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Investment
3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Investment

5. Investment

 

The Company owns 83,174,129 ordinary shares of Singapore eDevelopment Limited (“SED”) a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited, and an existing three-year warrant to purchase up to 44,005,182 ordinary shares at an exercise price of SGD$0.040 (US$0.0298) per share. The Company adopted ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” and carries its investment in SED at costs. The Chairman of the Company, Mr. Heng Fai Ambrose Chan, is the Executive Director and Chief Executive Officer of SED. The carrying value of the investment as of March 31, 2019 was approximately $2,154,000.