Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)

v3.8.0.1
Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Continuing operations      
Rental income $ 2,561,322 $ 2,508,586 [1] $ 2,624,064 [1]
Other revenues 376,549 483,152 [1] 204,302 [1]
Total Revenues 2,937,871 2,991,738 [1] 2,828,366 [1]
Depreciation, bad debt and other provisions (67,528) (3,229) (12,974)
Other expenses (2,075,996) (2,245,605) [1] (3,071,058) [1]
Total operating expenses (2,143,524) (2,248,834) [1] (3,084,032) [1]
Operating profit/(loss) 794,347 742,904 [1] (255,666) [1]
Finance income 9,223 19,617 [1] 34,889 [1]
Finance costs (3,320,839) (3,756,134) [1] (3,959,052) [1]
Gain/(loss) on revaluation of derivatives related to convertible promissory notes 292,562 3,085,253 [1] (539,716) [1]
Loss on disposal of property & equipment 0 0 [1] (133,782) [1]
Loss on sale of subsidiary 0 0 [1] (32,340) [1]
Forgiveness of debt 273,037 0 [1] 0 [1]
Realized loss on sale of real estate investment 0 0 [1] (240,206) [1]
Less: previously recognized unrealized loss on real estate investment 0 0 [1] 40,478 [1]
Net fair value loss on revaluation of investment property (806,891) (519,276) [1] (884,351) [1]
Loss before tax (2,758,561) (427,636) [1] (5,969,746) [1]
Tax benefit/(expense), current (158,639) (42,367) [1] (21,507) [1]
Deferred tax benefit/(expense) (15,867) 130,306 [1] (122,386) [1]
Loss from continuing operations (2,933,067) (339,697) [1] (6,113,639) [1]
Loss from discontinued operations      
Loss from discontinued operations (754,069) (225,447) [1] (1,448,047) [1]
Loss for the year (3,687,136) (565,144) [1] (7,561,686) [1]
Other comprehensive loss, net of income tax      
Foreign currency translation reserve 813,007 (139,370) [1] (449,358) [1]
Total comprehensive loss $ (2,874,129) $ (704,514) [1] $ (8,011,044) [1]
From continuing and discontinued operations      
Weighted average number of ordinary shares outstanding - basic 1,949,061 1,954,651 [1] 2,299,462 [1]
Basic loss per share $ (1.89) $ (0.29) [1] $ (3.29) [1]
Weighted average number of ordinary shares outstanding - diluted 1,949,061 1,954,651 [1] 2,299,462 [1]
Diluted loss per share $ (1.89) $ (0.29) [1] $ (3.29) [1]
From continuing operations      
Weighted average number of ordinary shares outstanding - basic 1,949,061 1,954,651 [1] 2,299,462 [1]
Basic loss per share $ (1.50) $ (0.17) [1] $ (2.66) [1]
Weighted average number of ordinary shares outstanding - diluted 1,949,061 1,954,651 [1] 2,299,462 [1]
Diluted loss per share $ (1.50) $ (0.17) [1] $ (2.66) [1]
[1] Restated for discontinued operations (see note 9 - Discontinued Operations).