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

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Profit/(loss) for the year $ 1,016,941 $ (3,687,136) $ (565,144) [1]
Adjustments to profit/loss for non-cash items      
Shared-based payments 20,210 95,419 370,040
Derivatives fair value adjustment (3,291,010) (292,562) (3,103,350)
Forgiveness of debts (91,623) (273,037) 0 [1]
Net fair value loss/(gain) on revaluation of investment property 101,626 891,649 591,244
Depreciation 3,508 3,764 3,804
Provision for bad debt 39,340 37,622 0
Release of provision relating to litigation (17,454) (2,922) (145,309)
Other provisions 0 26,332 13,816
Loss on sale of subsidiary 0 135,200 0
Gain on sale of real estate investments (37,313) 0 0
Loss on foreign currency exchange on discontinued operation 0 254,935 0
Revenues normalization 22,910 12,419 45,797
Deferred tax assets/(liabilities) (263,583) 25,717 (135,359)
Finance costs 3,218,145 3,468,145 3,942,402
Working capital adjustments      
(Increase)/decrease in prepaid expenses (9,184) (48,025) 88,152
(Decrease)/increase in trade and other receivables 65,528 361,414 (85,023)
Increase/(decrease) in trade and other payables (311,911) 324,547 (147,677)
Increase/(decrease) in tenant security deposits (16,115) 51,341 (64,016)
Increase in corporate tax liabilities 805,859 777,035 442,091
Cash provided by operating activities 1,255,874 2,161,857 1,251,468
Corporate taxes paid (402,324) (429,063) (398,147)
Finance costs paid (835,256) (1,068,007) (694,494)
Net cash provided by operating activities 18,294 664,787 158,827
Cash flows from investing activities      
Cash given on disposition 0 (18,281) 0
Proceeds from sale of real estate investments 1,087,725 0 0
Acquisition of property and equipment (2,688) 0 (1,522)
Net cash provided by/(used in) investing activities 1,085,037 (18,281) (1,522)
Cash flows from financing activities      
Advances from related party 25,126 13,086 150,894
Proceeds from stock options exercise 0 5,607 0
Proceeds from notes payable to stockholders 125,000 390,000 670,000
Proceeds from line of credit, net 0 0 0
Repayment on finance leases and loans (1,008,004) (1,126,095) (1,026,181)
Net cash used in financing activities (857,878) (717,402) (205,287)
Effect of exchange rates on cash and cash equivalents (195,612) 73,646 (31,199)
Net increase/(decrease) in cash and cash equivalents 49,840 2,750 (79,181)
Cash and cash equivalents at beginning of year 58,143 55,393 134,574
Cash and cash equivalents at end of year $ 107,983 $ 58,143 $ 55,393
[1] Restated for discontinued operations (see note 9 - Discontinued Operations)