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Subsequent Event | 12 Months Ended
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Dec. 31, 2017
Subsequent Event [Abstract] |
Subsequent Event | Note 10 – Subsequent Event Initial Public Offering On March 22, 2018, the Company completed its initial public offering of 1,550,000 ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of approximately $6.2 million before underwriting discounts and commissions and offering expenses. On March 28, 2018, the Company sold an additional 232,500 ordinary shares for gross proceed of $930,000. The following transactions are reflected in the Company’s selected financial information on a pro forma and as adjusted basis:
| ● | Completion of the initial public offering of 1,550,000 shares of its ordinary shares for gross proceeds of $6,200,000, and less costs of $975,788, for net proceeds of $5,224,212;
| ● | Offering of 232,500 ordinary shares pursuant to the underwriters’ over-allotment option for gross proceeds of $930,000 and less costs of $88,350, for net proceeds of $841,650.
| ● | Deposit of $600,000 to fund an escrow account established for purposes of indemnifying the underwriters of the initial public offering for a period of 30 months;
| ● | To net against prepaid IPO costs of $2,404,580 with the Company’s gross proceeds, of which, $2,000,000 are non-cash transactions in relation to the issuance of ordinary shares to service providers for IPO services.
On a pro forma as adjusted basis, selected financial information of the consolidated balance sheet as of December 31, 2017 is as follows:
Selected Consolidated Balance Sheet Data: |  | As of December 31, 2017 |  |  | Offering |  |  | Pro Forma as Adjusted |
Cash |  | $ | 5,456,778 |  |  | $ | 5,465,862 |  |  | $ | 10,922,640 |
Total current assets |  | $ | 10,056,660 |  |  | $ | 3,061,282 |  |  | $ | 13,117,942 |
Total assets |  | $ | 12,914,688 |  |  | $ | 3,661,282 |  |  | $ | 16,575,970 |
Total current liabilities |  | $ | 469,232 |  |  | $ | - |  |  | $ | 469,232 |
Total liabilities |  | $ | 469,232 |  |  | $ | - |  |  | $ | 469,232 |
Total shareholder’s equity |  | $ | 12,445,456 |  |  | $ | 3,661,282 |  |  | $ | 16,106,738 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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