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LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS | 3 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | The following table presents TTCQ’s loan receivable from property development projects in China as of September 30, 2014. The exchange rate is based on the date published by the Monetary Authority of Singapore as on September 30, 2014.
| Loan Expiry Date |  | Loan Amount (RMB) |  |  | Loan Amount (U.S. Dollars) |
Short-term loan receivables |  |  |  |  |  |  |
JiangHuai (Project – Yu Jin Jiang An) | May 31,2013 |  |  | 2,000 |  |  |  | 325 |
Less: allowance for impairment | Dec 31, 2013 |  |  | (2,000 | ) |  |  | (325 | )
Net short-term loan receivables |  |  |  | - |  |  |  | - |
Long-term loan receivables |  |  |  |  |  |  |  |  |
Jun Zhou Zhi Ye | Oct 31, 2016 |  |  | 5,000 |  |  |  | 814 |
Net loan-term loan receivables from property development projects |  |  |  | 5,000 |  |  |  | 814 |
The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2014. The exchange rate is based on the date published by the Monetary Authority of Singapore as on June 30, 2014.
| Loan Expiry Date |  | Loan Amount (RMB) |  |  | Loan Amount (U.S. Dollars) |
Short-term loan receivables |  |  |  |  |  |  |
JiangHuai (Project – Yu Jin Jiang An) | May 31,2013 |  |  | 2,000 |  |  |  | 325 |
Less: allowance for impairment | Dec 31, 2013 |  |  | (2,000 | ) |  |  | (325 | )
Net short-term loan receivables |  |  |  | - |  |  |  | - |
Long-term loan receivables |  |  |  |  |  |  |  |  |
Jun Zhou Zhi Ye | Oct 31, 2016 |  |  | 5,000 |  |  |  | 805 |
Net loan-term loan receivables from property development projects |  |  |  | 5,000 |  |  |  | 805 |
On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 5,000, or approximately $814 based on the exchange rate as at September 30, 2014 published by the Monetary Authority of Singapore. The amount was unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expired on October 31, 2012, and was renewed in November 2012 and expired in November 2013. On November 1, 2013 the loan was transferred by JiaSheng to, and is now payable by, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (“Jun Zhou Zhi Ye”) and the transferred agreement expires on October 31, 2016. Hence the loan receivable has been reclassified as a long-term loan receivable. The book value of the loan receivable approximates its fair value. TTCQ recorded other income of $51, based on the average exchange rate for the three months ended September 30, 2014 published by the Monetary Authorities of Singapore, as compared to $49 for the same period in the last year. On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 2,000, or approximately $325. The amount was secured by the underlying property and repayable at the end of the term. The loan was renewed, but expired on May 31, 2013. TTCQ is in the legal process of recovering the outstanding amount of $325. TTCQ did not generate other income from JiangHuai for both the periods ending three months ended September 30, 2014 and three months ended September 30, 2013. An impairment of $325 was recorded during the second fiscal quarter ended December 31, 2013.

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