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16. Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16

COMMITMENTS AND CONTINGENCIES

Operating leases commitments

The Company leases office and accommodation under a non-cancelable operating lease agreement that expire on May 10, 2028, with an option to renew the lease. The first five years are on a fixed payment basis. And it is subject to a market price adjustment for the second five years, which is considered as a contingent rental, and has been excluded from minimum future payment entirely. Minimum future commitments under the agreement as of December 31, 2018 are as follows:

Years ended December 31,		Lease Commitment
		$
2019		-
2020		1,947
2021		2,920
2022		2,920
2023		973
Total		8,761

Rent and property management expenses were $1,019 and nil for the years ended December 31, 2018 and 2017, respectively.

Capital commitments

As of December 31, 2018 and 2017, the Company’s capital commitments contracted but not yet reflected in the consolidated financial statements amounted to $nil.

Contingencies

In the ordinary course of business, the Company may be subject to legal proceeding regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

The Company has no significant pending litigation as of April 12, 2019.