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Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

NOTE 4 – PROPERTY AND EQUIPMENT, NET

		As of				As of
		December 31, 2019				December 31, 2018
Office leasehold		$	2,985,125			$	3,021,884
Furniture and fixtures			52,196				56,025
Office equipment			53,164				47,751
Leasehold improvement			69,964				70,344
			3,160,449				3,196,004
Less: Accumulated depreciation and amortization			(329,340	)			(197,491	)
Total		$	2,831,109			$	2,998,513

Office leasehold represents three adjoining office units used by the Company located in a commercial building in Shenzhen, China. The office leasehold is subject to a 50 years land lease with a remaining term of 25 years and is being amortized over the remaining lease term. Depreciation and amortization expense, classified as operating expenses, were $138,194 and $143,359 for the years ended December 31, 2019 and 2018, respectively.

At December 31, 2019, the Company’s office leasehold was pledged to banks as security collateral for a loan of $1,034,037 (see Note 11).

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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