31, 2019		  
             
Period-end RM : US$1 exchange rate     4.15       4.18  
Period-average RM : US$1 exchange rate     4.16       4.18  
Period-end HK$: US$1 exchange rate     7.75       7.84  
Period-average HK$ : US$1 exchange rate     7.75       7.84  
Related Parties

Related parties

 

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

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

Leases

 

Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective August 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 11).
Recent Accounting Pronouncements

Recent accounting pronouncements

 

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

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Description of Business and Organization (Tables)
 3 Months Ended
Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Details of Company's Subsidiary

Details of the Company’s subsidiaries:

 

  Company name   Place and date of
incorporation		   Particulars of issued capital   Principal activities
               
1. Phoenix Plus Corp.   Labuan / January 4, 2019   100 share of ordinary share of US$1 each   Investment holding
               
2. Phoenix Plus International Limited   Hong Kong / March 19, 2019  

1 ordinary share

of HKD$1

   Providing technical consultancy on solar power system and consultancy on green energy solution
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Oct. 31, 2020
Accounting Policies [Abstract]  
Schedule of Estimated Useful Life of Property and Equipment

Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Leasehold improvement   21 months (over remaining lease term)
Schedule of Foreign Currency Translation

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

 

    As of and for the year ended July 31,  
    2020     2019  
             
Year-end RM : US$1 exchange rate     4.24       4.12  
Year-average RM: US$1 exchange rate     4.22       4.13  
Year-end HK$ : US$1 exchange rate     7.75       7.83  
Year-average HK$ : US$1 exchange rate     7.14       7.84  
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment (Tables)
 3 Months Ended
Oct. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

Property, plant and equipment as of October 31, 2020 are summarized below:

 

    As of
October 31, 2020
(unaudited)		     As of
July 31, 2020
(audited)		  
Leasehold improvement   $ 114,263     $ 114,263  
Accumulated depreciation     (70,734 )   $ (54,411 )
Total   $ 43,529     $ 59,852  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Prepayment and Deposits (Tables)
 3 Months Ended
Oct. 31, 2020
Prepayment And Deposits  
Schedule of Prepayments and Deposits

Prepayments and deposits consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020
(unaudited)		     As of
July 31, 2020
(audited)		  
Subscription receivable   $ 232,040     $ 232,040  
Deposits     3,277       3,277  
Prepayment     3,068       7,619  
Total prepayments and deposits   $ 238,385     $ 242,936  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Trade Payable (Tables)
 3 Months Ended
Oct. 31, 2020
Trade Payable  
Schedule of Trade Payable

Trade payable consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020
(unaudited)		    

As of
July 31, 2020

(audited)

  
Trade payable   $             -     $ 577  
Total trade payable   $ -     $ 577  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Other Payables and Accrued Liabilities (Tables)
 3 Months Ended
Oct. 31, 2020
Payables and Accruals [Abstract]  
Schedule of Other Payables and Accrued Liabilities

Other payables and accrued liabilities consisted of the following at October 31, 2020 and July 31, 2020:

 

    As of
October 31, 2020		     As of
July 31, 2020		  
Accrued audit fees   $ 8,800     $ 12,500  
Accrued expenses   $ 10,786     $ 11,069  
Share subscription receipts in advance   $ 156,226     $ 18,097  
Total payables and accrued liabilities   $ 175,812     $ 41,666  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue (Tables)
 3 Months Ended
Oct. 31, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue

For the period ended October 31, 2020 and 2019 the Company has revenue arise from the following:

 

   

Three months period ended

October 31, 2020 (Unaudited)

    

Three months period ended

October 31, 2019 (Unaudited)

  
Consultancy service provided   $ 14,193     $ 15,306  
Total Revenue   $ 14,193     $ 15,306  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Other Revenue (Tables)
 3 Months Ended
Oct. 31, 2020
Other Revenue  
Schedule of Other Revenue

For the period ended October 31, 2020 and 2019 the Company has other revenue arise from the following:

 

   

Three months period ended

October 31, 2020 (Unaudited)

    

Three months period ended

October 31, 2019 (Unaudited)

  
Gain from foreign exchange arise from bank remittance transaction   $ 21,558     $ 3,021  
Bank interest     -     $ -  
    $ 21,558     $ 3,021  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes (Tables)
 3 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Local and Foreign Components of Income (Loss) Before Income Tax

For the period ended October 31, 2020 the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

   

Three months ended

October 31, 2020

(Unaudited)

    

Three months ended

October 31, 2019

(Unaudited)

  
Tax jurisdictions from:                
Local   $ (5,343 )   $ (110,967 )
Foreign, representing                
- Labuan     17,649       (16,243 )
- Hong Kong   $ (47,567 )   $ (147,115 )
Loss before income tax   $ (35,341 )   $ (274,325 )
Schedule of Provision for Income Tax

The provision for income taxes consisted of the following:

 

   

For the period ended

October 31, 2020

    

For the period ended

October 31, 2019

  
Current:                
- Local                -       -  
- Foreign     -               -  
Deferred:                
- Local     -       -  
- Foreign     -       -  
                 
Income tax expense   $ -     $ -  
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities (Tables)
 3 Months Ended
Oct. 31, 2020
Leases [Abstract]  
Schedule of Initial Recognition of Operating Lease Right and Lease Liability

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

 

Gross lease payable   $ 27,632  
Less: imputed interest     (860 )
Initial recognition as of August 1, 2019   $ 26,772  
Schedule of Operating Lease Right of Use Asset

As of October 31, 2020, operating lease right of use asset as follow:

 

Initial recognition as of August 1, 2019   $ 26,772  
Additional portion from 1 July 31, 2020 to 30 June 2021     2,719  
Accumulated amortization     (19,153 )
Foreign exchange translation gain     224  
Balance as of October 31, 2020   $ 10,562  
Schedule of Operating Lease Liability

As of October 31, 2020, operating lease liability as follow:

 

Initial recognition as of August 1, 2019   $ 26,772  
Add: additional portion (increase of leasing fee)     2,719  
Less: gross repayment     (18,184 )
Add: imputed interest     874  
Foreign exchange translation loss     224  
Balance as of October 31, 2020   $ 12,405  
Less: lease liability current portion     (12,405 )
Lease liability non-current portion   $ -  
Schedule of Maturities of Operating Lease Obligation

Maturities of operating lease obligation as follow:

 

Year ending        
    $ -  
July 31, 2021 (8 months)     12,325  
Total   $ 12,325  
Schedule of Other Information

Other information:

 

    Period ended October 31  
    2020     2019  
    (Unaudited)     (Unaudited)  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flow from operating lease   $ 4,227     $ 23,801  
Right-of-use assets obtained in exchange for operating lease liabilities     10,562       14,151  
Remaining lease term for operating lease (years)     0.7       1.5  
Weighted average discount rate for operating lease     3.3 %     3.1 %
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Description of Business and Organization (Details Narrative)
Mar. 18, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Ownership percentage 100.00%
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Description of Business and Organization - Schedule of Details of Company's Subsidiary (Details)
 3 Months Ended
Oct. 31, 2020
Parent Company [Member]  
Company name Phoenix Plus Corp.
Place and date of incorporation Labuan / January 4, 2019
Particulars of issued capital 100 share of ordinary share of US$1 each
Principal activities Investment holding
Phoenix Plus International Limited [Member]  
Company name Phoenix Plus International Limited
Place and date of incorporation Hong Kong / March 19, 2019
Particulars of issued capital 1 ordinary share of HKD$1
Principal activities Providing technical consultancy on solar power system and consultancy on green energy solution
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Accounting Policies [Abstract]    
Income tax likelihood settlement, description Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.  
Net loss $ (35,341) $ (274,325)
Revenue $ 14,193 $ 15,306
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details)
 3 Months Ended
Oct. 31, 2020
Leasehold Improvements [Member]  
Estimated useful life of leasehold improvement 21 months (over remaining lease term)
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation (Details)
Oct. 31, 2020
Oct. 31, 2019
Period-end RM: US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 4.15 4.18
Period-average RM: US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 4.16 4.18
Period-end HK$: US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 7.75 7.84
Period-average HK$: US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 7.75 7.84
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Common Stock (Details Narrative) - USD ($)
 1 Months Ended 2 Months Ended
Apr. 16, 2019
Apr. 01, 2019
Mar. 25, 2019
Nov. 06, 2018
Jun. 18, 2019
May 10, 2019
Jul. 25, 2019
Oct. 31, 2020
Jul. 31, 2020
May 18, 2019
Common stock, par value               $ 0.0001 $ 0.0001  
Common stock, shares issued               331,917,500 331,917,500  
Common stock, shares outstanding               331,917,500 331,917,500  
Restricted Common Shares [Member]                    
Number of restricted common shares issued 25,100,000                  
Share price $ 0.03                  
Value restricted common shares issued $ 753,000                  
Restricted Common Shares [Member] | AGAPE ATP Corporation [Member]                    
Number of restricted common shares issued   15,000,000                
Common stock, par value   $ 0.0001                
Working capital   $ 1,500                
Restricted Common Shares [Member] | H&D Holding Sdn Bhd [Member]                    
Number of restricted common shares issued   30,000,000                
Common stock, par value   $ 0.0001                
Working capital   $ 3,000                
Mr. Fong Teck Kheong [Member] | Restricted Common Shares [Member]                    
Number of restricted common shares issued     119,900,000 100,000            
Common stock, par value     $ 0.0001 $ 0.0001            
Working capital     $ 11,990 $ 10            
Five Parties [Member] | Restricted Common Shares [Member]                    
Number of restricted common shares issued   135,000,000                
Common stock, par value   $ 0.0001                
Working capital   $ 13,500                
19 Foreign Individuals [Member] | Restricted Common Shares [Member]                    
Number of restricted common shares issued           2,000,000        
Share price           $ 0.10        
Value restricted common shares issued           $ 200,000        
23 Foreign Parties [Member] | Restricted Common Shares [Member]                    
Number of restricted common shares issued         2,067,500          
Share price                   $ 0.20
Value restricted common shares issued         $ 413,500          
15 Foreign Parties [Member] | Restricted Common Shares [Member]                    
Number of restricted common shares issued             2,750,000      
Share price             $ 0.40      
Value restricted common shares issued             $ 1,100,000      
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment (Details Narrative) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 16,323 $ 5,441
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
Oct. 31, 2020
Jul. 31, 2020
Property, Plant and Equipment [Abstract]    
Leasehold improvement $ 114,263 $ 114,263
Accumulated depreciation (70,734) (54,411)
Total $ 43,529 $ 59,852
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.20.4
Prepayment and Deposits (Details Narrative)
 3 Months Ended
Oct. 31, 2020
shares
Prepayment And Deposits  
Shares issued during the period subscription receivable 18,000
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.20.4
Prepayment and Deposits - Schedule of Prepayments and Deposits (Details) - USD ($)
Oct. 31, 2020
Jul. 31, 2020
Prepayment And Deposits    
Subscription receivable $ 232,040 $ 232,040
Deposits 3,277 3,277
Prepayment 3,068 7,619
Total prepayments and deposits $ 238,385 $ 242,936
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.20.4
Trade Payable - Schedule of Prepayments and Deposits in Trade Payable (Details) - USD ($)
Oct. 31, 2020
Jul. 31, 2020
Trade Payable    
Trade payable $ 577
Total trade payable $ 577
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.20.4
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($)
Oct. 31, 2020
Jul. 31, 2020
Payables and Accruals [Abstract]    
Accrued audit fees $ 8,800 $ 12,500
Accrued expenses 10,786 11,069
Share subscription receipts in advance 156,226 18,097
Total payables and accrued liabilities $ 175,812 $ 41,666
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue - Schedule of Revenue (Details) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Total Revenue $ 14,193 $ 15,306
Consultancy Service Provided [Member]    
Total Revenue $ 14,193 $ 15,306
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.20.4
Other Revenue - Schedule of Other Revenue (Details) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Other Revenue    
Gain from foreign exchange arise from bank remittance transaction $ 21,558 $ 3,021
Other Revenue $ 21,558 $ 3,021
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes (Details Narrative)
 3 Months Ended
Oct. 31, 2020
USD ($)
Net operating loss carryforward $ 5,343
Operating loss carryforward description expire in 2038
Valuation allowance of deferred tax assets $ 1,122
Parent Company [Member]  
Income tax rate 3.00%
Phoenix Plus International Limited [Member]  
Income tax rate 16.50%
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes - Schedule of Local and Foreign Components of Income (Loss) Before Income Tax (Details) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Loss before income tax $ (35,341) $ (274,325)
Labuan [Member]    
Loss before income tax 17,649 (16,243)
Hong Kong [Member]    
Loss before income tax (47,567) (147,115)
Local [Member]    
Loss before income tax $ (5,343) $ (110,967)
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Income Tax Disclosure [Abstract]    
Current, Local
Current, Foreign
Deferred, Local
Deferred, Foreign
Income tax expense
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities (Details Narrative) - USD ($)
 3 Months Ended 15 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Oct. 31, 2020
Jul. 31, 2020
Aug. 02, 2019
Jul. 31, 2019
Leases [Abstract]            
Lease liabilities, current $ 12,405   $ 12,405 $ 16,632 $ 26,823  
Lease asset-right of use 10,562   10,562 $ 14,151 $ 26,823 $ 26,772
Lease liability discount rate         3.30%  
Amortization of operating lease right of use asset 3,589 $ 23,801 $ 19,153      
Lease expenses $ 4,401 $ 3,012        
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Initial Recognition of Operating Lease Right and Lease Liability (Details)
Aug. 02, 2019
USD ($)
Leases [Abstract]  
Gross lease payable $ 27,632
Less: imputed interest (860)
Initial recognition as of August 1, 2019 $ 26,772
XML 59 R50.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Right of Use Asset (Details) - USD ($)
 3 Months Ended 15 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Oct. 31, 2020
Leases [Abstract]      
Operating lease right of use asset, Beginning balance $ 14,151 $ 26,772 $ 26,772
Additional portion from 1 July 31, 2020 to 30 June 2021     2,719
Accumulated amortization (3,589) $ (23,801) (19,153)
Foreign exchange translation gain     224
Operating lease right of use asset, Ending Balance $ 10,562   $ 10,562
XML 60 R51.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Liability (Details) - USD ($)
 15 Months Ended
Oct. 31, 2020
Jul. 31, 2020
Aug. 02, 2019
Leases [Abstract]      
Operating lease liability, Beginning balance $ 26,772    
Add: additional portion (increase of leasing fee) 2,719    
Less: gross repayment (18,184)    
Add: imputed interest 874    
Foreign exchange translation loss 224    
Operating lease liability, Ending balance 12,405    
Less: lease liability current portion (12,405) $ (16,632) $ (26,823)
Lease liability non-current portion    
XML 61 R52.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Maturities of Operating Lease Obligation (Details)
Oct. 31, 2020
USD ($)
Leases [Abstract]  
July 31, 2021 (8 months) $ 12,325
Total $ 12,325
XML 62 R53.htm IDEA: XBRL DOCUMENT v3.20.4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Other Information (Details) - USD ($)
 3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Leases [Abstract]    
Operating cash flow from operating lease $ 4,227 $ 23,801
Right-of-use assets obtained in exchange for operating lease liabilities $ 10,562 $ 14,151
Remaining lease term for operating lease (years) 8 months 12 days 1 year 6 months
Weighted average discount rate for operating lease 3.30% 3.10%
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