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

9. Discontinued Operations (Tables)

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9. Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2018
Discontinued Operations  
Summary of operations for discontinued entities

The results of Nova for the year ended December 31, 2017 and 2016 are presented below:

 

(in US $) 2017   2016  
Rental income $ 167,940   $ 128,261  
Other revenues   24,842     2,766  
Expenses   (318,211 )   (149,000 )
Net fair value loss on revaluation of investment property   (84,150 )   (71,968 )
Operating (loss)/income   (209,579 )   (89,941 )
             
Finance costs   (146,249 )   (213,108 )
Loss before tax from discontinued operations   (355,828 )   (303,049 )
             
Tax expenses, current   144     71,772  
Deferred tax (expense)/credit   (8,250 )   5,830  
Net loss from discontinued operations   (363,934 )   (225,447 )
             
Loss on sale of subsidiary   (135,200 )   –    
Loss on foreign currency exchange on discontinued operation   (254,935 )   –    
             
Loss from discontinued operations $ (754,069 ) $ (225,447 )

   

Loss per share: 2017   2016  
         
Basic loss for the year from discontinued operations $ (0.39 ) $ (0.12 )
Diluted loss for the year from discontinued operations $ (0.39 ) $ (0.12 )
Net cash flows from discontinued operations

Net cash flows for Nova are as follows:

 

  2017   2016  
Operating $ 61,784   $ (92,130 )
Investing   –       162,769  
Financing   (46,376 )   (69,770 )
Net cash inflow/(outflow) $ 15,408   $ 869  
Condensed statement of financial position from discontinued operations

The following is a condensed statement of financial position for Nova as of November 10, 2017 (date of disposition):

 

Investment properties $ 5,806,528  
Other current assets   68,884  
       
Total assets $ 5,875,412  
       
Stockholder’s equity $ 166,246  
Loans & borrowing   4,853,590  
Other liabilities   855,576  
Total equity and liabilities $ 5,875,412