Business Under Common Control

3 Months Ended

Mar. 31, 2021

Business Under Common Control

Business Under Common Control

5. BUSINESS UNDER COMMON CONTROL

Due to the transactions with Chan Heng Fai on March 12, 2021, transactions between entities under common control (for further details on these transactions, refer to Note 2 – Summary of Significant Accounting Policies), the Company has disclosed the Consolidated Statement of Operations and Other Comprehensive Income for the Three Months Ended on March 31, 2020 and Consolidated Balance Sheet as of December 31, 2020, to adjust the information on a consolidated basis as follows:

Consolidated Statement of Operations and Other Comprehensive Income for the Three Months Ended on March 31, 2020

	As Previously Reported			Acquisition of APB under Common Control			Acquisition of LVD Ltd under Common Control			As Combined
Revenue
Property Sales	$	2,954,389		$	-		$	-		$	2,954,389
Biohealth Product Sales		10,782			-			-			10,782
		2,965,171			-			-			2,965,171
Operating Expenses
Cost of Sales		2,383,703			-			-			2,383,703
General and Administrative		920,124			81,226			500			1,001,850
Research and Development		2,009			-			-			2,009
Total Operating Expenses		3,305,836			81,226			500			3,387,562
Loss From Operations		(340,665	)		(81,226	)		(500	)		(422,391	)
Other Income (Expense)
Interest Income		7,810			11,580			25			19,415
Interest Expense		(60,931	)		-			-			(60,931	)
Foreign Exchange Transaction Gain (Loss)		2,118,952			-			141,530			2,260,482
Unrealized Gain (Loss) on Securities Investment		484,362			(26,034	)		94			458,422
Finance Costs		-			(4,890	)		(13	)		(4,903	)
Other Income		5,471			-			-			5,471
Total Other Income (Expense), Net		2,555,664			(19,344	)		141,636			2,677,956
Net Income (Loss) Before Income Taxes		2,214,999			(100,570	)		141,136			2,255,565
Income Tax		-			-			-			-
Net Income (Loss)		2,214,999			(100,570	)		141,136			2,255,565
Net Income (Loss) Attributable to Non-Controlling Interest		643,139			(6,436	)		-			636,703
Net Income (Loss) Attributable to Common Stockholders	$	1,571,860		$	(94,134	)	$	141,136		$	1,618,862
Other Comprehensive Loss, Net
Unrealized Loss on Securities Investment		(12,599	)		-			-			(12,599	)
Foreign Currency Translation Adjustment		(1,674,021	)		-			-			(1,674,021	)
Comprehensive Income (Loss)		528,379			(100,570	)		141,136			568,945
Comprehensive Income (Loss) Attributable to Non-controlling Interests		59,569			(6,436	)		-			53,133
Comprehensive Income (Loss) Attributable to Common Stockholders	$	468,810		$	(94,134	)	$	141,136		$	515,812
Net Income Per Share - Basic and Diluted	$	0.16								$	0.16
Weighted Average Common Shares Outstanding - Basic and Diluted		10,001,000									10,001,000

Consolidated Balance Sheet as of December 31, 2020

	As Previously Reported			Acquisition of APB under Common Control			Acquisition of LVD Ltd under Common Control			Eliminations			As Combined
Assets:
Current Assets:
Cash	$	22,124,491		$	1,848,455		$	492,977		$	-		$	24,465,923
Restricted Cash		6,769,533			-			-			-			6,769,533
Account Receivables, Net		1,366,194			-			-			-			1,366,194
Other Receivables		270,222			279,177			95,177			-			644,576
Note Receivables - Related Party		624,986			24,583			-			-			649,569
Prepaid Expenses		1,470,680			-			-			-			1,470,680
Inventory		90,068			-			-			-			90,068
Investment in Securities at Fair Value		48,857,483			313,343			1,631			-			49,172,457
Investment in Securities at Cost		280,516			-			-			-			280,516
Investment in Securities on Equity Method		-			-			74,535			(74,535	)		-
Deposits		47,019			-			-			-			47,019
Total Current Assets		81,901,192			2,465,558			664,320			(74,535	)		84,956,535
Real Estate
Properties under Development		20,505,591			-			-			-			20,505,591
Operating Lease Right-Of-Use Asset		574,754			-			-			-			574,754
Deposit		249,676			-			-			-			249,676
Loan Receivable		-			840,000			-			-			840,000
Property and Equipment, Net		85,365			-			-			-			85,365
Total Assets	$	103,316,578		$	3,305,558		$	664,320		$	(74,535	)	$	107,211,921
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts Payable and Accrued Expenses	$	1,553,132		$	117,188		$	-		$	-		$	1,670,320
Deferred Revenue		2,867,226			-			-			-			2,867,226
Builder Deposits		1,262,336			-			-			-			1,262,336
Operating Lease Liability		381,412			-			-			-			381,412
Note Payable		172,706			-			-			-			172,706
Note Payable- Related Parties		1,526,208			-			823,823			-			2,350,031
Total Current Liabilities		7,763,020			117,188			823,823			-			8,704,031
Long-Term Liabilities:
Builder Deposits		-			-			-			-			-
Operating Lease Liability		193,342			-			-			-			193,342
Notes Payable		636,362			-			-			-			636,362
Total Liabilities		8,592,724			117,188			823,823			-			9,533,735
Stockholders’ Equity:
Common Stock		8,570			47,756			-			(47,756	)		8,570
Additional Paid In Capital		97,950,440			3,584,982			756,487			47,756			102,339,666
Accumulated Deficit		(43,010,991	)		(876,712	)		(906,010	)		-			(44,793,713	)
Accumulated Other Comprehensive Income		2,153,318			-			(9,980	)		-			2,143,338
Total Stockholders’ Equity		57,101,337			2,756,027			(159,503	)		-			59,697,861
Non-controlling Interests		37,622,517			432,343			-			(74,535	)		37,980,325
Total Stockholders’ Equity		94,723,854			3,188,370			(159,503	)		(74,535	)		97,678,186
Total Liabilities and Stockholders’ Equity	$	103,316,578		$	3,305,558		$	664,320		$	(74,535	)	$	107,211,921