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Investment in OC-BVI (Tables) | 9 Months Ended
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Sep. 30, 2019
Investment in OC-BVI |
Schedule of Equity Method Investments | Summarized financial information for OC-BVI is as follows:
|  | September 30, |  | December 31,
|  | 2019 |  | 2018
Current assets |  | $ | 886,760 |  | $ | 2,286,179
Non-current assets |  |  | 3,576,216 |  |  | 3,859,310
Total assets |  | $ | 4,462,976 |  | $ | 6,145,489
|  | September 30, |  | December 31,
|  | 2019 |  | 2018
Current liabilities |  | $ | 93,129 |  | $ | 132,005
Non-current liabilities |  |  | 672,300 |  |  | 1,048,950
Total liabilities |  | $ | 765,429 |  | $ | 1,180,955
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue |  | $ | 803,861 |  | $ | 708,601 |  | $ | 2,358,836 |  | $ | 2,138,238
Cost of revenue |  |  | 523,038 |  |  | 354,476 |  |  | 1,626,152 |  |  | 888,628
Gross profit |  |  | 280,823 |  |  | 354,125 |  |  | 732,684 |  |  | 1,249,610
General and administrative expenses |  |  | 170,385 |  |  | 325,721 |  |  | 594,980 |  |  | 742,645
Income from operations |  |  | 110,438 |  |  | 28,404 |  |  | 137,704 |  |  | 506,965
Other income (expense), net |  |  | (4,050) |  |  | 3,360,304 |  |  | (20,191) |  |  | 3,458,070
Net income |  |  | 106,388 |  |  | 3,388,708 |  |  | 117,513 |  |  | 3,965,035
Income attributable to non-controlling interests |  |  | 18,691 |  |  | 6,773 |  |  | 56,206 |  |  | 36,180
Net income attributable to controlling interests |  | $ | 87,697 |  | $ | 3,381,935 |  | $ | 61,307 |  | $ | 3,928,855
A reconciliation of the beginning and ending balances for the Company’s investment in OC-BVI for the nine months ended September 30, 2019 is as follows:
Balance as of December 31, 2018 |  | $ | 2,584,987
Profit sharing and equity from earnings of OC-BVI |  |  | 36,811
Distributions received from OC-BVI |  |  | (742,350)
Balance as of September 30, 2019 |  | $ | 1,879,448

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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