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Other Investments
 12 Months Ended
Dec. 31, 2019
Other Investments [Abstract]  
Other Investments

NOTE 7 – OTHER INVESTMENTS

 

    As of     As of  
    December 31, 2019     December 31, 2018  
Investment in equity securities of affiliates            
Investment in Greenpro Trust Limited (related party)   $ 51,613     $ 51,613  
Other-related party     1,750       1,758  
                 
Cash surrender value of life insurance, net of policy loan     91,777       110,357  
Total   $ 145,140     $ 163,728  

 

At December 31, 2019 and 2018, the Company had an 11% interest in Greenpro Trust Limited of $51,613 which was recorded at cost, which approximates fair value. Greenpro Trust Limited is a company incorporated in Hong Kong and Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert are common directors of Greenpro Trust Limited and the Company.

 

Impairment of other investments

 

During 2018, the Company made a deposit on a potential real estate acquisition that was subsequently cancelled. As of December 31, 2018, the deposit was not returned, and the Company determined that the deposit was impaired and recorded an impairment of the deposit of $371,932. In addition, during 2018, the Company recorded an impairment of other investments-related parties of $618,265 (see Note 15). For the year ended December 31, 2018, the total impairment of other investments-related parties and impairment of other investments totaled $990,197. For the year ended December 31, 2019, there was no impairment of other investments recorded.