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Variable Interest Entity (VIE) (Superior Living SDN. BHD.) | 3 Months Ended | 12 Months Ended
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Mar. 31, 2020 | Dec. 31, 2019
Superior Living SDN. BHD. [Member] |  |
Variable Interest Entity ("VIE") | 3 – Variable Interest Entity (“VIE”) SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided all of the Company’s purchases. Its equity at risk was insufficient to finance its activities and 100% of its business is transacted with the Company. Therefore it was considered to be a VIE and the Company is the primary beneficiary since it has both of the following characteristics:
| a. | The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
| b. | The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Accordingly, the accounts of SEA is consolidated in the accompanying unaudited condensed financial statements. The carrying amount of the VIE’s assets and liabilities were as follows:
|  | March 31, 2020 |  |  | December 31, 2019 |
Current assets |  | $ | 514,203 |  |  | $ | 572,469 |
Current liabilities |  |  | (495,419 | ) |  |  | (547,627 | )
Net assets |  | $ | 18,784 |  |  | $ | 24,842 |
|  | March 31, 2020 |  |  | December 31, 2019 |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 491,628 |  |  | $ | 520,786 |
Other payables and accrued liabilities |  |  | 3,408 |  |  |  | 4,896 |
Other payables - related party |  |  | 346 |  |  |  | 993 |
Customer deposits |  |  | - |  |  |  | 20,912 |
Taxes payable |  |  | 37 |  |  |  | 40 |
Total current liabilities |  | $ | 495,419 |  |  | $ | 547,627 |
The summarized operating results of the VIE’s are as follows:
|  | For the Three Months Ended March 31, 2020 |  |  | For the Three Months Ended March 31, 2019 |
Operating revenues |  | $ | 9,581 |  |  | $ | 448,401 |
Gross profit (loss) |  | $ | 190 |  |  | $ | (1,755 | )
Loss from operations |  | $ | (4,770 | ) |  | $ | (7,133 | )
Net loss |  | $ | (4,803 | ) |  | $ | (14,168 | )
3 - | VARIABLE INTEREST ENTITY (“VIE”)
SEA is a trading company incorporated on March 4, 2004, under the laws of in Malaysia. SEA provided all of the Company’s purchases. Its equity at risk was insufficient to finance its activities and 100% of its business is transacted with the Company. Therefore it was considered to be a VIE and the Company is the primary beneficiary since it has both of the following characteristics:
| a. | The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
| b. | The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Accordingly, the accounts of SEA are consolidated in the accompanying consolidated financial statements. The carrying amount of the VIE’s assets and liabilities were as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Current assets |  | $ | 572,469 |  |  | $ | 243,766 |
Current liabilities |  |  | (547,627 | ) |  |  | (216,187 | )
Net assets |  | $ | 24,842 |  |  | $ | 27,579 |
|  | December 31, 2019 |  |  | December 31, 2018 |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 520,786 |  |  | $ | - |
Other payables and accrued liabilities |  |  | 4,896 |  |  |  | 978 |
Other payables - related party |  |  | 993 |  |  |  | 984 |
Customer deposits |  |  | 20,912 |  |  |  | 214,199 |
Taxes payable |  |  | 40 |  |  |  | 26 |
Total current liabilities |  | $ | 547,627 |  |  | $ | 216,187 |
The summarized operating results of the VIE’s are as follows:
|  | For the Year Ended December 31, 2019 |  |  | For the Year Ended December 31, 2018 |
Operating revenues |  | $ | 1,382,516 |  |  | $ | 883,216 |
Gross profit |  | $ | 47,800 |  |  | $ | 138,508 |
Income from operations |  | $ | 26,613 |  |  | $ | 119,849 |
Net income (loss) |  | $ | (2,956 | ) |  | $ | 144,042 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- Details
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