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Investments in Unconsolidated Entities | 6 Months Ended
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Jun. 30, 2017
Investments, All Other Investments [Abstract] |
Investments in Unconsolidated Entities | NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES For the six months ended June 30, 2017, the Company invested in three unconsolidated entities, namely Agape ATP Corporation, Dongjia, Inc. and Aquarius Protection Fund SPC, with initial investment amounts of $1,750, $1,500 and $200,000, respectively. The Company’s ownership was less than 5% in each investment and each investment is accounted for under the cost method of accounting. For the year ended December 31, 2016, the Company invested in four unconsolidated entities, in which the Company’s ownership ranges from 19% to 50% and are accounted for under the equity method of accounting, with initial investment amount aggregated of $10,507. The Company recognized its share of loss on investments in unconsolidated entities of $0 and $9,007 for six months ended June 30, 2017 and for the year ended December 31, 2016, respectively. For the year ended December 31, 2016, the Company invested in Greenpro Trust Limited with an initial investment amount of $51,613, which is approximately 12% of the equity interest of Greenpro Trust Limited and is accounted for under the cost method of accounting. Greenpro Trust Limited is a company incorporated in Hong Kong with 3,400,000 ordinary shares authorized, issued and outstanding at a par value of HK$1. Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert are the common directors of Greenpro Trust Limited and the Company. Combined summarized financial information for all the unconsolidated entities (under equity method of accounting) are as follows:
|  | As of June 30, 2017 |  |  | As of December 31, 2016 |
Total assets |  | $ | 954,383 |  |  | $ | 1,642,569 |
Total liabilities |  | $ | 306,695 |  |  | $ | 897,032 |
|  | For the six months ended June 30, 2017 |  |  | For the year ended December 31, 2016 |
Revenue |  | $ | 186,245 |  |  | $ | 168,742 |
Net loss for the period/year |  | $ | 1,029,597 |  |  | $ | 1,256,789 |

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- Definition The entire disclosure for investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=75025870&loc=d3e40691-111596 + Details
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- References No definition available. + Details
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