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Real Estate Held For Sale
 12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
Real Estate Held For Sale

NOTE 5 - REAL ESTATE HELD FOR SALE

 

At December 31, 2017 and 2016, real estate held for sale totaled $3,430,641 and $3,747,732, respectively. Real estate held for sale represents multiple units in a building located in Hong Kong. During the year ended December 31, 2017, the Company sold three units for $423,871, with related costs of sales of $347,479. The property was developed for resale on a unit by unit basis and is stated at the lower of cost or estimated fair value, less estimated costs to sell. Real estate held for sale represents properties for which a committed plan to sell exists and an active program to market such properties has been initiated. Real estate held for sale is stated at cost less costs to sell unless the inventory is determined to be impaired in which case the impaired inventory is written down to fair value. At December 31, 2017, the Company’s real estate held for sale was pledged to a non-banking lender as security collateral for loans of $774,194 (see Note 10).