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

Consolidated Statements of Financial Position

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Consolidated Statements of Financial Position - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Non-current assets      
Property and equipment, net $ 6,549 $ 7,614 $ 11,047
Investment properties 29,801,631 33,829,902 35,786,053
Other receivables, less current portion 3,176 0 143,137
Total non-currents assets 29,811,356 33,837,516 35,940,237
Current assets      
Prepaid expenses 127,592 123,479 66,958
Trade and other receivables, net 229,131 407,010 756,940
Cash and cash equivalents 107,983 58,143 55,393
Total current assets 464,706 588,632 879,291
TOTAL ASSETS 30,276,062 34,426,148 36,819,528
Deficit      
Ordinary shares, $.001 par value (Authorized 50,000,000 shares; 2,043,351, 2,043,351 and 2,040,451 shares issued; 1,903,723, 1,903,723 and 1,954,651 shares outstanding at December 31, 2018, 2017 and 2016 respectively; with 139,628, 139,628 and 85,800 shares as treasury shares at December 31, 2018, 2017 and 2016) 2,043 2,043 2,040
Share premium 19,624,487 19,604,277 19,240,641
Less: cost of 139,628, 139,628 and 85,800 treasury shares at December 31, 2018, 2017 and 2016 (423,855) (423,855) (343,113)
Retained deficit (24,877,179) (25,894,120) (22,206,984)
Foreign currency translation reserve (823,508) (643,362) (1,456,369)
Total deficit (6,498,012) (7,355,017) (4,763,785)
Non-current liabilities      
Loans and borrowings, less current portion 16,441,879 18,146,247 21,110,316
Trade and other payable, less current portion 1,940 19,597 80,355
Deferred tax liabilities 2,357,245 2,750,314 2,557,571
Corporate tax liabilities, less current portion 1,334,595 1,035,955 674,164
Tenant security deposits 678,010 847,195 731,841
Total non-current liabilities 20,813,669 22,799,308 25,154,247
Current liabilities      
Notes payable to stockholders, net of unamortized discount of $971,852, $731,473 and $1,122,997 at December 31, 2018, 2017 and 2016, respectively 4,365,456 3,987,479 2,485,566
Due to related party 695,143 670,017 1,260,243
Loans and borrowings 2,798,445 4,438,354 4,206,847
Trade and other payables 6,100,099 6,389,497 5,914,549
Other liabilities and other deferred income 292,835 308,852 301,800
Corporate tax liabilities 1,181,390 1,257,245 1,425,618
Derivative financial liabilities 476,572 1,859,700 794,235
Provisions 50,465 70,713 40,208
Total current liabilities 15,960,405 18,981,857 16,429,066
Total liabilities 36,774,074 41,781,165 41,583,313
TOTAL DEFICIT AND LIABILITIES $ 30,276,062 $ 34,426,148 $ 36,819,528