Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Greenpro Capital Corp. | |
Entity Central Index Key | 0001597846 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 59,168,333 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents (including $161,768 and $163,813 of restricted cash as of June 30, 2020 and December 31, 2019, respectively) | $ 559,465 | $ 1,256,739 |
Accounts receivable, net of allowance of $13,448 and $46,624 as of June 30, 2020 and December 31, 2019, respectively (including due from related parties of $126 and $0 as of June 30, 2020 and December 31, 2019, respectively) | 68,813 | 221,529 |
Prepaids and other current assets (including due from related parties of $61,032 and $61,623 as of June 30, 2020 and December 31, 2019, respectively) | 257,859 | 246,156 |
Deferred costs of revenue | 52,397 | 73,821 |
Total current assets | 938,534 | 1,798,245 |
Property and equipment, net | 2,726,994 | 2,831,109 |
Real Estate investments: | ||
Real estate held for sale | 2,396,238 | 2,396,238 |
Real estate held for investment, net | 744,250 | 796,059 |
Intangible assets, net | 43,461 | 91,012 |
Goodwill | 319,726 | 319,726 |
Other investments (including investments in related parties of $53,367 and $53,363 as of June 30, 2020 and December 31, 2019, respectively) | 4,146,066 | 145,140 |
Operating lease right-of-use assets, net | 210,765 | 506,924 |
TOTAL ASSETS | 11,526,034 | 8,884,453 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 673,327 | 757,813 |
Current portion of loans secured by real estate | 532,249 | 531,488 |
Due to related parties | 1,222,948 | 1,009,760 |
Operating lease liabilities, current portion | 215,372 | 318,914 |
Income tax payable | 13,996 | 27,598 |
Deferred revenue (including $140,000 from related parties as of June 30, 2020 and December 31, 2019) | 932,153 | 1,202,153 |
Derivative liabilities | 68,498 | 28,545 |
Total current liabilities | 3,658,543 | 3,876,271 |
Long term portion of loans secured by real estate | 1,347,918 | 1,461,563 |
Operating lease liabilities, net of current portion | 192,778 | |
Total liabilities | 5,006,461 | 5,530,612 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 59,168,333 and 54,723,889 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 5,917 | 5,473 |
Additional paid in capital | 20,526,390 | 16,417,481 |
Accumulated other comprehensive loss | (131,153) | (95,169) |
Accumulated deficit | (13,970,621) | (13,160,629) |
Total Greenpro Capital Corp. common stockholders' equity | 6,430,533 | 3,167,156 |
Noncontrolling interests in consolidated subsidiaries | 89,040 | 186,685 |
Total stockholders' equity | 6,519,573 | 3,353,841 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 11,526,034 | $ 8,884,453 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Restricted cash | $ 161,768 | $ 163,813 |
Allowance for doubtful accounts receivable | 13,448 | 46,624 |
Due to related parties, accounts receivable | 126 | 0 |
Due from related parties | 61,032 | 61,623 |
Investments in related party | 53,367 | 53,363 |
Due from related parties, deferred revenue | $ 140,000 | $ 140,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 59,168,333 | 54,723,889 |
Common stock, shares outstanding | 59,168,333 | 54,723,889 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES: | ||||
Total revenue | $ 401,140 | $ 1,701,714 | $ 1,217,681 | $ 2,163,762 |
OPERATING COSTS AND EXPENSES: | ||||
Cost of service revenue (including $1,096 and $184,000 of cost of service to related parties for the three months ended June 30, 2020 and 2019, respectively, and $2,190 and $184,000 of cost of service to related parties for the six months ended June 30, 2020 and 2019, respectively) | (71,937) | (609,098) | (200,444) | (778,190) |
Cost of rental revenue | (14,607) | (10,201) | (26,241) | (23,752) |
General and administrative (including $1,901 and $103,348 of general and administrative expense to related parties for the three months ended June 30, 2020 and 2019, respectively, and $3,046 and $106,574 of general and administrative expense to related parties for the six months ended June 30, 2020 and 2019, respectively) | (853,285) | (1,216,441) | (1,763,192) | (2,186,342) |
Total operating costs and expenses | (939,829) | (1,835,740) | (1,989,877) | (2,988,284) |
LOSS FROM OPERATIONS | (538,689) | (134,026) | (772,196) | (824,522) |
OTHER INCOME (EXPENSE) | ||||
Change in fair value of derivative liabilities | (55,409) | 43,916 | (39,953) | 184,565 |
Other income (including $0 of other income from a related party for the three months ended June 30, 2020 and 2019, and $0 and $1,610 of other income from a related party for the six months ended June 30, 2020 and 2019, respectively) | 59,654 | 50,007 | 68,651 | 63,168 |
Interest income (including $0 and $3,722 of interest income from a related party for the three months ended June 30, 2020 and 2019, respectively, and $0 and $8,188 of interest income from a related party for the six months ended June 30, 2020 and 2019, respectively) | 176 | 5,028 | 319 | 9,806 |
Interest expense | (28,947) | (25,848) | (62,551) | (52,403) |
Total other (expense) income | (24,526) | 73,103 | (33,534) | 205,136 |
LOSS BEFORE INCOME TAX | (563,215) | (60,923) | (805,730) | (619,386) |
Income tax expense | (4,305) | (7,731) | ||
NET LOSS | (563,215) | (65,228) | (805,730) | (627,117) |
Net (income) loss attributable to noncontrolling interest | (3,562) | 29,092 | (4,262) | 39,827 |
NET LOSS ATTRIBUTED TO COMMON SHAREHOLDERS OF GREENPRO CAPITAL CORP. | (566,777) | (36,136) | (809,992) | (587,290) |
Other comprehensive loss: | ||||
- Foreign currency translation income (loss) | 4,936 | (50,999) | (35,984) | 3,254 |
COMPREHENSIVE LOSS | $ (561,841) | $ (87,135) | $ (845,976) | $ (584,036) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | 55,505,329 | 54,723,889 | 54,918,182 | 54,672,651 |
Service Revenue [Member] | ||||
REVENUES: | ||||
Total revenue | $ 368,460 | $ 1,678,783 | $ 1,162,173 | $ 2,111,842 |
Rental Revenue [Member] | ||||
REVENUES: | ||||
Total revenue | $ 32,680 | $ 22,931 | $ 55,508 | $ 51,920 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
General and administrative expense, related parties | $ 1,901 | $ 103,348 | $ 3,046 | $ 106,574 |
Other income related party | 0 | 0 | 0 | 1,610 |
Interest income related party | 0 | 3,722 | 0 | 8,188 |
Service Revenue [Member] | ||||
Revenue from related parties | 57,128 | 1,285,568 | 107,971 | 1,313,464 |
Cost of service, related parties | $ 1,096 | $ 184,000 | $ 2,190 | $ 184,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Non-Controlling Interest [Member] | Total |
Balance beginning at Dec. 31, 2018 | $ 5,472 | $ 16,376,192 | $ (66,277) | $ (11,816,080) | $ 230,123 | $ 4,729,430 |
Balance beginning, shares at Dec. 31, 2018 | 54,715,287 | |||||
Fair value of shares issued for acquisition | $ 1 | 41,289 | 41,290 | |||
Fair value of shares issued for acquisition, shares | 8,602 | |||||
Disposal of non-controlling interests | (38,509) | (38,509) | ||||
Foreign currency translation | 3,254 | 3,254 | ||||
Net income (loss) | (587,290) | (39,827) | (627,117) | |||
Balance ending at Jun. 30, 2019 | $ 5,473 | 16,417,481 | (63,023) | (12,403,370) | 151,787 | 4,108,348 |
Balance ending, shares at Jun. 30, 2019 | 54,723,889 | |||||
Balance beginning at Mar. 31, 2019 | $ 5,473 | 16,417,481 | (12,024) | (12,367,234) | 219,388 | 4,263,084 |
Balance beginning, shares at Mar. 31, 2019 | 54,723,889 | |||||
Disposal of non-controlling interests | (38,509) | (38,509) | ||||
Foreign currency translation | (50,999) | (50,999) | ||||
Net income (loss) | (36,136) | (29,092) | (65,228) | |||
Balance ending at Jun. 30, 2019 | $ 5,473 | 16,417,481 | (63,023) | (12,403,370) | 151,787 | 4,108,348 |
Balance ending, shares at Jun. 30, 2019 | 54,723,889 | |||||
Balance beginning at Dec. 31, 2019 | $ 5,473 | 16,417,481 | (95,169) | (13,160,629) | 186,685 | 3,353,841 |
Balance beginning, shares at Dec. 31, 2019 | 54,723,889 | |||||
Fair value of shares issued for other investment | $ 444 | 3,999,556 | 4,000,000 | |||
Fair value of shares issued for other investment, shares | 4,444,444 | |||||
Derecognition of non-controlling interest due to deconsolidation | 7,446 | 7,446 | ||||
Changes in ownership interests in subsidiaries | 109,353 | (109,353) | ||||
Foreign currency translation | (35,984) | (35,984) | ||||
Net income (loss) | (809,992) | 4,262 | (805,730) | |||
Balance ending at Jun. 30, 2020 | $ 5,917 | 20,526,390 | (131,153) | (13,970,621) | 89,040 | 6,519,573 |
Balance ending, shares at Jun. 30, 2020 | 59,168,333 | |||||
Balance beginning at Mar. 31, 2020 | $ 5,473 | 16,417,481 | (136,089) | (13,403,844) | 194,831 | 3,077,852 |
Balance beginning, shares at Mar. 31, 2020 | 54,723,889 | |||||
Fair value of shares issued for other investment | $ 444 | 3,999,556 | 4,000,000 | |||
Fair value of shares issued for other investment, shares | 4,444,444 | |||||
Changes in ownership interests in subsidiaries | 109,353 | (109,353) | ||||
Foreign currency translation | 4,936 | 4,936 | ||||
Net income (loss) | (566,777) | 3,562 | (563,215) | |||
Balance ending at Jun. 30, 2020 | $ 5,917 | $ 20,526,390 | $ (131,153) | $ (13,970,621) | $ 89,040 | $ 6,519,573 |
Balance ending, shares at Jun. 30, 2020 | 59,168,333 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (805,730) | $ (627,117) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 128,758 | 123,806 |
Amortization of right-of-use assets | 137,324 | 120,076 |
Provision for bad debts | (28,911) | (18,931) |
Loss on disposal of property and equipment | 114 | |
Loss on disposal of a subsidiary | 125 | |
Loss (gain) on deconsolidation of controlled subsidiaries | 727 | (35,986) |
Change in fair value of derivative liabilities | 39,953 | (184,565) |
Increase in cash surrender value on life insurance | (923) | (4,093) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 152,716 | 19,556 |
Prepaids and other current assets | (11,703) | (24,181) |
Deferred costs of revenue | 21,424 | 257,395 |
Accounts payable and accrued liabilities | (84,486) | (197,677) |
Operating lease liabilities | (137,485) | (120,076) |
Income tax payable | (13,601) | (15) |
Deferred revenue | (270,000) | (307,497) |
Net cash used in operating activities | (871,698) | (999,305) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (2,042) | (1,073) |
Purchase of real estate held for investment | (1,919) | |
Proceeds from sale of property and equipment | 93 | |
Net decrease in cash due to deconsolidation of subsidiaries | (25,015) | |
Acquisition of business, net of cash acquired | (60,187) | |
Net cash used in investing activities | (26,964) | (63,179) |
Cash flows from financing activities: | ||
Principal payments of loans secured by real estate | (71,921) | (73,062) |
Advances from related parties | 218,825 | 104,701 |
Net cash provided by financing activities | 146,904 | 31,639 |
Effect of exchange rate changes in cash and cash equivalents | 54,484 | 863 |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (697,274) | (1,029,982) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,256,739 | 2,172,048 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | 559,465 | 1,142,066 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income tax | 16,769 | 8,992 |
Cash paid for interest | 62,551 | 52,402 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Noncash assets derecognized on deconsolidation of controlled subsidiaries | 142,130 | |
Noncash liabilities derecognized on deconsolidation of controlled subsidiaries | 173,680 | |
Right-of-use assets and operating lease liabilities removed for terminated operating leases | 158,870 | |
Fair value of shares issued for other investment | 4,000,000 | |
Initial recognition of operating lease right-of-use assets and operating lease obligations upon adoption of ASC Topic 842 | $ 582,647 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Greenpro Capital Corp. (the “Company” or “GRNQ”) was incorporated on July 19, 2013 in the state of Nevada. The Company currently provides a wide range of business consulting and corporate advisory services, including cross-border listing advisory services, tax planning, advisory and transaction services, record management services, and accounting outsourcing services. Our focus is on companies located in Asia and Southeast Asia, including Hong Kong, Malaysia, China, Thailand, and Singapore. As part of our business consulting and corporate advisory business segment, Greenpro Venture Capital Limited provides a business incubator for start-up companies and focuses on investments in select start-up and high growth potential companies. In addition to our business consulting and corporate advisory business segment, we operate another business segment that focuses on the acquisition and rental of real estate properties held for investment and the acquisition and sale of real estate properties held for sale. Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements as of and for the six months ended June 30, 2020 and 2019, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Condensed Consolidated Balance Sheet information as of December 31, 2019 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2020. These financial statements should be read in conjunction with that report. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2020, the Company incurred a net loss of $805,730 and used cash in operations of $871,698 and at June 30, 2020, the Company had a working capital deficiency of $2,720,009. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2019 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Despite the amount of funds that we have raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. COVID-19 outbreak In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, and created significant volatility and disruption of financial markets Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. Cash, cash equivalents, and restricted cash Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. Restricted cash represents cash restricted for the loan collateral requirements as defined in a loan agreement and also the minimum paid-up share capital requirement for insurance brokers specified under the Insurance Ordinance of Hong Kong. At June 30, 2020 and December 31, 2019, cash included funds held by employees of $33,789 and $33,096, respectively, and was held to facilitate payment of expenses in local currencies and to facilitate third-party online payment platforms in which the Company had not set up corporate accounts (WeChat Pay and Alipay). As of As of (Unaudited) Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 67,395 $ 337,960 Denominated in Hong Kong Dollars 204,713 393,062 Denominated in Chinese Renminbi 252,338 494,870 Denominated in Malaysian Ringgit 35,019 30,847 Cash, cash equivalents, and restricted cash $ 559,465 $ 1,256,739 Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Investments Investments in equity securities The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, at their fair value at the end of each reporting period, unless there is no readily determinable fair value. Equity investments without readily determinable fair values are accounted for at cost and assessed for impairment at each reporting period. At June 30, 2020 and December 31, 2019, the Company had three and two investments in equity securities of related parties valued at $53,367 and $53,363, respectively. Investments under the equity method The Company applies the equity method to investments in common stock when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is generally presumed when the investor possesses 20% or more of the voting interests of the investee. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We generally stop applying the equity method when our share of the investee’s net losses has reduced our investment to zero unless we have additional investments in the investee at risk or have committed financial support to the investee. At June 30, 2020 and December 31, 2019, the Company had one investment accounted for under the equity method that was valued at zero. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, the Company reviews its convertible securities to determine whether their classification is appropriate. Income (loss) per share Basic income (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period plus any potentially dilutive shares related to the issuance of shares from stock warrants. For the three and six months ended June 30, 2020 and 2019, the only outstanding common stock equivalents were warrants for 53,556 potentially dilutive shares outstanding. These warrants have been excluded from the calculation of weighted average shares as the effect would have been anti-dilutive and therefore, basic and diluted net loss per share were the same. Foreign currency translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective functional currency, which consists of the Malaysian Ringgit (“MYR”), Chinese Renminbi (“RMB”), Hong Kong Dollars (“HK$”) and Australian Dollars (“AU$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.13 Period-average MYR : US$1 exchange rate 4.26 4.12 Period-end RMB : US$1 exchange rate 7.07 6.88 Period-average RMB : US$1 exchange rate 7.05 6.77 Period-end HK$ : US$1 exchange rate 7.75 7.81 Period-average HK$ : US$1 exchange rate 7.76 7.79 Period-end AU$ : US$1 exchange rate 1.45 1.44 Period-average AU$ : US$1 exchange rate 1.52 1.40 Fair value of financial instruments The Company follows the guidance of ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, prepaids and other current assets, accounts payable and accrued liabilities, income tax payable, deferred costs of revenue, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of June 30, 2020, the Company’s balance sheet includes Level 2 liabilities comprised of the fair value of embedded derivative liabilities of $68,498 (see Note 5). The fair value of the derivative liabilities is based on significant inputs not observable in the market, which represents a Level 2 measurement within the fair value hierarchy. The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative during the six-month period ended June 30, 2020: Embedded derivative Balance as of December 31, 2019 $ 28,545 Net change in the fair value 39,953 Balance as of June 30, 2020 $ 68,498 Concentrations of risks For the three months ended June 30, 2020, no customer accounted for 10% or more of revenues. For the six months ended June 30, 2020, one customer accounted for 28% of revenues. For the three and six months ended June 30, 2019, three customers accounted for 71% (41%, 18%, and 12%) and 55% (32%, 14%, and 9%) of revenue, respectively. For the three and six months ended June 30, 2020, two customers accounted for 22% (12% and 10%) of accounts receivable at period-end. For the three and six months ended June 30, 2019, no customer accounted for 10% or more of accounts receivable at period-end. For the three and six months ended June 30, 2020 and 2019, no vendor accounted for 10% or more of the Company’s cost of revenues. For the three and six months ended June 30, 2020, two vendors accounted for 34% (20% and 14%) of accounts payable at period-end. For the three and six months ended June 30, 2019, no vendor accounted for 10% or more of accounts payable at period-end. Economic and political risks Substantially all the Company’s services are conducted in the Asian region, primarily in Hong Kong, Malaysia, and the People’s Republic of China (“PRC”). Among other risks, the Company’s operations in Malaysia are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations in Malaysia. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Recent accounting pronouncements The FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | NOTE 2 - REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”), revenue from the sale of real estate properties, and revenue from the rental of real estate properties. Revenue from services For certain of our service contracts providing assistance to clients in capital market listings (“Listing services”), our services provided are considered to be one performance obligation. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue. For other services such as company secretarial, accounting, financial analysis and related services (“Non-Listing services”), the Company’s performance obligations are satisfied, and the related revenue is recognized, as services are rendered. For contracts in which we act as an agent, the Company reports revenue net of expenses paid. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. The adoption of ASC 606 had no impact on the Company’s consolidated financial statements. Revenue from the sale of real estate properties The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets Revenue from the rental of real estate properties Rental revenue represents lease rental income from the Company’s tenants. The tenants pay monthly in accordance with lease agreements and the Company recognizes the income ratably over the lease term as this is the most representative of the pattern in which the benefit is expected to be derived from the underlying asset. Cost of revenues Cost of service revenue primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to the services rendered. Cost of real estate properties sold primarily consists of the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Selling and advertising costs are expensed as incurred. Cost of rental revenue primarily includes costs associated with repairs and maintenance, property insurance, depreciation and other related administrative costs. Property management fees and utility expenses are paid directly by tenants. The following table provides information about disaggregated revenue based on revenue by service lines and revenue by geographic area: Three Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by service lines: Corporate advisory – Non-listing services $ 355,075 $ 478,783 Corporate advisory – Listing services 13,385 1,200,000 Rental of real estate properties 32,680 22,931 Total revenue $ 401,140 $ 1,701,714 Three Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 248,980 $ 1,543,598 Malaysia 107,312 109,976 China 44,848 48,140 Total revenue $ 401,140 $ 1,701,714 Six Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by service lines: Corporate advisory – Non-Listing services $ 806,788 $ 911,842 Corporate advisory – Listing services 355,385 1,200,000 Rental of real estate properties 55,508 51,920 Total revenue $ 1,217,681 $ 2,163,762 Six Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 911,473 $ 1,840,903 Malaysia 231,254 243,999 China 74,954 78,860 Total revenue $ 1,217,681 $ 2,163,762 Our contract balances include deferred costs of revenue and deferred revenue. Deferred Revenue For service contracts where the performance obligation is not completed, deferred revenue is recorded for any payments received in advance of the performance obligation. Changes in deferred revenue were as follows: Six Months (Unaudited) Deferred revenue, January 1, 2020 $ 1,202,153 New contract liabilities 85,385 Performance obligations satisfied (355,385 ) Deferred revenue, June 30, 2020 $ 932,153 Deferred Costs of Revenue For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded for any costs incurred in advance of the performance obligation. Deferred revenue and deferred costs of revenue at June 30, 2020 and December 31, 2019 are classified as current assets or current liabilities and totaled: As of As of (Unaudited) Deferred revenue $ 932,153 $ 1,202,153 Deferred costs of revenue $ 52,397 $ 73,821 |
Other Investments
Other Investments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Other Investments | NOTE 3 - OTHER INVESTMENTS On May 27, 2020, the Company entered into a purchase and sale agreement (the “Agreement”) with Daniel McKinney (the “Seller”), the sole owner of a 12.3 kilogram carved natural blue sapphire (the “Millennium Sapphire”), pursuant to which the Company agreed to acquire a 4% interest in the Millennium Sapphire from the Seller, and the Seller agreed to sell the 4% interest in the Millennium Sapphire to the Company. As consideration thereto, on June 15, 2020, the Company issued an aggregate of 4,444,444 restricted shares of its common stock, including 2,000,000 restricted shares of common stock to the Seller and 2,444,444 restricted shares to his designees. The aggregate of 4,444,444 restricted shares of common stock issued by the Company, representing an aggregate purchase price of $4,000,000 (approximately $0.90 per share) based on the 4% interest of an appraised value of the Millennium Sapphire of $100,000,000 by an independent appraiser, Mr. Pascal Butel, on March 9, 2020. The investment is recognized at historical cost at $4,000,000 under other investments. On June 29, 2020, the Company entered into a purchase and sale agreement (the “Agreement”) with the Company’s subsidiary, Millennium Fine Art Inc. (“MFAI”), pursuant to which the Company agreed to sell its 4% ownership interest in the Millennium Sapphire to MFAI and MFAI agreed to acquire the 4% ownership of the Millennium Sapphire from the Company. As consideration thereto, on July 23, 2020, MFAI issued 1,000,000 restricted shares of its common stock to the Company valued at $5,000,000 ($5 per share). A gain on disposal of $1,000,000 will be recorded by the Company in the next quarterly period ending September 30, 2020. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Operating Leases | NOTE 4 - OPERATING LEASES The Company has two separate operating lease agreements for one office space in each of Malaysia and Hong Kong with remaining lease terms of 9 months and 10 months, respectively. The Company does not have any other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Six Months Ended June 30, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed statement of operations) $ 172,030 Other Information Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2020 $ 86,994 Weighted average remaining lease term – operating leases (in years) 0.8 Average discount rate – operating leases 4.0 % The supplemental balance sheet information related to leases for the period is as follows: At June 30, 2020 Operating leases Long-term right-of-use assets $ 210,765 Short-term operating lease liabilities $ 215,372 Long-term operating lease liabilities - Total operating lease liabilities $ 215,372 Maturities of the Company’s lease liabilities are as follows (in thousands): Year Ending Operating Leases 2020 (remaining 6 months) $ 131,604 2021 87,736 Total lease payments 219,340 Less: Imputed interest/present value discount (3,968 ) Present value of lease liabilities $ 215,372 Lease expenses were $71,303 and $172,030 during the three and six months ended June 30, 2020, respectively, and $101,313 and $199,243 during the three and six months ended June 30, 2019, respectively. During the six months ended June 30, 2020, the Company terminated one lease and a second lease was deconsolidated when the Company sold its controlling interest in a subsidiary (See Note 8). The total operating lease right-of-use assets and liabilities removed from the Company’s financial statements were approximately $159,000. |
Derivative Liabilities
Derivative Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | NOTE 5 - DERIVATIVE LIABILITIES At June 30, 2020, the Company has outstanding warrants exercisable into 53,556 shares of the Company’s common stock. The strike price of warrants is denominated in US dollars, a currency other than the Company’s functional currencies, the HK$, RMB, and MYR. As a result, the warrants are not considered indexed to the Company’s own stock, and the Company characterized the fair value of the warrants as a derivative liability upon issuance. The derivative liability is re-measured at the end of every reporting period with the change in value reported in the statement of operations. At December 31, 2019, the balance of the derivative liabilities was $28,545. During the six months ended June 30, 2020, the Company recorded an increase in fair value of derivatives of $39,953. At June 30, 2020, the balance of the derivative liabilities was $68,498. The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: As of As of June 30, 2020 December 31, 2019 (Unaudited) Risk-free interest rate $ 1.4 % $ 2.4 % Expected volatility 181 % 173 % Contractual life (in years) 3.0 years 3.4 years Expected dividend yield 0.00 % 0.00 % Fair Value of warrants $ 68,498 $ 28,545 The risk-free interest rate is based on the yield available on U.S. Treasury securities. The Company estimates volatility based on the historical volatility of its common stock. The contractual life of the warrants is based on the expiration date of the warrants. The expected dividend yield was based on the fact that the Company has not paid dividends to common shareholders in the past and does not expect to pay dividends to common shareholders in the future. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | NOTE 6 - WARRANTS In 2018, the Company issued warrants exercisable into 53,556 shares of common stock. The warrants were fully vested when issued, have an exercise price of $7.20 per share, and expire in 2023. A summary of warrant activity during the six months ended June 30, 2020 is presented below: Remaining Number Contractual of Exercise Life Shares Price (in Years) Warrants outstanding at December 31, 2019 53,556 $ 7.20 Granted — — Exercised — — Expired — — Warrants outstanding at June 30, 2020 53,556 $ 7.20 3.0 Warrants exercisable at June 30, 2020 53,556 $ 7.20 3.0 At June 30, 2020, the intrinsic value of outstanding warrants was zero. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 - RELATED PARTY TRANSACTIONS Due from related parties: June 30, 2020 December 31, 2019 (Unaudited) Accounts receivable, net Due from related party G (net of allowance of $126) $ 126 $ - Prepaids and other current assets Due from related party G 1,032 1,623 Due from related party H 60,000 60,000 Total $ 61,158 $ 61,623 Due to related parties: June 30, 2020 December 31, 2019 (Unaudited) Due to related party A $ 19,386 $ 1,113 Due to related party B 28,705 35 Due to related party D - 25 Due to related party E - 2,167 Due to related party J 779,561 779,561 Due to related party K 395,296 226,859 Total $ 1,222,948 $ 1,009,760 For the six months ended Income from or expenses to related parties: 2020 2019 (Unaudited) (Unaudited) Service revenue from related parties - Related party A $ 18,709 $ 37,570 - Related party B 73,174 562,897 - Related party C 831 385 - Related party D 5,911 707,015 - Related party E 9,390 5,597 - Related party K (44 ) - Total $ 107,971 $ 1,313,464 Cost of service revenue to related parties - Related party B $ 2,190 $ - - Related party D - 184,000 Total $ 2,190 $ 184,000 General and administrative expenses to related parties - Related party A $ 180 $ - - Related party B 1,932 - - Related party D - 106,574 - Related party G 934 - Total $ 3,046 $ 106,574 Other income from related parties $ - $ 1,610 - Related party E - 8,188 Total $ - $ 9,798 Related party A is under common control of Mr. Loke Che Chan, Gilbert, the Company’s CFO and a major shareholder. Related party B represents companies where the Company owns a percentage of the company (ranging from 2% to 13%). Related party C is controlled by a director of a wholly owned subsidiary of the Company. Related party D represents a company that we have determined that we can significantly influence based on our common business relationships. Related party E represents companies whose CEO is a consultant to the Company, and who is also a director of Aquarius Protection Fund, a shareholder in the Company. On June 16, 2018, the Company made a loan of $300,000 pursuant to a loan agreement with related party E. The loan is unsecured, bears interest at 6% per annum, and is due on June 15, 2020. The Managing Director of related party E is a consultant to the Company, and is also a director of Aquarius Protection Fund, a shareholder in the Company. Related party E is also the investment manager of Aquarius Protection Fund. During the year ended December 31, 2018, the loan of $300,000 was offset by payments of $222,912 made to the Company from other companies controlled by the Managing Director of related party E. In December 2018, the Company completed an impairment analysis and determined that the balance of the loan was impaired and recorded an impairment of $77,088. Related party F represents a family member of Mr. Loke Che Chan, Gilbert, the Company’s CFO and major shareholder. Related party G is under common control of Mr. Lee Chong Kuang, the Company’s CEO and a major shareholder. Related party H represents a company in which we have a 49% equity investment. At June 30, 2020 and December 31, 2019, amounts due from related party H are unsecured, bear no interest, and are payable upon demand. During 2018, the Company acquired 49% of related party H for total consideration of $368,265. At December 31, 2018, the Company determined that its investments in related party H were impaired and recorded an impairment of other investments of $368,265. Related party I is controlled by a family member of Mr. Lee Chong Kung, the Company’s CEO and major shareholder. Related party J represents the noncontrolling interest in the Company’s subsidiary that owns its real estate held for sale. The amounts due to related party J are unsecured, bear no interest, are payable on demand, and related to the initial acquisition of the real estate held for sale property. Related party K represents shareholders and directors of the Company or the Company’s subsidiary. The amounts due to related party I represents expenses paid by the shareholders or directors to third parties on behalf of the Company, are non-interest bearing, and are due on demand. |
Deconsolidation of Controlling
Deconsolidation of Controlling Interest in Subsidiaries | 6 Months Ended |
Jun. 30, 2020 | |
Property and equipment | |
Deconsolidation of Controlling Interest in Subsidiaries | NOTE 8 - DECONSOLIDATION OF CONTROLLING INTEREST IN SUBSIDIARIES On February 29, 2020, the Company sold its entire 60% interest in Yabez (Hong Kong) Limited and Yabez Business Service (SZ) Company Limited (collectively, “Yabez”) to an unrelated party for $1. The transaction closed on February 29, 2020, and Yabez was deconsolidated following the closing. At February 29, 2020, Yabez’s assets totaled $167,017, and consisted of cash of $24,887, trade accounts receivable of $129,792, and other assets of $12,338. At February 29, 2020, Yabez’s liabilities consisted of trade accounts payables of $173,680. At February 29, 2020, Yabez’s net deficit was ($6,663), of which the non-controlling interest was ($7,446) and the Company’s basis was $783, resulting in a loss on disposal of $727, after consideration of foreign currency adjustments. On May 20, 2020, Greenpro Venture Cap (Qianhai) Limited, a wholly owned subsidiary of the Company, allotted an additional 196 shares to Mr. Yip Hoi Hing Peter, a director of certain controlled subsidiaries of the Company (“Mr. Yip”), at the price of $196. As a result, the Company holds a 2% interest in GVCQH, and GVCQH’s sole asset, cash of $129 was disposed and a loss on disposal of $125 was recorded. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 9 - SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has two reportable segments that are based on the following business units: service business and real estate business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company operates two reportable business segments: ● Service business – provision of corporate advisory and business solution services ● Real estate business – leasing and trading of commercial real estate properties in Hong Kong and Malaysia The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories For the six months ended June 30, 2020 (Unaudited) Real estate Service Corporate Total Revenues $ 55,508 $ 1,162,173 $ - $ 1,217,681 Cost of revenues 26,241 200,444 - 226,685 Depreciation and amortization 75,148 48,515 5,095 128,758 Net income (loss) 10,497 (508,569 ) (307,658 ) (805,730 ) Total assets 2,466,329 4,936,420 4,123,285 11,526,034 Capital expenditures for long-lived assets $ - $ 2,042 $ 4,000,000 $ 4,002,042 For the six months ended June 30, 2019 (Unaudited) Real estate Service Corporate Total Revenues $ 51,920 $ 2,111,842 $ - $ 2,163,762 Cost of revenues (23,752 ) (692,690 ) (85,500 ) (801,942 ) Depreciation and amortization 16,248 99,211 8,347 123,806 Net loss (36,865 ) (349,987 ) (240,265 ) (627,117 ) Total assets 2,586,843 6,433,183 265,058 9,285,084 Capital expenditures for long-lived assets $ - $ 1,073 $ - $ 1,073 (b) By Geography* For the six months ended June 30, 2020 (Unaudited) Hong Kong Malaysia China Total Revenues $ 911,473 $ 231,254 $ 74,954 $ 1,217,681 Cost of revenues 131,956 93,736 993 226,685 Depreciation and amortization 52,665 17,079 59,014 128,758 Net loss (474,989 ) (75,760 ) (254,981 ) (805,730 ) Total assets 7,679,172 910,594 2,936,268 11,526,034 Capital expenditures for long-lived assets $ 4,000,000 $ 2,042 $ - $ 4,002,042 For the six months ended June 30, 2019 (Unaudited) Hong Kong Malaysia China Total Revenues $ 1,840,903 $ 243,999 $ 78,860 $ 2,163,762 Cost of revenues (706,885 ) (95,057 ) - (801,942 ) Depreciation and amortization 45,163 17,517 61,126 123,806 Net income (loss) (254,671 ) 5,886 (378,332 ) (627,117 ) Total assets 4,696,976 1,162,242 3,425,866 9,285,084 Capital expenditures for long-lived assets $ - $ - $ 1,073 $ 1,073 *Revenues and costs are attributed to countries based on the location where the entities operate. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 - SUBSEQUENT EVENTS On June 29, 2020, the Company entered into a purchase and sale agreement (the “Agreement”) with Millennium Fine Art Inc. (“MFAI”), pursuant to which the Company agreed to sell its 4% ownership interest in a 12.3 kilogram carved natural blue sapphire (the “Millennium Sapphire” or the “Target Asset”) to MFAI, and MFAI agreed to acquire the 4% ownership of the Target Asset from the Company. As consideration thereto, on July 23, 2020, MFAI issued 1,000,000 restricted shares of its common stock to the Company valued at $5,000,000 ($5 per share). A gain on disposal of $1,000,000 will be recorded by the Company in the next quarterly period ending September 30, 2020. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements as of and for the six months ended June 30, 2020 and 2019, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Condensed Consolidated Balance Sheet information as of December 31, 2019 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2020. These financial statements should be read in conjunction with that report. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2020, the Company incurred a net loss of $805,730 and used cash in operations of $871,698 and at June 30, 2020, the Company had a working capital deficiency of $2,720,009. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2019 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Despite the amount of funds that we have raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
COVID-19 Outbreak | COVID-19 outbreak In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, and created significant volatility and disruption of financial markets |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. |
Cash, Cash Equivalents, and Restricted Cash | Cash, cash equivalents, and restricted cash Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. Restricted cash represents cash restricted for the loan collateral requirements as defined in a loan agreement and also the minimum paid-up share capital requirement for insurance brokers specified under the Insurance Ordinance of Hong Kong. At June 30, 2020 and December 31, 2019, cash included funds held by employees of $33,789 and $33,096, respectively, and was held to facilitate payment of expenses in local currencies and to facilitate third-party online payment platforms in which the Company had not set up corporate accounts (WeChat Pay and Alipay). As of As of (Unaudited) Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 67,395 $ 337,960 Denominated in Hong Kong Dollars 204,713 393,062 Denominated in Chinese Renminbi 252,338 494,870 Denominated in Malaysian Ringgit 35,019 30,847 Cash, cash equivalents, and restricted cash $ 559,465 $ 1,256,739 |
Revenue Recognition | Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts |
Investments | Investments Investments in equity securities The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, at their fair value at the end of each reporting period, unless there is no readily determinable fair value. Equity investments without readily determinable fair values are accounted for at cost and assessed for impairment at each reporting period. At June 30, 2020 and December 31, 2019, the Company had three and two investments in equity securities of related parties valued at $53,367 and $53,363, respectively. Investments under the equity method The Company applies the equity method to investments in common stock when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is generally presumed when the investor possesses 20% or more of the voting interests of the investee. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We generally stop applying the equity method when our share of the investee’s net losses has reduced our investment to zero unless we have additional investments in the investee at risk or have committed financial support to the investee. At June 30, 2020 and December 31, 2019, the Company had one investment accounted for under the equity method that was valued at zero. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, the Company reviews its convertible securities to determine whether their classification is appropriate. |
Income (Loss) Per Share | Income (loss) per share Basic income (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period plus any potentially dilutive shares related to the issuance of shares from stock warrants. For the three and six months ended June 30, 2020 and 2019, the only outstanding common stock equivalents were warrants for 53,556 potentially dilutive shares outstanding. These warrants have been excluded from the calculation of weighted average shares as the effect would have been anti-dilutive and therefore, basic and diluted net loss per share were the same. |
Foreign Currency Translation | Foreign currency translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective functional currency, which consists of the Malaysian Ringgit (“MYR”), Chinese Renminbi (“RMB”), Hong Kong Dollars (“HK$”) and Australian Dollars (“AU$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.13 Period-average MYR : US$1 exchange rate 4.26 4.12 Period-end RMB : US$1 exchange rate 7.07 6.88 Period-average RMB : US$1 exchange rate 7.05 6.77 Period-end HK$ : US$1 exchange rate 7.75 7.81 Period-average HK$ : US$1 exchange rate 7.76 7.79 Period-end AU$ : US$1 exchange rate 1.45 1.44 Period-average AU$ : US$1 exchange rate 1.52 1.40 |
Fair Value of Financial Instruments | Fair value of financial instruments The Company follows the guidance of ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, prepaids and other current assets, accounts payable and accrued liabilities, income tax payable, deferred costs of revenue, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of June 30, 2020, the Company’s balance sheet includes Level 2 liabilities comprised of the fair value of embedded derivative liabilities of $68,498 (see Note 5). The fair value of the derivative liabilities is based on significant inputs not observable in the market, which represents a Level 2 measurement within the fair value hierarchy. The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative during the six-month period ended June 30, 2020: Embedded derivative Balance as of December 31, 2019 $ 28,545 Net change in the fair value 39,953 Balance as of June 30, 2020 $ 68,498 |
Concentrations of Risks | Concentrations of risks For the three months ended June 30, 2020, no customer accounted for 10% or more of revenues. For the six months ended June 30, 2020, one customer accounted for 28% of revenues. For the three and six months ended June 30, 2019, three customers accounted for 71% (41%, 18%, and 12%) and 55% (32%, 14%, and 9%) of revenue, respectively. For the three and six months ended June 30, 2020, two customers accounted for 22% (12% and 10%) of accounts receivable at period-end. For the three and six months ended June 30, 2019, no customer accounted for 10% or more of accounts receivable at period-end. For the three and six months ended June 30, 2020 and 2019, no vendor accounted for 10% or more of the Company’s cost of revenues. For the three and six months ended June 30, 2020, two vendors accounted for 34% (20% and 14%) of accounts payable at period-end. For the three and six months ended June 30, 2019, no vendor accounted for 10% or more of accounts payable at period-end. |
Economic and Political Risks | Economic and political risks Substantially all the Company’s services are conducted in the Asian region, primarily in Hong Kong, Malaysia, and the People’s Republic of China (“PRC”). Among other risks, the Company’s operations in Malaysia are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations in Malaysia. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
Recent Accounting Pronouncements | Recent accounting pronouncements The FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | As of As of (Unaudited) Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 67,395 $ 337,960 Denominated in Hong Kong Dollars 204,713 393,062 Denominated in Chinese Renminbi 252,338 494,870 Denominated in Malaysian Ringgit 35,019 30,847 Cash, cash equivalents, and restricted cash $ 559,465 $ 1,256,739 |
Schedule of Foreign Currencies Translation | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.13 Period-average MYR : US$1 exchange rate 4.26 4.12 Period-end RMB : US$1 exchange rate 7.07 6.88 Period-average RMB : US$1 exchange rate 7.05 6.77 Period-end HK$ : US$1 exchange rate 7.75 7.81 Period-average HK$ : US$1 exchange rate 7.76 7.79 Period-end AU$ : US$1 exchange rate 1.45 1.44 Period-average AU$ : US$1 exchange rate 1.52 1.40 |
Schedule of Fair Value of Embedded Derivative Liabilities | The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative during the six-month period ended June 30, 2020: Embedded derivative Balance as of December 31, 2019 $ 28,545 Net change in the fair value 39,953 Balance as of June 30, 2020 $ 68,498 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue Based on Revenue by Service Lines and Revenue by Geographic Area | The following table provides information about disaggregated revenue based on revenue by service lines and revenue by geographic area: Three Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by service lines: Corporate advisory – Non-listing services $ 355,075 $ 478,783 Corporate advisory – Listing services 13,385 1,200,000 Rental of real estate properties 32,680 22,931 Total revenue $ 401,140 $ 1,701,714 Three Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 248,980 $ 1,543,598 Malaysia 107,312 109,976 China 44,848 48,140 Total revenue $ 401,140 $ 1,701,714 Six Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by service lines: Corporate advisory – Non-Listing services $ 806,788 $ 911,842 Corporate advisory – Listing services 355,385 1,200,000 Rental of real estate properties 55,508 51,920 Total revenue $ 1,217,681 $ 2,163,762 Six Months Ended June 30, 2020 2019 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 911,473 $ 1,840,903 Malaysia 231,254 243,999 China 74,954 78,860 Total revenue $ 1,217,681 $ 2,163,762 |
Schedule of Changes in Deferred Revenue | Changes in deferred revenue were as follows: Six Months (Unaudited) Deferred revenue, January 1, 2020 $ 1,202,153 New contract liabilities 85,385 Performance obligations satisfied (355,385 ) Deferred revenue, June 30, 2020 $ 932,153 |
Schedule of Deferred Revenue and Deferred Costs of Revenue | Deferred revenue and deferred costs of revenue at June 30, 2020 and December 31, 2019 are classified as current assets or current liabilities and totaled: As of As of (Unaudited) Deferred revenue $ 932,153 $ 1,202,153 Deferred costs of revenue $ 52,397 $ 73,821 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Six Months Ended June 30, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed statement of operations) $ 172,030 Other Information Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2020 $ 86,994 Weighted average remaining lease term – operating leases (in years) 0.8 Average discount rate – operating leases 4.0 % |
Schedule of Supplemental Balance Sheet Information Related to Leases | The supplemental balance sheet information related to leases for the period is as follows: At June 30, 2020 Operating leases Long-term right-of-use assets $ 210,765 Short-term operating lease liabilities $ 215,372 Long-term operating lease liabilities - Total operating lease liabilities $ 215,372 |
Schedule of Maturities of Lease Liabilities | Maturities of the Company’s lease liabilities are as follows (in thousands): Year Ending Operating Leases 2020 (remaining 6 months) $ 131,604 2021 87,736 Total lease payments 219,340 Less: Imputed interest/present value discount (3,968 ) Present value of lease liabilities $ 215,372 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liabilities at Fair Value | The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: As of As of June 30, 2020 December 31, 2019 (Unaudited) Risk-free interest rate $ 1.4 % $ 2.4 % Expected volatility 181 % 173 % Contractual life (in years) 3.0 years 3.4 years Expected dividend yield 0.00 % 0.00 % Fair Value of warrants $ 68,498 $ 28,545 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Warrants Activity | A summary of warrant activity during the six months ended June 30, 2020 is presented below: Remaining Number Contractual of Exercise Life Shares Price (in Years) Warrants outstanding at December 31, 2019 53,556 $ 7.20 Granted — — Exercised — — Expired — — Warrants outstanding at June 30, 2020 53,556 $ 7.20 3.0 Warrants exercisable at June 30, 2020 53,556 $ 7.20 3.0 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due from Related Parties | Due from related parties: June 30, 2020 December 31, 2019 (Unaudited) Accounts receivable, net Due from related party G (net of allowance of $126) $ 126 $ - Prepaids and other current assets Due from related party G 1,032 1,623 Due from related party H 60,000 60,000 Total $ 61,158 $ 61,623 |
Schedule of Due to Related Parties | Due to related parties: June 30, 2020 December 31, 2019 (Unaudited) Due to related party A $ 19,386 $ 1,113 Due to related party B 28,705 35 Due to related party D - 25 Due to related party E - 2,167 Due to related party J 779,561 779,561 Due to related party K 395,296 226,859 Total $ 1,222,948 $ 1,009,760 |
Schedule of Related Parties Transactions | For the six months ended Income from or expenses to related parties: 2020 2019 (Unaudited) (Unaudited) Service revenue from related parties - Related party A $ 18,709 $ 37,570 - Related party B 73,174 562,897 - Related party C 831 385 - Related party D 5,911 707,015 - Related party E 9,390 5,597 - Related party K (44 ) - Total $ 107,971 $ 1,313,464 Cost of service revenue to related parties - Related party B $ 2,190 $ - - Related party D - 184,000 Total $ 2,190 $ 184,000 General and administrative expenses to related parties - Related party A $ 180 $ - - Related party B 1,932 - - Related party D - 106,574 - Related party G 934 - Total $ 3,046 $ 106,574 Other income from related parties $ - $ 1,610 - Related party E - 8,188 Total $ - $ 9,798 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Summarized Financial Information | Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories For the six months ended June 30, 2020 (Unaudited) Real estate Service Corporate Total Revenues $ 55,508 $ 1,162,173 $ - $ 1,217,681 Cost of revenues 26,241 200,444 - 226,685 Depreciation and amortization 75,148 48,515 5,095 128,758 Net income (loss) 10,497 (508,569 ) (307,658 ) (805,730 ) Total assets 2,466,329 4,936,420 4,123,285 11,526,034 Capital expenditures for long-lived assets $ - $ 2,042 $ 4,000,000 $ 4,002,042 For the six months ended June 30, 2019 (Unaudited) Real estate Service Corporate Total Revenues $ 51,920 $ 2,111,842 $ - $ 2,163,762 Cost of revenues (23,752 ) (692,690 ) (85,500 ) (801,942 ) Depreciation and amortization 16,248 99,211 8,347 123,806 Net loss (36,865 ) (349,987 ) (240,265 ) (627,117 ) Total assets 2,586,843 6,433,183 265,058 9,285,084 Capital expenditures for long-lived assets $ - $ 1,073 $ - $ 1,073 (b) By Geography* For the six months ended June 30, 2020 (Unaudited) Hong Kong Malaysia China Total Revenues $ 911,473 $ 231,254 $ 74,954 $ 1,217,681 Cost of revenues 131,956 93,736 993 226,685 Depreciation and amortization 52,665 17,079 59,014 128,758 Net loss (474,989 ) (75,760 ) (254,981 ) (805,730 ) Total assets 7,679,172 910,594 2,936,268 11,526,034 Capital expenditures for long-lived assets $ 4,000,000 $ 2,042 $ - $ 4,002,042 For the six months ended June 30, 2019 (Unaudited) Hong Kong Malaysia China Total Revenues $ 1,840,903 $ 243,999 $ 78,860 $ 2,163,762 Cost of revenues (706,885 ) (95,057 ) - (801,942 ) Depreciation and amortization 45,163 17,517 61,126 123,806 Net income (loss) (254,671 ) 5,886 (378,332 ) (627,117 ) Total assets 4,696,976 1,162,242 3,425,866 9,285,084 Capital expenditures for long-lived assets $ - $ - $ 1,073 $ 1,073 *Revenues and costs are attributed to countries based on the location where the entities operate. |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)Integershares | Jun. 30, 2019USD ($)Integershares | Jun. 30, 2020USD ($)Integershares | Jun. 30, 2019USD ($)Integershares | Dec. 31, 2019USD ($) | |
Ownership percentage | 100.00% | 100.00% | |||
Net loss | $ (563,215) | $ (65,228) | $ (805,730) | $ (627,117) | |
Net cash used in operating activities | (871,698) | $ (999,305) | |||
Working capital deficiency | 2,720,009 | 2,720,009 | |||
Funds held by employees | $ 33,789 | $ 33,789 | $ 33,096 | ||
Ownership percentage in investments | 20.00% | 20.00% | |||
Equity securities of related parties | $ 53,367 | $ 53,367 | 53,363 | ||
Investments | 0 | 0 | $ 0 | ||
Fair value of derivative liabilities | $ 68,498 | $ 68,498 | |||
Revenue [Member] | Customer Concentration Risk [Member] | No Customer [Member] | |||||
Concentration risk, percentage | 10.00% | ||||
Number of customer | Integer | 0 | ||||
Revenue [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||
Concentration risk, percentage | 28.00% | ||||
Number of customer | 1 | ||||
Revenue [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | |||||
Concentration risk, percentage | 71.00% | 55.00% | |||
Number of customer | 3 | 3 | |||
Revenue [Member] | Customer Concentration Risk [Member] | Customer One[Member] | |||||
Concentration risk, percentage | 41.00% | 32.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration risk, percentage | 18.00% | 14.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | |||||
Concentration risk, percentage | 12.00% | 9.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | No Vendor [Member] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Number of vendor | Integer | 0 | 0 | 0 | 0 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | No Customer [Member] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Number of customer | Integer | 0 | 0 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One[Member] | |||||
Concentration risk, percentage | 12.00% | 12.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||
Concentration risk, percentage | 22.00% | 22.00% | |||
Number of customer | Integer | 2 | 2 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | No Vendor [Member] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Number of vendor | Integer | 0 | 0 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member] | |||||
Concentration risk, percentage | 34.00% | 34.00% | |||
Number of vendor | Integer | 2 | 2 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration risk, percentage | 20.00% | 20.00% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration risk, percentage | 14.00% | 14.00% | |||
Warrant [Member] | |||||
Potentially antidilutive shares outstanding | shares | 53,556 | 53,556 | 53,556 | 53,556 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Cash, cash equivalents, and restricted cash | $ 559,465 | $ 1,256,739 |
United States Dollars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, cash equivalents, and restricted cash | 67,395 | 337,960 |
Hong Kong Dollars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, cash equivalents, and restricted cash | 204,713 | 393,062 |
Chinese Renminbi [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, cash equivalents, and restricted cash | 252,338 | 494,870 |
Malaysian Ringgit [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, cash equivalents, and restricted cash | $ 35,019 | $ 30,847 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details) | Jun. 30, 2020 | Jun. 30, 2019 |
Period-End MYR : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 4.29 | 4.13 |
Period-Average MYR : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 4.26 | 4.12 |
Period-End RMB : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.07 | 6.88 |
Period-Average RMB : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.05 | 6.77 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.75 | 7.81 |
Period-Average HK$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.76 | 7.79 |
Period-End AU$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 1.45 | 1.44 |
Period-Average AU$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 1.52 | 1.40 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Schedule of Fair Value of Embedded Derivative Liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Balance as of December 31, 2019 | $ 28,545 | |||
Net change in the fair value | $ 55,409 | $ (43,916) | 39,953 | $ (184,565) |
Balance as of June 30, 2020 | $ 68,498 | $ 68,498 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details Narrative) - Integer | Jun. 30, 2020 | Jun. 30, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Number of units in real estate property held for sale | 0 | 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue Based on Revenue by Service Lines and Revenue by Geographic Area (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | $ 401,140 | $ 1,701,714 | $ 1,217,681 | $ 2,163,762 | ||
Hong Kong [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 248,980 | 1,543,598 | 911,473 | 1,840,903 | ||
Malaysia [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 107,312 | 109,976 | 231,254 | [1] | 243,999 | [1] |
China [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 44,848 | 48,140 | 74,954 | [1] | 78,860 | [1] |
Corporate Advisory - Non-Listing Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 355,075 | 478,783 | 806,788 | 911,842 | ||
Corporate Advisory - Listing Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 13,385 | 1,200,000 | 355,385 | 1,200,000 | ||
Rental of Real Estate Properties [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | $ 32,680 | $ 22,931 | $ 55,508 | $ 51,920 | ||
[1] | Revenues and costs are attributed to countries based on the location where the entities operate. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Schedule of Changes in Deferred Revenue (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Deferred revenue, January 1, 2020 | $ 1,202,153 |
New contract liabilities | 85,385 |
Performance obligations satisfied | (355,385) |
Deferred revenue, June 30, 2020 | $ 932,153 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Deferred Revenue and Deferred Costs of Revenue (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 932,153 | $ 1,202,153 |
Deferred costs of revenue | $ 52,397 | $ 73,821 |
Other Investments (Details Narr
Other Investments (Details Narrative) | Jul. 23, 2020USD ($)$ / sharesshares | Jun. 15, 2020shares | May 27, 2020USD ($)kg$ / shares | Sep. 30, 2020USD ($) | Jun. 30, 2020 | Jun. 29, 2020kg |
Acquired percentage | 100.00% | |||||
Subsequent Event [Member] | ||||||
Gain on disposal | $ 1,000,000 | |||||
Purchase and Sale Agreement [Member] | ||||||
Acquisition kilogram carved | kg | 12.3 | 12.3 | ||||
Acquired percentage | 4.00% | 4.00% | ||||
Number of restricted shares of common stock, shares | shares | 4,444,444 | |||||
Aggregate purchase price | $ 4,000,000 | |||||
Share price per share | $ / shares | $ 0.90 | |||||
Appraised value | $ 100,000,000 | |||||
Recognized investment | $ 4,000,000 | |||||
Ownership interest | 4.00% | |||||
Purchase and Sale Agreement [Member] | Subsequent Event [Member] | ||||||
Number of restricted shares of common stock, shares | shares | 1,000,000 | |||||
Number of restricted shares of common stock | $ 5,000,000 | |||||
Share price | $ / shares | $ 5 | |||||
Purchase and Sale Agreement [Member] | Seller [Member] | ||||||
Number of restricted shares of common stock, shares | shares | 2,000,000 | |||||
Purchase and Sale Agreement [Member] | Designees [Member] | ||||||
Number of restricted shares of common stock, shares | shares | 2,444,444 |
Operating Leases (Details Narra
Operating Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lease term description | The Company does not have any other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. | |||
Lease expenses | $ 71,303 | $ 101,313 | $ 172,030 | $ 199,243 |
Total operating lease right-of-use assets and liabilities | $ 159,000 | $ 159,000 | ||
Minimum [Member] | ||||
Remaining operating lease terms | 9 months | 9 months | ||
Maximum [Member] | ||||
Remaining operating lease terms | 10 months | 10 months |
Operating Leases - Schedule of
Operating Leases - Schedule of Components of Lease Expense and Supplemental Cash Flow Information (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost (included in general and administrative expenses in the Company's unaudited condensed statement of operations) | $ 172,030 |
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2020 | $ 86,994 |
Weighted average remaining lease term - operating leases (in years) | 9 months 18 days |
Average discount rate - operating leases | 4.00% |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Long-term right-of-use assets | $ 210,765 | $ 506,924 |
Short-term operating lease liabilities | 215,372 | 318,914 |
Long-term operating lease liabilities | $ 192,778 | |
Total operating lease liabilities | $ 215,372 |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Maturities of Lease Liabilities (Details) | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 (remaining 6 months) | $ 131,604 |
2021 | 87,736 |
Total lease payments | 219,340 |
Less: Imputed interest/present value discount | (3,968) |
Present value of lease liabilities | $ 215,372 |
Derivative Liabilities (Details
Derivative Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of warrants exercisable into common stock | 53,556 | 53,556 | |||
Derivative liabilities | $ 68,498 | $ 68,498 | $ 28,545 | ||
Increase in fair value of derivatives | $ (55,409) | $ 43,916 | $ (39,953) | $ 184,565 |
Derivative Liabilities - Schedu
Derivative Liabilities - Schedule of Derivative Liabilities at Fair Value (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value of warrants | $ 68,498 | $ 28,545 |
Risk Free Interest Rate [Member] | ||
Fair value assumptions, measurement input, percentages | 1.4 | 2.4 |
Expected Volatility [Member] | ||
Fair value assumptions, measurement input, percentages | 181 | 173 |
Contractual Life (in Years) [Member] | ||
Fair value assumptions, measurement input, term | 3 years | 3 years 4 months 24 days |
Expected Dividend Yield [Member] | ||
Fair value assumptions, measurement input, percentages | 0 | 0 |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Number of warrants exercisable into common shares | 53,556 | |
Exercise price of warrants | $ 7.20 | |
Warrant expiration date | Expire in 2023 | |
Intrinsic value of outstanding warrant |
Warrants - Summary of Warrants
Warrants - Summary of Warrants Activity (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of Shares Warrants, Outstanding Beginning Balance | shares | 53,556 |
Number of Shares Warrants, Granted | shares | |
Number of Shares Warrants, Exercised | shares | |
Number of Shares Warrants, Expired | shares | |
Number of Shares Warrants, Outstanding Ending Balance | shares | 53,556 |
Number of Shares Warrants, Outstanding and Exercisable, Ending Balance | shares | 53,556 |
Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 7.20 |
Exercise Price, Granted | $ / shares | |
Exercise Price, Exercised | $ / shares | |
Exercise Price, Expired | $ / shares | |
Exercise Price, Outstanding, Ending Balance | $ / shares | 7.20 |
Exercise Price, Outstanding and Exercisable, Ending Balance | $ / shares | $ 7.20 |
Remaining Contractual Life (in Years) Outstanding, Beginning Balance | 0 years |
Remaining Contractual Life (in Years), Granted | 0 years |
Remaining Contractual Life (in Years), Exercised | 0 years |
Remaining Contractual Life (in Years), Expired | 0 years |
Remaining Contractual Life (in Years) Outstanding, Ending Balance | 3 years |
Remaining Contractual Life (in Years), Outstanding and Exercisable, Ending Balance | 3 years |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 16, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2020 |
Loan amount | $ 300,000 | $ 300,000 | $ 300,000 | ||
Impairment loss | $ 77,088 | ||||
Related Party B [Member] | Minimum [Member] | |||||
Ownership percentage | 2.00% | ||||
Related Party B [Member] | Maximum [Member] | |||||
Ownership percentage | 13.00% | ||||
Related Party E [Member] | Managing Director [Member] | |||||
Payments of debt | $ 222,912 | ||||
Related Party E [Member] | Loan Agreement [Member] | |||||
Due from related party | $ 300,000 | ||||
Debt instrument, interest rate | 6.00% | ||||
Debt instrument, maturity date | Jun. 15, 2020 | ||||
Related Party J [Member] | |||||
Ownership percentage | 49.00% | ||||
Related Party H [Member] | |||||
Ownership percentage | 49.00% | 49.00% | 49.00% | ||
Total consideration on acquisition | $ 368,265 | ||||
Impairment of other investments | $ 368,265 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Due from Related Parties (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Due from related parties | $ 61,032 | $ 61,623 |
Accounts Receivable, Net [Member] | Related Party G [Member] | ||
Due from related parties | 126 | |
Prepaids and Other Current Assets [Member] | Related Party G [Member] | ||
Due from related parties | 1,032 | 1,623 |
Prepaids and Other Current Assets [Member] | Related Party H [Member] | ||
Due from related parties | $ 60,000 | $ 60,000 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amounts Due from Related Parties (Details) (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Due to related parties, accounts receivable | $ 126 | $ 0 |
Related Party Transactions - _3
Related Party Transactions - Schedule of Due to Related Parties (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Total | $ 1,222,948 | $ 1,009,760 |
Related Party A [Member] | ||
Total | 19,386 | 1,113 |
Related Party B [Member] | ||
Total | 28,705 | 35 |
Related Party D [Member] | ||
Total | 25 | |
Related Party E [Member] | ||
Total | 2,167 | |
Related Party J [Member] | ||
Total | 779,561 | 779,561 |
Related Party K [Member] | ||
Total | $ 395,296 | $ 226,859 |
Related Party Transactions - _4
Related Party Transactions - Schedule of Related Parties Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Service Revenue [Member] | ||||
Revenue from related parties | $ 57,128 | $ 1,285,568 | $ 107,971 | $ 1,313,464 |
Cost of Service Revenue [Member] | ||||
Revenue from related parties | 2,190 | 184,000 | ||
General and Administrative Expenses [Member] | ||||
Revenue from related parties | 3,046 | 106,574 | ||
Other Income [Member] | ||||
Revenue from related parties | 9,798 | |||
Related Party A [Member] | Service Revenue [Member] | ||||
Revenue from related parties | 18,709 | 37,570 | ||
Related Party A [Member] | General and Administrative Expenses [Member] | ||||
Revenue from related parties | 180 | |||
Related Party B [Member] | Service Revenue [Member] | ||||
Revenue from related parties | 73,174 | 562,897 | ||
Related Party B [Member] | Cost of Service Revenue [Member] | ||||
Revenue from related parties | 2,190 | |||
Related Party B [Member] | General and Administrative Expenses [Member] | ||||
Revenue from related parties | 1,932 | |||
Related Party C [Member] | Service Revenue [Member] | ||||
Revenue from related parties | 831 | 385 | ||
Related Party D [Member] | Service Revenue [Member] | ||||
Revenue from related parties | 5,911 | 707,015 | ||
Related Party D [Member] | Cost of Service Revenue [Member] | ||||
Revenue from related parties | 184,000 | |||
Related Party D [Member] | General and Administrative Expenses [Member] | ||||
Revenue from related parties | 106,574 | |||
Related Party D [Member] | Other Income [Member] | ||||
Revenue from related parties | 1,610 | |||
Related Party E [Member] | Service Revenue [Member] | ||||
Revenue from related parties | 9,390 | 5,597 | ||
Related Party E [Member] | Other Income [Member] | ||||
Revenue from related parties | 8,188 | |||
Related Party K [Member] | Service Revenue [Member] | ||||
Revenue from related parties | (44) | |||
Related Party G [Member] | General and Administrative Expenses [Member] | ||||
Revenue from related parties | $ 934 |
Deconsolidation of Controllin_2
Deconsolidation of Controlling Interest in Subsidiaries (Details Narrative) - USD ($) | May 20, 2020 | Feb. 29, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Assets | $ 11,526,034 | $ 8,884,453 | $ 9,285,084 | ||
Net deficit | (13,970,621) | (13,160,629) | |||
Non-controlling interest | $ 89,040 | $ 186,685 | |||
Yabez [Member] | |||||
Percentage on sale of ownership interest | 60.00% | ||||
Sale to unrelated party | $ 1 | ||||
Assets | 167,017 | ||||
Cash | 24,887 | ||||
Trade accounts receivable | 129,792 | ||||
Other assets | 12,338 | ||||
Trade accounts payable | 173,680 | ||||
Net deficit | (6,663) | ||||
Non-controlling interest | (7,446) | ||||
Basis | 783 | ||||
Loss on disposal | $ 727 | ||||
Greenpro Venture Cap (Qianhai) Limited [Member] | |||||
Percentage on sale of ownership interest | 2.00% | ||||
Cash | $ 129 | ||||
Basis | 196 | ||||
Loss on disposal | $ 125 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2020Integer | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Summarized Financial Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Revenues | $ 401,140 | $ 1,701,714 | $ 1,217,681 | $ 2,163,762 | ||||
Cost of revenues | 226,685 | (801,942) | ||||||
Depreciation and amortization | 128,758 | 123,806 | ||||||
Net income (loss) | (563,215) | (65,228) | (805,730) | (627,117) | ||||
Total assets | 11,526,034 | 9,285,084 | 11,526,034 | 9,285,084 | $ 8,884,453 | |||
Capital expenditures for long-lived assets | 4,002,042 | 1,073 | ||||||
Hong Kong [Member] | ||||||||
Revenues | [1] | 911,473 | 1,840,903 | |||||
Cost of revenues | 131,956 | (706,885) | ||||||
Depreciation and amortization | [1] | 52,665 | 45,163 | |||||
Net income (loss) | [1] | (474,989) | (254,671) | |||||
Total assets | [1] | 7,679,172 | 4,696,976 | 7,679,172 | 4,696,976 | |||
Capital expenditures for long-lived assets | [1] | 4,000,000 | ||||||
Malaysia [Member] | ||||||||
Revenues | 107,312 | 109,976 | 231,254 | [1] | 243,999 | [1] | ||
Cost of revenues | 93,736 | (95,057) | ||||||
Depreciation and amortization | [1] | 17,079 | 17,517 | |||||
Net income (loss) | [1] | (75,760) | 5,886 | |||||
Total assets | [1] | 910,594 | 1,162,242 | 910,594 | 1,162,242 | |||
Capital expenditures for long-lived assets | [1] | 2,042 | ||||||
China [Member] | ||||||||
Revenues | 44,848 | 48,140 | 74,954 | [1] | 78,860 | [1] | ||
Cost of revenues | 993 | |||||||
Depreciation and amortization | [1] | 59,014 | 61,126 | |||||
Net income (loss) | [1] | (254,981) | (378,332) | |||||
Total assets | [1] | 2,936,268 | 3,425,866 | 2,936,268 | 3,425,866 | |||
Capital expenditures for long-lived assets | [1] | 1,073 | ||||||
Real Estate Business [Member] | ||||||||
Revenues | 55,508 | 51,920 | ||||||
Cost of revenues | 26,241 | (23,752) | ||||||
Depreciation and amortization | 75,148 | 16,248 | ||||||
Net income (loss) | 10,497 | (36,865) | ||||||
Total assets | 2,466,329 | 2,586,843 | 2,466,329 | 2,586,843 | ||||
Capital expenditures for long-lived assets | ||||||||
Service Business [Member] | ||||||||
Revenues | 1,162,173 | 2,111,842 | ||||||
Cost of revenues | 200,444 | (692,690) | ||||||
Depreciation and amortization | 48,515 | 99,211 | ||||||
Net income (loss) | (508,569) | (349,987) | ||||||
Total assets | 4,936,420 | 6,433,183 | 4,936,420 | 6,433,183 | ||||
Capital expenditures for long-lived assets | 2,042 | 1,073 | ||||||
Corporate [Member] | ||||||||
Revenues | ||||||||
Cost of revenues | (85,500) | |||||||
Depreciation and amortization | 5,095 | 8,347 | ||||||
Net income (loss) | (307,658) | (240,265) | ||||||
Total assets | $ 4,123,285 | $ 265,058 | 4,123,285 | 265,058 | ||||
Capital expenditures for long-lived assets | $ 4,000,000 | |||||||
[1] | Revenues and costs are attributed to countries based on the location where the entities operate. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Jul. 23, 2020USD ($)$ / sharesshares | Jun. 15, 2020shares | Sep. 30, 2020USD ($) | Jun. 30, 2020 | Jun. 29, 2020kg | May 27, 2020kg |
Acquired percentage | 100.00% | |||||
Subsequent Event [Member] | ||||||
Gain on disposal | $ | $ 1,000,000 | |||||
Purchase and Sale Agreement [Member] | ||||||
Ownership interest | 4.00% | |||||
Acquisition kilogram carved | kg | 12.3 | 12.3 | ||||
Acquired percentage | 4.00% | 4.00% | ||||
Number of restricted shares of common stock, shares | shares | 4,444,444 | |||||
Purchase and Sale Agreement [Member] | Subsequent Event [Member] | ||||||
Number of restricted shares of common stock, shares | shares | 1,000,000 | |||||
Number of restricted shares of common stock | $ | $ 5,000,000 | |||||
Share price | $ / shares | $ 5 |