BUSINESS UNDER COMMON CONTROL

9 Months Ended

Sep. 30, 2021

Business Under Common Control

BUSINESS UNDER COMMON CONTROL

  6. BUSINESS UNDER COMMON CONTROL

Due to the transactions with Chan Heng Fai on March 12, 2021 and acquisition of HengFeng Finance Limited (“HFL”) on April 21, 2021, transactions between entities under common control (for further details on these transactions, refer to Note 3 – Summary of Significant Accounting Policies), the Company has disclosed the Consolidated Statement of Operations and Other Comprehensive Income for the Nine Months Ended on September 30, 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 Nine Months Ended on September 30, 2020

	As Previously Reported			Acquisition of APB and HFL under Common Control			Acquisition of LVD Ltd under Common Control			As Combined
Revenue
Real Estate	$	7,148,786		$	-		$	-		$	7,148,786
Biohealth		31,133			-			-			31,133
Total Revenue		7,179,919			-			-			7,179,919
Operating Expenses
Cost of Sales		5,609,303			-			-			5,609,303
General and Administrative		4,196,939			330,665			7,574			4,535,178
Total Operating Expenses		9,806,242			330,665			7,574			10,144,481
Loss From Operations		(2,626,323	)		(330,665	)		(7,574	)		(2,964,562	)
Other Income (Expense)
Interest Income		14,995			32,801			67			47,863
Interest Expense		(160,341	)		-			-			(160,341	)
Foreign Exchange Transaction Gain		960,268			-			21,296			981,564
Unrealized Gain (Loss) on Securities Investment		(10,877,960	)		(5,311	)		122			(10,883,149	)
Realized Gain on Security Investment		-			-			444,508			444,508
Loss on Investment on Security by Equity Method		(193,132	)		-			-			(193,132	)
Finance Cost		-			(73,041	)		-			(73,041	)
Other Income		52,847			2,278			-			55,125
Total Other Income (Expense), Net		(10,203,323	)		(43,273	)		465,993			(9,780,603	)
Net Income (Loss) from Continuing Operations Before Income Taxes		(12,829,646	)		(373,938	)		458,419			(12,745,165	)
Income Tax Expense from Continuing Operations		(188,759	)		-			-			(188,759	)
Net Income (Loss) from Continuing Operations		(13,018,405	)		(373,938	)		458,419			(12,933,924	)
Loss from Discontinued Operations, Net of Tax		(417,438	)		-			-			(417,438	)
Net Income (Loss)		(13,435,843	)		(373,938	)		458,419			(13,351,362	)
Net Loss Attributable to Non-Controlling Interest		(4,126,352	)		(50,706	)		-			(4,177,058	)
Net Income (Loss) Attributable to Common Stockholders	$	(9,309,491	)	$	(323,232	)	$	458,419		$	(9,174,304	)
Other Comprehensive Loss, Net
Unrealized Gain on Securities Investment		29,639			-			-			29,639
Foreign Currency Translation Adjustment		(585,085	)		-			-			(585,085	)
Comprehensive Income (Loss)		(13,991,289	)		(373,938	)		458,419			(13,906,808	)
Comprehensive Loss Attributable to Non-controlling Interests		(4,190,100	)		(50,706	)		-			(4,240,806	)
Comprehensive Income (Loss) Attributable to Common Stockholders	$	(9,801,189	)	$	(323,232	)	$	458,419		$	(9,666,002	)
Net Loss Per Share - Basic and Diluted
Continuing Operations	$	(1.07	)							$	(1.01	)
Discontinued Operations	$	(0.03	)							$	(0.04	)
Net Income Per Share	$	(1.10	)							$	(1.05	)
Weighted Average Common Shares Outstanding - Basic and Diluted		8,712,081									8,712,081

Consolidated Balance Sheet as of December 31, 2020

	As Previously Reported			Acquisition of APB and HFL under Common Control			Acquisition of LVD Ltd under Common Control			Eliminations			As Combined
Assets:
Current Assets:
Cash	$	22,124,491		$	2,348,478		$	492,977		$	-		$	24,965,946
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			1,801			-			-			48,820
Total Current Assets		81,901,192			2,967,382			664,320			(74,535	)		85,458,359
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		$	3,807,382		$	664,320		$	(74,535	)	$	107,713,745
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts Payable and Accrued Expenses	$	1,553,132		$	118,133		$	-		$	-		$	1,671,226
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			184,250			823,823			-			2,534,281
Total Current Liabilities		7,763,020			302,383			823,823			-			8,889,226
Long-Term Liabilities:
Builder Deposits		-			-			-			-			-
Operating Lease Liability		193,342			-			-			-			193,342
Notes Payable		636,362			-			-			-			636,362
Total Liabilities		8,592,724			302,383			823,823			-			9,718,930
Stockholders’ Equity:
Common Stock		8,570			47,756			-			(47,756	)		8,570
Additional Paid in Capital		97,950,440			3,975,261			756,487			47,756			102,729,944
Accumulated Deficit		(43,010,991	)		(993,296	)		(906,010	)		-			(44,910,297	)
Accumulated Other Comprehensive Income (Loss)		2,153,318			-			(9,980	)		-			2,143,338
Total Stockholders’ Equity		57,101,337			3,029,721			(159,503	)		-			59,971,555
Non-controlling Interests		37,622,517			475,278			-			(74,535	)		38,023,260
Total Stockholders’ Equity		94,723,854			3,504,999			(159,503	)		(74,535	)		97,994,815
Total Liabilities and Stockholders’ Equity	$	103,316,578		$	3,807,382		$	664,320		$	(74,535	)	$	107,713,745