XML 43 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Restatement of Previously Issued Consolidated Financial Statements (Tables)
 12 Months Ended
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 )