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Investment
6 Months Ended
Jun. 30, 2020
Investments, All Other Investments [Abstract]  
Investment

5. Investment

 

As of March 31, 2020, the Company owned 88,174,129 ordinary shares of Singapore eDevelopment Limited (“SED”) a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited, at an exercise price of SGD$0.04 (US$0.029) per share and warrants to purchase an additional 44,005,182 ordinary shares at an exercise price of SGD$0.04 (US$0.029) per share. On June 25, 2020, the Company exercised those warrants bringing its total ownership to 127,179,311 shares or approximately 10% of the outstanding shares of SED at June 30, 2020. Under ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” and the Company carries its investment in SED at costs, less impairments. 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 June 30, 2020 was approximately $3,445,000. As of June 30, 2020 the share price of SED was approximately US$0.09 per share.