DSwiss Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>DSwiss Inc. has submitted its 2023 10-K filing, detailing its operations and financial standing.</b>

AI Summary

DSwiss Inc (DQWS) filed a Annual Report (10-K) with the SEC on March 29, 2024. DSwiss Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The company is incorporated in Nevada (NV) and operates within the Perfumes, Cosmetics & Other Toilet Preparations industry (SIC 2844). Key subsidiaries include DSwiss Holding Limited (HK), DSwiss Sdn. Bhd. (MY), and DSwiss Biotech (MY). The filing includes financial data for DSwiss Biotech Sdn. Bhd. and DSwiss HK Limited. The company's business address is located in Kuala Lumpur, Malaysia.

Why It Matters

For investors and stakeholders tracking DSwiss Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of DSwiss Inc.'s financial performance, operational activities, and corporate structure for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's health and future prospects. The inclusion of specific subsidiary data (e.g., DSwiss Holding Limited, DSwiss Sdn. Bhd., DSwiss Biotech) and their respective country codes (HK, MY) offers insight into the company's geographical footprint and operational diversification.

Risk Assessment

Risk Level: low — DSwiss Inc shows low risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for publicly traded companies, indicating no immediate or unusual risks are highlighted in the header information.

Analyst Insight

Review the full 10-K filing to understand DSwiss Inc.'s financial performance, operational segments, and any disclosed risks or strategic initiatives for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-29 — Filing Date (Date filed)
• 0001652561 — Central Index Key (Filer's identifier)
• HK — Country Code (DSwiss Holding Limited)
• MY — Country Code (DSwiss Sdn. Bhd.)

Key Players & Entities

• DSwiss Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 10-K (document) — Filing type
• NV (location) — State of incorporation
• 2844 (industry) — Standard Industrial Classification
• Kuala Lumpur (location) — Business address city
• DSwiss Holding Limited (company) — Subsidiary name
• DSwiss Sdn. Bhd. (company) — Subsidiary name

FAQ

Industry Context

DSwiss Inc. operates within the Perfumes, Cosmetics & Other Toilet Preparations industry, as indicated by its SIC code 2844.

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934, requiring public companies to submit annual financial and operational disclosures.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, expenses, and profitability.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review the risk factors section for potential challenges and uncertainties facing DSwiss Inc.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual update on the company's financial and operational status.

Key Financial Figures

• $1 — , 2015 1 share of ordinary share of US$1 each Investment holding 100% 2.
• $1,470,071 — ber 31, 2023, the Company has generated $1,470,071 revenue from clients under the ordinary

Filing Documents

• form10-k.htm (10-K) — 1103KB
• ex31-1.htm (EX-31.1) — 16KB
• ex32-1.htm (EX-32.1) — 7KB
• form10-k_001.jpg (GRAPHIC) — 16KB
• form10-k_002.jpg (GRAPHIC) — 18KB
• form10-k_003.jpg (GRAPHIC) — 10KB
• form10-k_004.jpg (GRAPHIC) — 14KB
• form10-k_005.jpg (GRAPHIC) — 13KB
• form10-k_006.jpg (GRAPHIC) — 15KB
• form10-k_007.jpg (GRAPHIC) — 7KB
• form10-k_008.jpg (GRAPHIC) — 10KB
• form10-k_009.jpg (GRAPHIC) — 10KB
• form10-k_010.jpg (GRAPHIC) — 15KB
• form10-k_011.jpg (GRAPHIC) — 10KB
• audit_001.jpg (GRAPHIC) — 13KB
• 0001493152-24-011843.txt (&nbsp;) — 5724KB
• dqws-20231231.xsd (EX-101.SCH) — 44KB
• dqws-20231231_cal.xml (EX-101.CAL) — 64KB
• dqws-20231231_def.xml (EX-101.DEF) — 119KB
• dqws-20231231_lab.xml (EX-101.LAB) — 295KB
• dqws-20231231_pre.xml (EX-101.PRE) — 243KB
• form10-k_htm.xml (XML) — 839KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosure 11 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6.

Selected Financial Data

Selected Financial Data 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 20 Item 9A.

Controls and Procedures

Controls and Procedures 20 Item 9B. Other Information 21 PART III Item 10. Directors, Executive Officers and Corporate Governance 22 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accounting Fees and Services 28 PART IV Item 15. Exhibits, Financial Statement Schedules 28

SIGNATURES

SIGNATURES 29 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as "anticipate," "expect," "intend," "plan," "believe," "foresee," "estimate" and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are actual results to differ materially from those expressed or forecasted. These risks and uncertainties include the following: The availability and adequacy of our cash flow to meet our requirements; Economic, competitive, demographic, business and other conditions in our local and regional markets; Changes or developments in laws, regulations or taxes in our industry; Actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial and other governmental authorities; Competition in our industry; The loss of or failure to obtain any license or permit necessary or desirable in the operation of our business; Changes in our business strategy, capital improvements or development plans; The availability of additional capital to support capital improvements and development; and Other risks identified in this report and in our other filings with the Securities and Exchange Commission or the SEC. This report should be read completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report.

Business

Business Overview One of the leading one-stop Turnkey Private Label ODM/OEM service provider, DSwiss is a premier biotech nutraceutical firm that offers premium healthcare, skincare, and personal care products. At DSwiss, we procure excellent and precise formulation using the finest natural ingredients, developing effective solutions with alluring favours in a variety of forms. DSwiss addresses a distinct demand in the market for a manufacturer who could ensure the quality of the ingredient sources and offer efficient one-stop service from raw material, product development, manufacturing and packaging. Since our founding, we have experienced tremendous growth in Malaysia. We offer exceptional lifestyle solutions to consumers all over the world thanks to our over 10 years of continuous innovation and work in the health and beauty business. Our company's Chief Executive Officer, Vincent Leong has led it with a strong hand, and as a result, our products are now consumed around the world, such as Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau, and China. With the help of our distributors, we have so far extended throughout Asia, and we are adamant about extending our geographic reach into untapped markets. With a team of professionals at the helm, DSwiss is assured of providing the best products and attending client's needs from consultations to products. To fulfil customer needs, we carry out research and development based on our philosophy of "creating beauty, health, and the ecosystem". Our cutting-edge research and development team has always been exploring new product lines and integrating the most recent science and technology, which will enable us to produce more evidence-based, high-value added formulations and products and maintain our competitive position in the market. 2 With our extensive years of expertise in the OEM and ODM services industry, we offer comprehensive solutions to our customers. In addition to business consultan

View Full Filing

View this 10-K filing on SEC EDGAR