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

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Loss for the year $ (3,687,136) $ (565,144) [1] $ (7,561,686) [1]
Adjustments to loss for non-cash items      
Shared-based payments 95,419 370,040 260,819
Derivatives fair value adjustment (292,562) (3,103,350) 506,158
Forgiveness of debt (273,037) 0 [1] 0 [1]
Net fair value loss/(gain) on revaluation of investment property 891,649 591,244 2,321,283
Loss on disposal of property and equipment 0 0 134,448
Depreciation 3,764 3,804 3,644
Provision for bad debt 37,622 0 9,814
Release of provision relating to litigation (2,922) (145,309) 0
Other provisions 26,332 13,816 26,032
Loss on sale of subsidiary 0 0 [1] 32,340 [1]
Loss on sale of real estate investment 0 0 199,728
Loss on foreign currency exchange on discontinued operation 254,935 0 248,359
Revenues normalization 12,419 45,797 90,994
Deferred tax assets/(liabilities) 25,717 (135,359) (287,665)
Finance costs 3,468,145 3,942,402 4,172,915
Total adjustments for non-cash items 695,545 1,017,941 157,183
Working capital adjustments      
(Increase)/decrease in prepaid expenses (48,025) 88,152 (6,550)
Increase/(decrease) in trade and other receivables 361,414 (85,023) (397,465)
(Decrease)/increase in trade and other payables 324,547 (147,677) 325,182
Increase/(decrease) in tenant security deposits 51,341 (64,016) 16,421
Increase in corporate tax liabilities 777,035 442,091 391,492
Cash provided by operating activities 2,161,857 1,251,468 486,263
Corporate taxes paid (429,063) (398,147) (284,241)
Finance costs paid (1,068,007) (694,494) (959,851)
Net cash provided by/(used in) operating activities 664,787 158,827 (757,829)
Cash flows from investing activities      
Cash given on disposition (18,281) 0 (110)
Proceeds from sale of real estate investment 0 0 217,180
Acquisition of property and equipment 0 (1,522) (7,706)
Net cash (used in)/ provided by investing activities (18,281) (1,522) 209,364
Cash flows from financing activities      
Advances from related party 13,086 150,894 710,219
Proceeds from stock options exercise 5,607 0 0
Proceeds from notes payable to stockholders 390,000 670,000 845,000
Proceeds from line of credit, net 0 0 85,961
Repayment on finance leases and loans (1,126,095) (1,026,181) (1,136,863)
Net cash (used in)/provided by financing activities (717,402) (205,287) 504,317
Effect of exchange rates on cash and cash equivalents 73,646 (31,199) 13,631
Net increase/(decrease) in cash and cash equivalents 2,750 (79,181) (30,517)
Cash and cash equivalents at beginning of year 55,393 134,574 165,091
Cash and cash equivalents at end of year $ 58,143 $ 55,393 $ 134,574
[1] Restated for discontinued operations (see note 9 - Discontinued Operations).