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Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restated Statements | The following table presents the effect of the restatements on the Company’s previously issued consolidated balance sheet:
|  | As of December 31, 2016 |
|  | As Previously Reported |  |  | Adjustments |  |  | Notes |  |  | As Restated |
Accounts receivable |  | $ | 439,217 |  |  | $ | (54,799 | ) |  |  | D |  |  | $ | 384,418 |
Deferred costs related to revenue |  |  | - |  |  |  | 75,207 |  |  |  | A |  |  |  | 75,207 |
Real estate held for investment, net |  |  | 1,014,289 |  |  |  | (212,775 | ) |  |  | B |  |  |  | 801,514 |
Goodwill |  |  | 1,472,729 |  |  |  | 174,001 |  |  |  | C |  |  |  | 1,646,730 |
Deferred revenue |  |  | - |  |  |  | 215,000 |  |  |  | A |  |  |  | 215,000 |
Additional paid in capital |  |  | 6,626,958 |  |  |  | 1,943 |  |  |  | B |  |  |  | 6,628,901 |
Accumulated other comprehensive income |  |  | 102,898 |  |  |  | (175,298 | ) |  |  | B |  |  |  | (111,818 | )
|  |  |  |  |  |  | (39,418 | ) |  |  | B |  |  |  |  |
Accumulated deficit |  |  | (790,254 | ) |  |  | (191,500 | ) |  |  | A |  |  |  | (981,754 | )
Noncontrolling interests in consolidated subsidiaries |  | $ | 148,230 |  |  | $ | 170,913 |  |  |  | C |  |  | $ | 319,143 |
The following table presents the effect of the restatements on the Company’s previously issued consolidated statement of operations and comprehensive loss:
|  | For the year ended December 31, 2016 |
|  | As Previously Reported |  |  | Adjustments |  |  | Notes |  |  | As Restated |
Service revenue |  | $ | 2,676,292 |  |  | $ | 315,300 |  |  |  | A |  |  | $ | 2,991,592 |
Cost of service revenue |  |  | (997,401 | ) |  |  | (88,992 | ) |  |  | A |  |  |  | (1,086,393 | )
General and administrative |  |  | (1,869,494 | ) |  |  | (54,799 | ) |  |  | D |  |  |  | (1,924,293 | )
Net income (loss) attributable to common shareholders |  |  | (222,324 | ) |  |  | 171,509 |  |  |  |  |  |  |  | (50,815 | )
Foreign currency translation income (loss) |  |  | 28,395 |  |  |  | (39,418 | ) |  |  | B |  |  |  | (11,023 | )
Comprehensive loss |  | $ | (193,928 | ) |  | $ | 132,091 |  |  |  |  |  |  | $ | (61,837 | )
Net loss per share, basic and diluted |  | $ | (0.00 | ) |  |  |  |  |  |  |  |  |  | $ | (0.00 | )
The following table presents the effect of the restatements on the Company’s previously issued consolidated statement of stockholder’s equity:
|  | Additional Paid-in Capital |  |  | Accumulated Other Comprehensive Income (Loss) |  |  | Accumulated Deficit |  |  | Non- Controlling Interest |  |  | Total Equity |
Balance as of December 31, 2015, as previously reported |  | $ | 5,915,294 |  |  | $ | 74,503 |  |  | $ | (567,931 | ) |  | $ | 136,983 |  |  | $ | 5,564,045 |
Prior Period revisions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Correction of errors |  |  | 1,943 |  |  |  | (175,298 | ) |  |  | (363,008 | ) |  |  | 170,913 |  |  |  | (365,450 | )
Balance as of December 31, 2015, as restated |  | $ | 5,917,237 |  |  | $ | (100,795 | ) |  | $ | (930,939 | ) |  | $ | 307,896 |  |  | $ | 5,198,595 |
The following table presents the effect of the restatements on the Company’s previously issued consolidated statement of cash flows:
|  | For the year ended December 31, 2016 |
|  | As Previously Reported |  |  | Adjustments |  |  | Notes |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (211,175 | ) |  | $ | 171,509 |  |  |  | A |  |  | $ | (39,666 | )
Provision for bad debts |  |  | - |  |  |  | 54,799 |  |  |  | D |  |  |  | 54,799 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | (254,462 | ) |  |  | (34,500 | ) |  |  | A, D |  |  |  | (288,962 | )
Deferred revenue |  |  | (174,547 | ) |  |  | (280,800 | ) |  |  | A |  |  |  | (455,347 | )
Deferred costs |  |  | - |  |  |  | 88,994 |  |  |  | A |  |  |  | 88,994 |
Net cash used in operating activities |  | $ | (502,388 | ) |  | $ | 2,160 |  |  |  |  |  |  | $ | (500,228 | )
Net cash used in investing activities |  | $ | (14,566 | ) |  | $ | (2,160 | ) |  |  |  |  |  | $ | (16,726 | )

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