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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 21 – SUBSEQUENT EVENTS

 

On January 11, 2019, the Company converted an aggregate of $34,103 and $15,897 outstanding principal and interest of the Iliad Note, respectively, into 266,667 shares of its common stock (see Note 11).

 

On February 25, 2019, the Company issued 85,470 shares as donation to Hong Kong Baptist University (“HKBU”). HKBU would use the funds raised from the donation to support the delivery of education, operation, facilities enhancement and study support of the Academy of Film of HKBU.

 

In March 2019, pursuant to a stock purchase agreement, the Company sold 690,000 shares of common stock to an investor at a purchase price of $0.29 per share for net cash proceeds a total of $200,100. The Company did not engage a placement agent with respect to these sales.

 

From January 1, 2019 to the date of filing, pursuant to consulting and service agreements, the Company issued an aggregate of 901,948 shares of common stock to twenty-one consultants and vendors for the services rendered and to be rendered. These shares were valued at the fair market value on the grant date using the reported closing share price on the date of grant.

 

From January 1, 2019 to the date of filing, six consultants and vendors resigned from their position and surrendered an aggregate of 342,175 shares of common stock for the services rendered and to be rendered. As of the date of filing, among these 342,175 shares of common stock, the registration for 71,696 shares of common stock are still in progress.

 

In March 2019, two employees surrendered an aggregate of 1,200 shares of common stock for their part of salaries from April 2018 to March 2019. The company compensated these two employees USD$3,712 in cash.

 

Upon the Company's common stock price decreased, on January 11, 2019, Sharing Film entered into a deed of surrender with the Landlord. Sharing Film surrendered and delivered back vacant possession of one level of office complex of Shaw Movie City to the Landlord. The Landlord forfeited all the deposits paid and terminated the tenancy agreement.