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Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 7 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

The Company’s prepaid expenses and other current assets are as follows:

		December 31, 2018				December 31, 2017
Other receivable (1)		$	809,396			$	607,822
Prepaid rent expense			25,735				75,943
Value added tax receivable			83,717				86,289
Other			55,954				4,611
Total		$	974,802			$	774,665

(1) Other receivables mainly represent mainly advances to employees for business development purposes and prepaid employee insurance and welfare benefit which will be subsequently deducted from the employee payroll.

(2) The Company’s subsidiary Beijing REIT leases headquarter offices of 658 square meters from March 1, 2011 to August 30, 2018, and prepaid rent expense to the landlord, which is amortized over the lease term.

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- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-URI http://asc.fasb.org/topic&trid=2122503

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 610
-URI http://asc.fasb.org/topic&trid=49130413

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