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Real Estate Held For Sale | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Real Estate Held For Sale | NOTE 5 - REAL ESTATE HELD FOR SALE At December 31, 2019 and 2018, real estate held for sale was valued $2,396,238 and $2,530,183, respectively. Real estate held for sale represents multiple units in a building located in Hong Kong. During the year ended December 31, 2019, the Company sold one unit for $189,522, with a cost of $120,965 and other costs of sale of $16,240. During the year ended December 31, 2018, the Company sold eight units for $1,368,220, with related costs of units of $900,457 and other costs of sale of $119,333. 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. At December 31, 2019, the Company’s real estate held for sale was pledged to a lender as security collateral for a loan of $385,158 (see Note 11).

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118952595&loc=d3e4437-111522 + Details
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