Financials

v3.8.0.1
Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Continuing operations      
Rental income $ 2,561,322 $ 2,508,586 [1] $ 2,624,064 [1]
Other revenues 376,549 483,152 [1] 204,302 [1]
Total Revenues 2,937,871 2,991,738 [1] 2,828,366 [1]
Depreciation, bad debt and other provisions (67,528) (3,229) (12,974)
Other expenses (2,075,996) (2,245,605) [1] (3,071,058) [1]
Total operating expenses (2,143,524) (2,248,834) [1] (3,084,032) [1]
Operating profit/(loss) 794,347 742,904 [1] (255,666) [1]
Finance income 9,223 19,617 [1] 34,889 [1]
Finance costs (3,320,839) (3,756,134) [1] (3,959,052) [1]
Gain/(loss) on revaluation of derivatives related to convertible promissory notes 292,562 3,085,253 [1] (539,716) [1]
Loss on disposal of property & equipment 0 0 [1] (133,782) [1]
Loss on sale of subsidiary 0 0 [1] (32,340) [1]
Forgiveness of debt 273,037 0 [1] 0 [1]
Realized loss on sale of real estate investment 0 0 [1] (240,206) [1]
Less: previously recognized unrealized loss on real estate investment 0 0 [1] 40,478 [1]
Net fair value loss on revaluation of investment property (806,891) (519,276) [1] (884,351) [1]
Loss before tax (2,758,561) (427,636) [1] (5,969,746) [1]
Tax benefit/(expense), current (158,639) (42,367) [1] (21,507) [1]
Deferred tax benefit/(expense) (15,867) 130,306 [1] (122,386) [1]
Loss from continuing operations (2,933,067) (339,697) [1] (6,113,639) [1]
Loss from discontinued operations      
Loss from discontinued operations (754,069) (225,447) [1] (1,448,047) [1]
Loss for the year (3,687,136) (565,144) [1] (7,561,686) [1]
Other comprehensive loss, net of income tax      
Foreign currency translation reserve 813,007 (139,370) [1] (449,358) [1]
Total comprehensive loss $ (2,874,129) $ (704,514) [1] $ (8,011,044) [1]
From continuing and discontinued operations      
Weighted average number of ordinary shares outstanding - basic 1,949,061 1,954,651 [1] 2,299,462 [1]
Basic loss per share $ (1.89) $ (0.29) [1] $ (3.29) [1]
Weighted average number of ordinary shares outstanding - diluted 1,949,061 1,954,651 [1] 2,299,462 [1]
Diluted loss per share $ (1.89) $ (0.29) [1] $ (3.29) [1]
From continuing operations      
Weighted average number of ordinary shares outstanding - basic 1,949,061 1,954,651 [1] 2,299,462 [1]
Basic loss per share $ (1.50) $ (0.17) [1] $ (2.66) [1]
Weighted average number of ordinary shares outstanding - diluted 1,949,061 1,954,651 [1] 2,299,462 [1]
Diluted loss per share $ (1.50) $ (0.17) [1] $ (2.66) [1]
[1] Restated for discontinued operations (see note 9 - Discontinued Operations).

Source

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).

Source