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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 19 – SUBSEQUENT EVENTS

 

Shares issued or to be issued for services

 

From July 1, 2018 to August 10, 2018, the Company or its subsidiaries signed the consultancy service agreements with 8 consultants respectively. Each consultancy period was around eleven to twelve months. the Company agreed to pay these consultants $1,056,020 to be paid by the issuance of an aggregate of 299,101 shares as follows: 255,496 shares during the period between Jul 2018 & December 2018; 43,605 shares during Year 2019.

 

The initial log of shares for each service agreements was valued at the fair market value on the grant date using the reported closing share price on the date of grant. Total number of the initial log of shares for these serviced agreements is 222,525. Total value of the initial log of share is $767,527. In connection with the issuance of these shares, the Company shall record stock-based professional fees of $767,527 over the service period.

  

Additionally, pursuant to this consulting agreement, the Company will issue an additional 76,576 shares of common stock to these consultants, provided that these Agreement are not terminated prior to date of the issuance of these shares. The initial fair value of these shares was valued at the fair market value on the contract date using the reported closing share price on the date of grant. The Company will recognize stock-based professional fees over the period during which the services are rendered by such consultant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is remeasured using the then-current fair value of the Company’s common stock.

 

Shares issued for bonus to directors and employees

 

On August 1, 2018, the Company issued 177,000 shares as bonus to certain directors and employees for performance targets to be achieved for the second half of the year in 2018.

 

Shares issued for donation

 

On July 10, 2018, the Company issued 58,000 shares as donation to Ng Hong Man Educational Foundation Limited. The Foundation would use the funds raised from the donation to support and promote the delivery of education and the operation of the Foundation, to set up a co-working facility and community for training the low skill people, and to coordinate with schools and education institutes to support and promote the education of sharing economy to the teenage groups.

 

Shares issued in connection with Tenancy Agreement for office complex of Shaw Movie City

 

Sharing Film International Limited (“Sharing Film”), a wholly owned subsidiary of the Company, entered into a tenancy agreement with Shaw Movie City Hong Kong Limited (“Landlord”). The Landlord let and Sharing Film took one level of office complex of Shaw Movie City for one year commencing from 1 November 2018 renewable on a yearly basis, at an annual rental of HK$7,099,970 and a monthly management fee of HK$145,378. On July 24, 2018, the Company issued 311,357 shares as the payment for the annual rental and part of the management fee for the one year tenure and 54,777 shares as the payment of part of the tenancy deposit.