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Cash Surrender Value of Life Insurance | 6 Months Ended
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Jun. 30, 2017
Cash Surrender Value Of Life Insurance |
Cash Surrender Value of Life Insurance | NOTE 8 - CASH SURRENDER VALUE OF LIFE INSURANCE On September 9, 2013, the Company purchased insurance on the life of the General Manager of the Company. As beneficiary, the Company receives the cash surrender value if the policy is terminated and, upon death of the insured, receives all benefits payable. Net cash surrender value of this life insurance is presented in the accompanying financial statement, net of surrender charge. On May 15, 2015, the Company purchased additional insurance on the life of an executive Corporate Advisor of the Company. As beneficiary, the Company receives the cash surrender value if the policy is terminated and, upon death of the insured, receives all benefits payable. The cash surrender value of this life insurance is pledged as collateral against HK$902,663 (approximately $116,473) credit facility with Hang Seng Bank Limited. Cash value of this life insurance is presented in the accompanying financial statement, net of the policy loan. The loan carries interest at an effective rate of 1.75% per annum over 1 month Hong Kong Interbank Offered Rate (“HIBOR”), payable with one lump sum on maturity in May 2016, which is secured by the cash value of the life insurance policy and personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan, the directors of the Company. The loan was renewed on May 27, 2016 and July 17, 2017. The loan carries interest at 1.75% per annum over 1 month HIBOR or the Bank’s Cost of Funds, whichever is higher, payable at the end of each interest period. Final maturity date of the loan is 12 months from the date of drawdown. A summary of the net cash surrender value of life insurance as of June 30, 2017 is reported below:
|  | As of June 30, 2017 |  |  | As of December 31, 2016 |
|  | (unaudited) |  |  | (audited) |
Cash surrender value of life insurance |  | $ | 174,735 |  |  | $ | 172,531 |
Less: policy loan balance outstanding |  |  | (116,473 | ) |  |  | (116,473 | )
Cash surrender value of life insurance, net |  | $ | 58,262 |  |  | $ | 56,058 |

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