Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Loans from Shareholders (Tables)

v3.20.2
Loans from Shareholders (Tables)
12 Months Ended
Dec. 31, 2019
Loans From Shareholders  
Schedule of Carrying Amount of the Loans

The following tabular presentation reflects the reconciliation of the carrying amount of the loans from shareholders as of December 31, 2019 and 2018:

 

   

As of

December 31,

 
    2019     2018  
Opening balance, classified as a current liability   $ 611,925     $ 659,526  
Less: Partial conversion of loans from shareholders     (350,000 )     -  
Plus: Exchange differences relating to loans from shareholders     48,552       (47,601 )
Closing balance, classified as a non-current liability   $ 310,477     $ 611,925