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

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

v3.19.1
Consolidated Statements of Profit/(Loss) and Comprehensive Income/(Loss) - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
[1]
Continuing operations      
Rental income $ 2,403,475 $ 2,561,322 $ 2,508,586
Other revenues 280,097 376,549 483,152
Total Revenues 2,683,572 2,937,871 2,991,738
Depreciation, bad debt and other provisions (42,848) (67,528) (3,229)
Other expenses (1,407,054) (2,075,996) (2,245,605)
Total operating expenses (1,449,902) (2,143,524) (2,248,834)
Operating profit 1,233,670 794,347 742,904
Finance income 1,761 9,223 19,617
Finance costs (3,218,145) (3,320,839) (3,756,134)
Gain on revaluation of derivatives related to convertible promissory notes 3,291,010 292,562 3,085,253
Forgiveness of debt 91,623 273,037 0
Realized loss on sale of real estate investments (271,908) 0 0
Less: previously recognized unrealized loss on real estate investments 309,221 0 0
Net fair value loss on revaluation of investment property (101,626) (806,891) (519,276)
Profit/(loss) before tax 1,335,606 (2,758,561) (427,636)
Tax expense, current (591,736) (158,639) (42,367)
Deferred tax benefit/(expense) 273,071 (15,867) 130,306
Profit/(Loss) from continuing operations 1,016,941 (2,933,067) (339,697)
Loss from discontinued operations   (754,069) (225,447)
Profit/(loss) for the year 1,016,941 (3,687,136) (565,144)
Other comprehensive income/(loss), net of income tax      
Foreign currency translation reserve (180,146) 813,007 (139,370)
Total comprehensive income/(loss) $ 836,795 $ (2,874,129) $ (704,514)
From continuing and discontinued operations      
Weighted average number of ordinary shares outstanding - basic 1,903,723 1,949,061 1,954,651
Basic earnings/(loss) per share $ 0.53 $ (1.89) $ (0.29)
Weighted average number of ordinary shares outstanding - diluted 1,997,928 1,949,061 1,954,651
Diluted earnings/(loss) per share $ 0.51 $ (1.89) $ (0.29)
From continuing operations      
Weighted average number of ordinary shares outstanding - basic 1,903,723 1,949,061 1,954,651
Basic earnings/(loss) per share $ 0.53 $ (1.50) $ (0.17)
Weighted average number of ordinary shares outstanding - diluted 1,997,928 1,949,061 1,954,651
Diluted earnings/(loss) per share $ 0.51 $ (1.50) $ (0.17)
[1] Restated for discontinued operations (see note 9 - Discontinued Operations)