Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | China United Insurance Service, Inc. | ||
Entity Central Index Key | 1,512,927 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 244,457,153 | ||
Trading Symbol | CUII | ||
Entity Common Stock, Shares Outstanding | 29,452,669 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 25,521,802 | $ 20,831,824 |
Marketable securities | 2,426,870 | 2,369,082 |
Accounts receivable, net | 15,774,159 | 9,630,993 |
Other current assets | 1,890,551 | 1,055,015 |
Total current assets | 45,613,382 | 33,886,914 |
Property, plant and equipment, net | 926,905 | 918,798 |
Intangible assets | 784,219 | 468,779 |
Goodwill | 2,071,491 | 2,071,491 |
Long-term Investment | 1,285,064 | 1,264,611 |
Other assets | 726,482 | 791,223 |
TOTAL ASSETS | 51,407,543 | 39,401,816 |
Current liabilities | ||
Taxes payable | 2,249,869 | 1,521,962 |
Short-term loans | 0 | 222,235 |
Due to related parties | 400,001 | 945,932 |
Other current liabilities | 18,639,909 | 10,870,750 |
Total current liabilities | 21,289,779 | 13,560,879 |
Convertible bonds | 200,000 | 0 |
Long-term loans | 254,907 | 0 |
Long-term liabilities | 5,315,327 | 6,594,530 |
TOTAL LIABILITIES | 27,060,013 | 20,155,409 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value $0.00001, 10,000,000 authorized, 1,000,000 issued and outstanding | 10 | 10 |
Common stock, par value $0.00001, 100,000,000 authorized, 29,452,669 issued and outstanding | 295 | 295 |
Additional paid-in capital | 8,157,512 | 8,157,512 |
Statutory reserves | 3,799,585 | 2,385,327 |
Retained earnings | 3,286,562 | 1,808,665 |
Accumulated other comprehensive gain/(loss) | (667,976) | (680,133) |
Stockholders' equity attribute to parent’s shareholders | 14,575,988 | 11,671,676 |
Noncontrolling interest | 9,771,542 | 7,574,731 |
TOTAL STOCKHOLDERS’ EQUITY | 24,347,530 | 19,246,407 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 51,407,543 | $ 39,401,816 |
CONSOLIDATED BALANCE SHEETS _PA
CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 29,452,669 | 29,452,669 |
Common stock, shares outstanding | 29,452,669 | 29,452,669 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME / (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 69,934,006 | $ 55,023,766 | $ 47,449,962 |
Cost of revenue | 46,554,495 | 35,423,762 | 30,408,118 |
Gross profit | 23,379,511 | 19,600,004 | 17,041,844 |
Operating expenses: | |||
Selling | 2,842,744 | 3,084,408 | 4,034,409 |
General and administrative | 13,852,277 | 12,675,171 | 11,971,863 |
Total operating expense | 16,695,021 | 15,759,579 | 16,006,272 |
Income from operations | 6,684,490 | 3,840,425 | 1,035,572 |
Other income (expenses): | |||
Interest income | 208,665 | 230,509 | 229,317 |
Interest expenses | (19,722) | (654) | 0 |
Dividend income | 273,873 | 0 | 0 |
Other - net | (8,125) | 150,071 | 365,225 |
Total other income (expenses) | 454,691 | 379,926 | 594,542 |
Income before income taxes | 7,139,181 | 4,220,351 | 1,630,114 |
Income tax expense | 2,119,598 | 1,519,226 | 1,672,840 |
Net income (loss) | 5,019,583 | 2,701,125 | (42,726) |
Net income attributable to the noncontrolling interest | 2,127,428 | 1,623,198 | 865,406 |
Net income (loss) attributable to parent's shareholders | 2,892,155 | 1,077,927 | (908,132) |
Other comprehensive items | |||
Foreign currency translation gain (loss) | (30,045) | (329,562) | (268,695) |
Other | 42,202 | 310 | (6,298) |
Other comprehensive income (loss) attributable to parent's shareholder | 12,157 | (329,252) | (274,993) |
Other comprehensive items attributable to noncontrolling interest | 147,487 | (477,738) | (346,783) |
Comprehensive income (loss) attributable to parent's shareholders | 2,904,312 | 748,675 | (1,183,125) |
Comprehensive income (loss) attributable to noncontrolling interest | $ 2,274,915 | $ 1,145,460 | $ 518,623 |
Weighted average shares outstanding: | |||
Basic (in shares) | 29,452,669 | 29,365,834 | 29,100,503 |
Diluted (in shares) | 30,476,258 | 30,365,834 | 29,100,503 |
Income per share: | |||
Basic (in dollars per share) | $ 0.098 | $ 0.037 | $ (0.031) |
Diluted (in dollars per share) | $ 0.095 | $ 0.035 | $ (0.031) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Reserves [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2013 | $ 14,318,048 | $ 291 | $ 10 | $ 4,674,593 | $ 415,041 | $ (75,888) | $ 3,598,383 | $ 8,612,430 | $ 5,705,618 |
Balance (in shares) at Dec. 31, 2013 | 29,100,503 | 1,000,000 | |||||||
Appropriation of reserves | 0 | $ 0 | $ 0 | 0 | 972,973 | 0 | (972,973) | 0 | 0 |
Dividend payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividend distributable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation gain (loss) | (612,232) | 0 | 0 | 0 | 0 | (268,695) | 0 | (268,695) | (343,537) |
Other comprerhensive gain (loss) | (9,544) | 0 | 0 | 0 | 0 | (6,298) | 0 | (6,298) | (3,246) |
Net income (loss) | (42,726) | 0 | 0 | 0 | 0 | 0 | (908,132) | (908,132) | 865,406 |
Acquisition of noncontrolling interests | 159,186 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159,186 |
Balance at Dec. 31, 2014 | 13,812,732 | $ 291 | $ 10 | 4,674,593 | 1,388,014 | (350,881) | 1,717,278 | 7,429,305 | 6,383,427 |
Balance (in shares) at Dec. 31, 2014 | 29,100,503 | 1,000,000 | |||||||
Appropriation of reserves | 0 | $ 0 | $ 0 | 0 | 997,313 | 0 | (997,313) | 0 | 0 |
Share exchange to acquire GHFL | 3,482,923 | $ 4 | $ 0 | 3,482,919 | 0 | 0 | 0 | 3,482,923 | 0 |
Share exchange to acquire GHFL (in shares) | 352,166 | 0 | |||||||
Foreign currency translation gain (loss) | (808,909) | $ 0 | $ 0 | 0 | 0 | (329,562) | 0 | (329,562) | (479,347) |
Other comprerhensive gain (loss) | 1,919 | 0 | 0 | 0 | 0 | 310 | 0 | 310 | 1,609 |
Liquidation of subsidiaries | 56,617 | 0 | 0 | 0 | 0 | 0 | 10,773 | 10,773 | 45,844 |
Net income (loss) | 2,701,125 | 0 | 0 | 0 | 0 | 0 | 1,077,927 | 1,077,927 | 1,623,198 |
Balance at Dec. 31, 2015 | 19,246,407 | $ 295 | $ 10 | 8,157,512 | 2,385,327 | (680,133) | 1,808,665 | 11,671,676 | 7,574,731 |
Balance (in shares) at Dec. 31, 2015 | 29,452,669 | 1,000,000 | |||||||
Appropriation of reserves | 0 | $ 0 | $ 0 | 0 | 1,414,258 | 0 | (1,414,258) | 0 | 0 |
Foreign currency translation gain (loss) | 95,656 | 0 | 0 | 0 | 0 | (30,045) | 0 | (30,045) | 125,701 |
Other comprerhensive gain (loss) | 63,988 | 0 | 0 | 0 | 0 | 42,202 | 0 | 42,202 | 21,786 |
Reduction of Cash Capital | (78,104) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (78,104) |
Net income (loss) | 5,019,583 | 0 | 0 | 0 | 0 | 0 | 2,892,155 | 2,892,155 | 2,127,428 |
Balance at Dec. 31, 2016 | $ 24,347,530 | $ 295 | $ 10 | $ 8,157,512 | $ 3,799,585 | $ (667,976) | $ 3,286,562 | $ 14,575,988 | $ 9,771,542 |
Balance (in shares) at Dec. 31, 2016 | 29,452,669 | 1,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 5,019,583 | $ 2,701,125 | $ (42,726) |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 626,028 | 463,201 | 407,390 |
Pension plan | 65,394 | 0 | 0 |
Amortization of bond premium | 244 | 0 | 0 |
Gain on settlement of debt | (83,425) | 0 | 0 |
Gain on valuation of financial assets | (16,669) | (16,550) | (11,181) |
Loss on disposal of fixed assets | 38,421 | 56,707 | 99,443 |
Change in deferred tax liabilities | (87,983) | (34,424) | 39,447 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,095,236) | (2,259,028) | (841,719) |
Other current assets | 724,922 | (518,684) | (200,081) |
Other assets | 80,733 | (236,501) | (22,502) |
Tax payable | 714,343 | 658,010 | 460,524 |
Other current liabilities | 7,954,780 | 1,113,740 | 580,875 |
Long-term liabilities | (1,396,753) | (157,579) | 0 |
Net cash provided by operating activities | 7,544,382 | 1,770,017 | 469,470 |
Cash flows from investing activities: | |||
Cash from acquisition | 0 | 318 | 128,933 |
Repaymnets to pervious shareholders | (150,959) | 0 | 0 |
Sales of investment in current deposit | 0 | 0 | 1,627,816 |
Dividend received in excess of earnings as reductions of cost of the investment | 0 | 244,058 | 0 |
Loan made to RFL | (1,490,040) | 0 | 0 |
Purchase of property, plant and equipment | (537,156) | (283,568) | (464,286) |
Purchase of intangible assets | (447,344) | (344,651) | (86,501) |
Net cash provided by (used in) investing activities | (2,625,499) | (383,843) | 1,205,962 |
Cash flows from financing activities: | |||
Proceeds from related party borrowing | 86,572 | 794,009 | 391,812 |
Repayment to related parties | (626,852) | (315,443) | 0 |
Payment to noncontrolling interest as reduction of cash capital | (77,425) | 0 | 0 |
Proceeds from third party borrowing | 466,445 | 227,579 | 0 |
Repayment to loans | (225,213) | 0 | 0 |
Net cash provided by (used in) financing activities | (376,473) | 706,145 | 391,812 |
Foreign currency translation | 147,568 | (832,294) | (565,538) |
Net increase (decrease) in cash and cash equivalents | 4,689,978 | 1,260,025 | 1,501,706 |
Cash and cash equivalents, beginning balance | 20,831,824 | 19,571,799 | 18,070,093 |
Cash and cash equivalents, ending balance | 25,521,802 | 20,831,824 | 19,571,799 |
SUPPLEMENTARY DISCLOSURE: | |||
Interest paid | 42,935 | 285 | 0 |
Income tax paid | 1,562,037 | 824,716 | 1,187,694 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW FOR NON-CASH TRANSACTION: | |||
Issuance of common stock for acquisition of GHFL | $ 0 | $ 3,482,923 | $ 0 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ORGANIZATION AND PRINCIPAL ACTIVITIES China United Insurance Service, Inc. (“China United”, “CUIS” or the “Company”) is a Delaware corporation organized on June 4, 2010 by Yi-Hsiao Mao, a Taiwanese citizen, as a listing vehicle for ZLI Holdings Limited (“CU Hong Kong”) to be quoted on the United States Over the Counter Bulletin Board. CU Hong Kong, a wholly owned Hong Kong-based subsidiary of China United, was incorporated by China United, on July 12, 2010 under Hong Kong law. On October 20, 2010, CU Hong Kong incorporated a wholly foreign owned enterprise, Zhengzhou Zhonglian Hengfu Business Consulting Co., Ltd. (“CU WFOE”) in Henan province in the People’s Republic of China (“PRC”). On January 16, 2011, the Company issued 20,000,000 0.00001 300,000 300,000 30,000,000 100,000,000 10,000,000 Law Anhou Insurance Agency Co., Ltd. (“Anhou”, formerly known as Zhengzhou Anhou Insurance Agency Co., Ltd. or Henan Law Anhou Insurance Agency Co., Ltd.) was incorporated in Henan province of the PRC on October 9, 2003. Anhou provides insurance agency services in the PRC. Due to PRC legal restrictions on foreign ownership and investment in the insurance agency businesses in China, particularly those based on qualifications as well as capital requirements of the investors, Able Capital Holding Co., Ltd., a limited liability company established and registered in Hong Kong, delegated four PRC individuals, namely Yanyan Wang, Zhaohui Chen, Weizhe Hou and Yong Zhang, to invest in Anhou on its behalf. On September 26, 2013, the new PRC individual investors, namely Yanyan Wang, Zhaohui Chen, Jing Yue, Weizhe Hou, Yong Zhang, Li Chen (“Anhou New Investors”) and the original shareholders of Anhou (“Anhou Original Shareholders”) entered into a shareholders resolution of Anhou, pursuant to which, Anhou Original Shareholders and Anhou New Investors agreed to increase the registered capital of Anhou to RMB 50 approximately $ 8 On February 26, 2014, Anhou completed the registration of the change of its registered address to Room 1906-1910, No. 215 Jiangdong Middle Road, Jianye District, Nanjing, Jiangsu Province with the local Administration Industry and Commerce (“AIC”) of Jiangsu Province. The new business license was issued to Anhou on February 26, 2014. Anhou obtained the Professional Insurance Agency License issued by Jiangsu Bureau of CIRC on April 21, 2014. Anhou’s previous headquarters located at Building 4K, Hesheng Plaza, No. 26 Yousheng South Road, Jinshui District, Zhengzhou, Henan province, has been registered as the Henan branch office of Anhou and it obtained the Professional Insurance Agency License issued by Henan Bureau of CIRC on January 3, 2014 and the business license issued by local AIC on January 9, 2014. Sichuan Kangzhuang Insurance Agency Co., Ltd. (“Sichuan Kangzhuang”) was incorporated on September 4, 2006 in the Sichuan province in the PRC and provides insurance agency services in the PRC. On August 23, 2010, at Sichuan Kangzhuang’s general meeting of shareholders, its shareholders voted to sell their shares to Anhou for RMB 532,622 78,318 219,123 32,134 751,745 110,452 Jiangsu Law Insurance Broker Co., Ltd. (“Jiangsu”) was incorporated on September 19, 2005 in Jiangsu Province in the PRC. Jiangsu provides insurance brokerage services in the PRC. On August 12, 2010, at Jiangsu’s general meeting of shareholders, its shareholders voted to sell their shares to Anhou for RMB 518,000 75,475 10,000,000 1,355,150 5,180,000 625,113 2,286,842 341,425 1,768,842 267,156 Due to PRC legal restrictions on foreign ownership and investment in insurance agency and brokerage businesses in China, especially those on qualifications and capital requirements of the investors, the Company operates its business primarily through its Consolidated Affiliated Entities (“CAE”) in PRC. On January 17, 2011, CU WFOE and Anhou and Anhou Original Shareholders entered into a series of agreements known as variable interest agreements (the “Old VIE Agreements”) pursuant to which CU WFOE exercises effective control over Anhou through these contractual arrangements. As a result of the capital increase and the share transfer described above, on October 24, 2013, CU WFOE, Anhou and Anhou Existing Shareholders entered into a series of variable interest agreements (the “VIE Agreements”), including Power of Attorneys, Exclusive Option Agreements, Share Pledge Agreements, in the same form as the previous Old VIE Agreements, other than the change of shareholder names and their respective shareholdings. The Old VIE Agreements were terminated by and among CU WFOE, Anhou and Anhou Original Shareholders on the same date. The Exclusive Business Cooperation Agreement executed by and between CU WFOE and Anhou on January 17, 2011 remains in full effect. The Company does not hold equity interests in its CAE. However, through the VIE Agreements with these CAE and their respective shareholders, the Company effectively control, and are able to derive substantially all of the economic benefits from, these CAE, which allows the Company to consolidate the financial results of the CAE in its financial statements. On July 2, 2012, the Board of Directors and stockholders of the Company approved, in connection with a reclassification of 1,000,000 0.00001 1,000,000 0.00001 1,000,000 1,000,000 Mr. Mao has extensive experience in the insurance agency and brokerage industry and had acted as the chairman of the board of Law Broker. Under the leadership of Mr. Mao, Law Broker has grown into one of the top insurance brokerage firms in Taiwan, has sustained stable growth for the past decades and generated substantial shareholder value for its stockholders. The management of the Company wanted Mr. Mao to apply his years of experience in insurance industry into the Company’s expansion and to lead its growth. As a result, the Company approached Mr. Mao to discuss the possibility of Mr. Mao to play more of a managerial role and commit more time on the strategy design and operation of the Company and its subsidiaries. To ensure the consistently implementation of strategies and policies of the Company, through mutual discussion and negotiations, both the Company and Mr. Mao (and subsequently a majority of the shareholders) agreed to the reclassification, pursuant to which, 1,000,000 1,000,000 All 1,000,000 shares of Series A Preferred Stock were reclassified from the 1,000,000 On August 24, 2012, the Company acquired all of the issued and outstanding shares of Action Holdings Financial Limited (“AHFL”), a limited liability company (“LLC”) incorporated under the laws of British Virgin Islands on April 30, 2012, together with its subsidiaries in Taiwan. Subsequent to the acquisition, AHFL became a 100 AHFL holds 65.95 100 97.84 96 Pursuant to the provisions of the Acquisition Agreement between the Company and the selling shareholders of AHFL and for all of the issued and outstanding shares of AHFL, the Company was to pay NTD 15 500,815 7.5 250,095 8,000,000 2,000,000 2,000,000 On March 14, 2013, the Company and the selling shareholders of AHFL entered into an Amendment to the Acquisition Agreement (the “Amendment”), pursuant to which, (i) the cash payment deadline as set forth in the Acquisition Agreement was extended from March 31, 2013 to March 31, 2015 or at any other time or in any other manner otherwise agreed upon by and among the Company and the selling shareholders of AHFL; and (ii) in lieu of the 2,000,000 4,000,000 2,000,000 2,000,000 22.5 676,466 5 15 475,406 4,830,514 153,097 15 Law Enterprise is a holding company for its operating subsidiaries in Taiwan. Law Broker primarily engages in insurance brokerage and insurance agency service business across Taiwan, while Risk Management and Law Agent are not in operation. The Company operates its Taiwan business primarily through Law Broker. On January 17 2014, the Company’s Board of Directors approved a change in its fiscal year end to December 31 from June 30. On April 23, 2014, AHFL entered into a capital increase agreement (“Agreement”) with Wong Chun Kwok Johnny (“Mr. Wong”), the owner of Prime Financial Asia Ltd (PFAL) which is a re-insurance broker company resided in Hong Kong. Pursuant to the Agreement, Mr. Wong would increase PFAL’s capital contribution from HKD 500,000 1,470,000 1,530,000 49 51 In the fourth quarter of 2014, the shareholders of the Risk Management and Law Agent made the resolution to dissolve Risk Management and Law Agent, respectively, because those companies have not been in operation. The dissolution of Risk Management and Law Agent was approved by the Taiwan (R.O.C) Government on November 26, 2014 and on January 13, 2015, respectively. Abide by the law in Taiwan, the liquidator was appointed by the shareholders of the Risk Management and Law Agent and the liquidator shall complete the liquidation process no later than six months from the appointment date. Both Risk Management and Law Agent have completed the liquidation in April 2016. On February 13, 2015, CUIS and AHFL entered into an acquisition agreement with the selling shareholder (Mr. Chwan hau Li, the director of the Company) of Genius Holdings Financial Limited ( “GHFL”), a company with limited liability incorporated under the laws of British Virgin Islands , to issue 352,166 352,166 704,333 100 15.64 100 352,166 AHFL holds 51 On September 3, 2015, MKI incorporated Prime Technology Consulting Co., Ltd., (“PTC Taiwan”) a company limited by shares incorporated in Taiwan. On May 10, 2016, PTC Taiwan changed its name to Prime Asia Corporation Limited (“PA Taiwan”). MKI is a holding company for its operating subsidiaries in Taiwan. PTC Taiwan primarily engages in insurance platform establishment and related information technology consulting service business across Taiwan. The corporate structure as of December 31, 2016 is as follows: |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of China United and its subsidiaries as shown in the organization structure in Note 1 above. All significant intercompany transactions and balances were eliminated in consolidation. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Noncontrolling interest consists of direct and indirect equity interest in AHFL and subsidiaries arising from the acquisition of AHFL by CUIS and acquisition of PFAL by AHFL on August 24, 2012 and April 23, 2014, respectively. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “ Consolidation The net income (loss) attributed to the NCI is separately designated in the accompanying statements of operations and other comprehensive income (loss). Losses attributable to the NCI in a subsidiary may exceed the NCI’s interests in the subsidiary’s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance. The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when they are made; however, actual results could differ materially from those estimates. The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, and foreign currency exchange rates. The Company follows FASB ASC Topic 220 (“ASC 220”), “Reporting Comprehensive Income,” The Company’s financial statements are presented in U.S. dollars ($), which is the Company’s reporting and functional currency. The functional currencies of the Company’s subsidiaries are NTD, RMB and HKD. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC 220. Gains and losses resulting from the translation of foreign currency transactions are reflected in the consolidated statements of operations and other comprehensive income (loss). Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange prevailing at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of operations. In accordance with ASC 830, Foreign Currency Matters, the Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from NTD, RMB and HKD into U.S. dollars are recorded in stockholders’ equity as part of accumulated other comprehensive income. Average Rate for the years ended December 31, 2016 2015 2014 Taiwan dollar (NTD) NTD 32.21390 NTD 31.73010 NTD 30.3072 China yuan (RMB) RMB 6.64301 RMB 6.21750 RMB 6.14320 Hong Kong dollar (HKD) HKD 7.76173 HKD 7.75210 HKD 7.75440 United States dollar ($) $ 1.00000 $ 1.00000 $ 1.00000 Exchange Rate at December 31, 2016 December 31, 2015 Taiwan dollar (NTD) NTD 32.28310 NTD 32.84390 China yuan (RMB) RMB 6.94370 RMB 6.49070 Hong Kong dollar (HKD) HKD 7.75434 HKD 7.75040 United States dollar ($) $ 1.00000 $ 1.00000 For Statements of Cash Flows purposes, the Company considers cash on hand, bank deposits, and other highly-liquid investments with maturities of three months or less when purchased, such as commercial paper, to be cash and cash equivalents. The Company invests part of its excess cash in equity securities, money market funds and government bonds. Such investments are included in “Marketable securities” in the accompanying consolidated balance sheets. Held-to-maturity represents securities the Company has intends and has the ability to hold to maturity; trading securities represent securities bought and held primarily for sale in the near-term to generate income on short-term price differences; available-for-sale represents securities not classified as held-to-maturity or trading securities. The Company classifies the equity security investments as trading securities and reports them at FV with changes in FV recorded in “Other Income” in the statements of operations and other comprehensive income (loss). The Company classifies bonds as available-for-sale and reports them at FV with unrealized gains and losses included in “Accumulated other comprehensive income (loss)” on the equity section of the balance sheets. The Company reviews its accounts receivable regularly to determine if a bad debt allowance is necessary at each year-end. Management reviews the composition of accounts receivable and analyzes the age of receivables outstanding, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the necessity of making such allowance. No allowance was deemed necessary as of December 31, 2016 and 2015. Property, plant and equipment are recorded at cost. Gain or loss on disposal of property, plant and equipment is recorded in other income at disposal. Expenditures for betterments, renewals and additions are capitalized. Repairs and maintenance expenses are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over a useful life of one to ten years with salvage value of 0 27 In accordance with ASC Topic 360, “Property, Plant and Equipment,” Goodwill arose from both the acquisition of PFAL AGHFL (Note 8). Goodwill is the excess of the cost of an acquisition over the FV of the net assets acquired. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate it might be impaired, using the prescribed two-step process under US GAAP. The first step screens for potential impairment of goodwill to determine if the FV of the reporting unit is less than its carrying value, while the second step measures the amount of goodwill impairment, if any, by comparing the implied FV of goodwill to its carrying value. As of December 31, 2015 and 2016, there were no any indications of the impairment of goodwill that arose from the acquisition of PFAL and GHFL. The Company classifies its investments as available-for-sale in accordance with ASC 320 “ Debt and Equity Securities The Company uses the cost method of accounting for investments in companies that do not have a readily determinable fair value in which it holds an interest of less than 20% and over which it does not have the ability to exercise significant influence. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. Convertible debt is accounted for under the guidelines established by ASC 470-20 “ Debt with Conversion and Other Options The Company’s revenue is from insurance agency and brokerage services. The Company, through its subsidiaries, sells insurance products to customers, and obtains commissions from the respective insurance companies according to the terms of each insurance company service agreement. The Company recognizes revenue when the following have occurred: persuasive evidence of an agreement between the insurance company and insured exists, services were provided, the fee for such services is fixed or determinable and collectability of the fee is reasonably assured. Insurance agency services are considered complete, and revenue is recognized, when an insurance policy becomes effective. The customers are entitled to a 10-day cancellation period from the date of issuance of the policies, in which customers can cancel the contract without any fees. The Company is notified of such cancellations by the insurance carriers. For the fiscal years ended December 31, 2016, 2015 and 2014, policy cancellations were $ 0 2,226 84,476 The Company pays commissions to its sub-agents when an insurance product is sold by the sub-agent. The Company recognizes commission revenue on a gross basis. The commissions paid by the Company to its sub-agents are recorded as cost of revenue. The Company utilizes ASC Topic 740, “Income Taxes” When tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 The Company was not subjected to income tax examinations by taxing authorities during the current or past fiscal years. In connection with the acquisition of China entities, the Company is required to comply with the information return reporting requirements such as Foreign Bank Accounts Reporting (FBAR), Information Return on Foreign-Owned U.S. Corporation or U.S. Corporation owning certain foreign corporation (Under Section 6038A and 6038C of Internal Revenue Code, etc.). The Company failed to comply with such requirements for the years of 2010, 2011 and 2012. The potential penalty is estimated to be $ 370,000 The Company is authorized to issue 10,000,000 1,000,000 Section 480-10-25 requires that an issuer classify a financial instrument that is within its scope as a liability (or an asset in some circumstances) because that financial instrument embodies an obligation of the issuer. Section 480-10-05-2 classifies all of the following as examples of an obligation: a. An entity incurs a conditional obligation to transfer assets by issuing (writing) a put option that would, if exercised, require the entity to repurchase its equity shares by physical settlement. (Further, an instrument that requires the issuer to settle its obligation by issuing another instrument for example, a note payable in cash ultimately requires settlement by a transfer of assets.) b. An entity incurs a conditional obligation to transfer assets by issuing a similar contract that requires or could require net cash settlement. c. An entity incurs a conditional obligation to issue its equity shares by issuing a similar contract that requires net share settlement. The Series A Preferred Stock does not fall in to any of the above categories as an obligation. The preferred stock is convertible into a fixed number of common shares (one for one). Therefore, the preferred stock has been classified as equity. FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” • Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 inputs to the valuation methodology are unobservable and significant to the FV. The fair values of our cash and cash equivalents, accounts receivable, other current assets, taxes payable and other current liabilities approximate fair value because of the short maturity of these instruments. Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,426,870 $ - $ - $ 2,426,870 Loan receivable $ - $ - $ 1,486,846 $ 1,486,846 Long-term investment: Equity investment $ - $ - $ 1,190,558 $ 1,190,558 Government bonds $ 94,506 $ - $ - $ 94,506 Liabilities Due to related parties $ - $ - $ 400,001 $ 400,001 Convertible bonds $ - $ - $ 200,000 $ 200,000 Long-term loans $ - $ - $ 254,907 $ 254,907 The following table presents the fair value and carrying value of the Company’s marketable securities, loan receivable, borrowings and convertible bonds as of December 31, 2015: Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,369,082 $ - $ - $ 2,369,082 Long-term investment: Equity investment $ - $ - $ 1,170,230 $ 1,170,230 Government bonds $ 94,381 $ - $ - $ 94,381 Liabilities Short-term loans $ - $ - $ 222,235 $ 222,235 Due to related parties $ - $ - $ 945,932 $ 945,932 Marketable securities The fair value of marketable securities is generally valued based on quoted market prices in active markets. Loan receivable The Company’s loan receivable is determined based on 4.5 Equity investment The fair value of the Company’s equity investment is unobservable data point and include situations where there is little, if any, market activity. Government bonds The fair value of government bonds is valued based on quoted market price in active markets. Short-term loans The Company’s 1.5 Due to related parties The Company’s due to Multiple Capital Enterprise Co., Ltd, (“Multiple Capital”) had been determined based on 1.5 Convertible bonds The Company determined the fair value of the convertible bonds is based on the average closing trading price for the 10 business days immediately prior to the conversion date times 80 Long-term loans - The Company’s long-term loans is determined based on 8 The Company maintains cash with banks in the PRC, Hong Kong, and Taiwan. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Taiwan, a depositor has up to NTD 3,000,000 500,000 500,000 250,000 Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. As of December 31, 2016 and 2015, approximately $ 1,382,000 1,349,000 24,312,000 19,483,000 Year ended Year ended Year ended December 31, 2016 December 31, 2015 December 31, 2014 % of % of % of Total Total Total Amount Revenue Amount Revenue Amount Revenue Farglory Life Insurance Co., Ltd. $ 23,684,774 34 % $ 17,649,359 36 % $ 13,493,644 28 % Taiwan Life Insurance Co., Ltd. (**) 8,381,587 12 % 6,112,311 13 % (*) (*) Fubon Life Insurance Co., Ltd. 7,167,163 10 % 6,744,014 14 % 7,621,634 16 % TransGlobe Life Insurance Inc. (*) (*) 4,729,565 10 % 5,584,124 12 % AIA International Ltd., Taiwan (*) (*) (*) (*) 6,938,013 15 % (*) Revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. December 31, 2016 December 31, 2015 December 31, 2014 % of Total % of Total % of Total Accounts Accounts Accounts Amount Receivable Amount Receivable Amount Receivable Farglory Life Insurance Co., Ltd. $ 6,503,843 41 % $ 3,689,404 43 % $ 2,150,294 28 % Taiwan Life Insurance Co., Ltd. (**) 1,973,410 13 % 994,978 11 % (*) (*) Fubon Life Insurance Co., Ltd 1,660,685 11 % 990,327 11 % 963,118 12 % TransGlobe Life Insurance Inc. (*) (*) 747,993 8 % 735,755 10 % AIA International Ltd., Taiwan (*) (*) (*) (*) 1,098,879 14 % (*) The related revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. The Company’s operations are in the PRC, Hong Kong and Taiwan. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic, foreign currency exchange and legal environments in the PRC, Hong Kong and Taiwan, and by the state of each economy. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, Hong Kong and Taiwan, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. Leases, where substantially all the rewards and risks of ownership of assets remain with the leasing company, that do not meet the capitalization criteria of FASB ASC Topic 840 “Leases,” The Company follows FASB ASC Topic 280, “ Segment Reporting ASC-280-10-50-12 states, a public entity shall report separately information about an operating segment that meets any of the following quantitative thresholds: a. Its reported revenue, including both sales to external customers and intersegment sales or transfers, is 10 percent or more of the combined revenue, internal and external, of all operating segments. b. The absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount, of either: 1. The combined reported profit of all operating segments that did not report a loss 2. The combined reported loss of all operating segments that did report a loss. c. Its assets are 10 percent or more of the combined assets of all operating segments. PRC and Taiwan segments are substantially all of the reported consolidated amounts. Note 25 disclose from the three segments. Certain conditions may exist as of the date the financial statements are issued, which could result in a loss to the Company which will be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies arising from legal proceedings pending against the Company or unasserted claims that may rise from such proceedings, the Company’s management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable a material loss will be incurred and the amount of the loss can be reasonably estimated, then the estimated loss is accrued in the Company’s financial statements. If the assessment indicates a material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. In accordance with FASB ASC Topic 230, “Statement of Cash Flows,” The Company follows FASB ASC Subtopic 810-10-05-8, “Consolidation of VIEs,” a. The power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity’s economic performance b. The obligation to absorb the expected losses of the legal entity c. The right to receive the expected residual returns of the legal entity. Due to the PRC legal restrictions on foreign ownership and investment in insurance agency and brokerage businesses in China, especially those on qualifications as well as capital requirement of the investors, the Company operates its insurance agency and brokerage business in PRC primarily through Anhou, a VIE owned by seven individual shareholders, and two subsidiaries of Anhou. On January 17, 2011, CU WFOE and Anhou and Anhou Original Shareholders (as defined in Note 1) entered into the Old VIE Agreements (as defined in Note 1) which included: · Exclusive Business Cooperation Agreement (“EBCA” or the “Agreement”) through which: (1) CU WFOE has the right to provide Anhou with complete technical support, business support and related consulting services during the term of this Agreement; (2) Anhou agrees to accept all the consultations and services provided by CU WFOE. Anhou further agrees that unless with CU WFOE’s prior written consent, during the term of this Agreement, Anhou shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party and shall not establish similar cooperation relationship with any third party regarding the matters contemplated by this Agreement; (3) Anhou shall pay CU WFOE fees equal to 90% of the net income of Anhou, and the payment is quarterly, and (4) CU WFOE retains all exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this Agreement. The term of this Agreement is 10 years. Subsequent to the execution of this Agreement, both CU WFOE and Anhou shall review this Agreement on an annual basis to determine whether to amend or supplement the provisions. The term of this Agreement may be extended if confirmed in writing by CU WFOE prior to the expiration thereof. The extended term shall be determined by CU WFOE, and Anhou shall accept such extended term unconditionally. During the term of this Agreement, unless CU WFOE commits gross negligence, or a fraudulent act, against Anhou, Anhou may not terminate this Agreement. Nevertheless, CU WFOE shall have the right to terminate this Agreement upon giving 30 days prior written notice to Anhou at any time. · Power of Attorney under which each shareholder of Anhou executed an irrevocable power of attorney to authorize CU WFOE to act on behalf of the shareholder to exercise all of his/her rights as equity owner of Anhou, including without limitation to: (1) attend shareholders’ meetings of Anhou; (2) exercise all the shareholder’s rights and shareholder’s voting rights that he/she is entitled to under the laws of the PRC and Anhou’s Articles of Association, including but not limited to the sale or transfer or pledge or disposition of the shareholder’s shareholding in part or in whole, and (3) designate and appoint on behalf of the shareholder the legal representative, the director, supervisor, the chief executive officer and other senior management members of Anhou. · Option Agreement under which the shareholders of Anhou irrevocably granted CU WFOE or its designated person an exclusive and irrevocable right to acquire, at any time, the entire portion of Anhou’s equity interest held by each shareholder of Anhou, or any portion thereof, to the extent permitted by PRC law. The purchase price for the shareholders’ equity interests in Anhou shall be the lower of (i) RMB 1 0.16 The term of this Agreement is 10 years, and may be renewed at CU WFOE’s election. · Share Pledge Agreement under which the owners of Anhou pledged their equity interests in Anhou to CU WFOE to guarantee Anhou’s performance of its obligations under the EBCA. Pursuant to this agreement, if Anhou fails to pay the exclusive consulting or service fees in accordance with the EBCA, CU WFOE shall have the right, but not the obligation, to dispose of the owners of Anhou’s equity interests in Anhou. This Agreement shall be continuously valid until all payments due under the EBCA have been repaid by Anhou or its subsidiaries. As a result of the capital increase and the share transfer described in Note 1, on October 24, 2013, CU WFOE, Anhou and Anhou Existing Shareholders (as defined in Note 1) entered into a series of variable interest agreements (the “VIE Agreements”), including Power of Attorneys, Exclusive Option Agreements, Share Pledge Agreements, in the same form as the previous Old VIE Agreements, other than the change of shareholder names and their respective shareholdings. The Old VIE Agreements were terminated by and among CU WFOE, Anhou and Anhou Original Shareholders on the same date. The EBCA executed by and between CU WFOE and Anhou on January 17, 2011 remains in full effect. As a result of the agreements among CU WFOE, the shareholders of Anhou and Anhou, CU WFOE is considered the primary beneficiary of Anhou, CU WFOE has effective control over Anhou; therefore, CU WFOE consolidates the results of operations of Anhou and its subsidiaries. Accordingly the results of operations, assets and liabilities of Anhou and its subsidiaries are consolidated in the Company’s financial statements from the earliest period presented. However, the VIE is monitored by the Company to determine if any events have occurred that could cause its primary beneficiary status to change. These events include: a. The legal entity’s governing documents or contractual arrangements are changed in a manner that changes the characteristics or adequacy of the legal entity’s equity investment at risk. b. The equity investment or some part thereof is returned to the equity investors, and other interests become exposed to expected losses of the legal entity. c. The legal entity undertakes additional activities or acquires additional assets, beyond those anticipated at the later of the inception of the entity or the latest reconsideration event, that increase the entity’s expected losses. d. The legal entity receives an additional equity investment that is at risk, or the legal entity curtails or modifies its activities in a way that decreases its expected losses. The Company reviews the VIE’s status on an annual basis. For the years ended December 31, 2016, 2015 and 2014, no event including a-d above took place that would change the Company’s primary beneficiary status. Related Parties The Company follows ASC850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-03, “Intangibles-Goodwill and Other (Topic 350); Business Combinations (Topic 805); Consolidation (Topic 810); Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance”. The amendments in this ASU make the guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this ASU. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this ASU also extend the transition guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this ASU extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two ASUs. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” ASU No. 2016-07 eliminates the requirement for an investment that qualifies for the use of the equity method of accounting as a result of an increase in the level of ownership or degree of influence to adjust the investment, results of operations and retained earnings retrospectively. ASU No. 2016-07 will be effective prospectively for the Company for increases in the level of ownership interest or degree of influence that result in the adoption of the equity method that occur during or after the quarter ending December 31, 2017, with early adoption permitted. The impact of this guidance for the Company is dependent on any future increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. ‘The amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. Public entities should apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15,“Classification of Certain Cash Receipts and Cash Payments (Topic 230) to Statement of Cash Flows.” ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3 CASH AND CASH EQUIVALENTS As of December 31, 2016 and 2015, the Company cash and cash equivalents primarily consisted of cash and certificates of deposits. The carrying amounts reported on the consolidated balance sheets for cash and cash equivalents approximate fair value. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | NOTE 4 MARKETABLE SECURITIES December 31, 2016 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2015 Gains (Losses) 2016 Level 1 securities: Stocks $ 28,863 $ 9,900 $ 38,763 Funds 2,340,219 47,888 2,388,107 $ 2,369,082 $ 57,788 $ 2,426,870 December 31, 2015 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2014 Gains (Losses) 2015 Level 1 securities: Stocks $ 28,278 $ 585 $ 28,863 Funds 2,408,728 (68,509) 2,340,219 $ 2,437,006 $ (67,924) $ 2,369,082 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | NOTE 5 OTHER CURRENT ASSETS December 31, 2016 December 31, 2015 Loan receivable $ 1,486,846 $ - Prepaid rent and rent deposit 199,022 133,179 Prepaid expenses 64,678 603,557 Deferred tax assets-current 59,233 - Other receivable 50,683 86,539 Refundable business tax 17,441 7,600 Interest receivable 12,648 - Current assets associated with discontinued operations - 224,140 Total other current assets $ 1,890,551 $ 1,055,015 On October 24, 2016, the Company entered into a loan agreement (“Loan E”) with third party, Rich Fountain Limited (“RFL”), which was incorporated under the laws of Samoa. The Company provided a short-term loan amount of NTD 48,000,000 ($1,486,846) to RFL. The short-term loan bears an interest rate of 4.5% per annum and the principal and interest are due on April 23, 2017. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 PROPERTY, PLANT AND EQUIPMENT, NET December 31, 2016 December 31,2015 Office equipment $ 1,070,061 $ 1,080,621 Office furniture 168,658 125,746 Leasehold improvements 581,964 511,874 Transportation equipment 132,344 84,398 Other equipment 87,302 97,996 Total 2,040,329 1,900,635 Less: accumulated depreciation (1,113,424) (981,837) Total property, plant and equipment, net $ 926,905 $ 918,798 Depreciation expense was $315,344 and $332,715 for the years ended December 31, 2016 and 2015, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 INTANGIBLE ASSETS December 31, 2016 December 31, 2015 Software $ 1,500,339 $ 780,355 Less accumulated amortization (716,120) (311,576) Total intangible assets $ 784,219 $ 468,779 Years ending December 31, Amount 2017 $ 209,933 2018 207,636 2019 173,992 2020 145,217 2021 41,777 Thereafter 5,664 Total $ 784,219 Amortization expense was $ 310,684 130,486 |
ACQUISITION AND GOODWILL
ACQUISITION AND GOODWILL | 12 Months Ended |
Dec. 31, 2016 | |
Acquisition And Goodwill [Abstract] | |
Acquisition And Goodwill Disclosure [Text Block] | NOTE 8 ACQUISITION AND GOODWILL Acquisition of PFAL On April 23, 2014, AHFL entered into a capital increase agreement (“Agreement”) with Chun Kwok Wong (“Mr. Wong”), the owner of Prime Financial Asia Ltd (PFAL) which is a re-insurance broker company resided in Hong Kong. Upon the Agreement, Mr. Wong would increase PFAL’s capital contribution from HKD 500,000 1,470,000 1,530,000 197,000 49 51 The FV of the net identifiable assets of PFAL at acquisition date was $ 324,871 51 165,684 31,651 Acquisition of GHFL On February 13, 2015, CUIS and AHFL entered into an acquisition agreement with the selling shareholder (Mr. Chwan hau Li, the director of the Company) of Genius Holdings Financial Limited ( “GHFL”), a company with limited liability incorporated under the laws of British Virgin Islands , to issue 352,166 fully paid and non-assessable shares of AHFL Common Stock together with an granted option for 352,166 shares of common stock of CUIS (“Option”), in exchange for 704,333 100 15.64 100 352,166 1,771,395 352,166 1,711,562 3,482,957 2,039,840 The acquisition was accounted for under the purchase method of accounting. Accordingly, the results of GHFL have been included in the consolidated financial statements since the date of acquisition. February 13, 2015 Current assets $ 321 Long-term investment 1,488,829 Goodwill 2,039,840 Current liabilities (46,033) Total purchase price $ 3,482,957 No supplemental pro forma information is presented for the acquisition due to the immaterial effect of the acquisition on the Company’s results of operations. |
LONG-TERM INVESTMENT
LONG-TERM INVESTMENT | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Investment [Abstract] | |
Long Term Investment [Text Block] | NOTE 9 LONG-TERM INVESTMENT December 31, 2016 December 31, 2015 Equity Investment $ 1,190,558 $ 1,170,230 Government Bonds 94,506 94,381 Total $ 1,285,064 $ 1,264,611 Investment December 31, 2016 December 31, 2015 Type Investee Ownership Amount Amount Cost Method Genius Insurance Broker Co., Ltd 15.64 % $ 1,190,558 $ 1,170,230 According to Taiwan regulatory requirements, Law Broker is required to maintain a minimum of NTD 3,000,000 92,928 December 31, 2016 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2015 Gains (Losses) 2016 Government bonds 94,381 125 94,506 $ 94,381 $ 125 $ 94,506 December 31, 2015 Cost or Gross Fair Value at Amortized Unrealized December 31, Cost Gains (Losses) 2015 Government bonds 93,089 1,292 94,381 $ 93,089 $ 1,292 $ 94,381 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 10 OTHER ASSETS December 31, 2016 December 31, 2015 Rental deposits $ 445,283 $ 401,920 Restricted cash 248,803 231,100 Prepayments 5,576 156,772 Other 26,820 1,431 Total other assets $ 726,482 $ 791,223 Rental deposits include long-term leasing deposits. Restricted cash is a deposit in bank by the Company in conformity with Provisions of the Supervision and Administration of Specialized Insurance Agencies, cannot be withdrawn without the permission of the regulatory commission and the trust account for Law Broker’s general manager’s (Ms. Chao) Bonus Plans. Prepayments are prepaid long-term software-maintenance contract pending for final acceptance, and will be transferred to intangible assets upon acceptance. Other are deferred tax assets-noncurrent and other. As of December 31, 2016, the Company had deferred tax assets-noncurrent amount of $ 25,364 |
TAXES PAYABLE
TAXES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes Payable Disclosure [Text Block] | NOTE 11 TAXES PAYABLE December 31, 2016 December 31, 2015 PRC Tax $ 163,461 $ 99,505 Hong Kong Tax 14,233 - Taiwan Tax 2,072,175 1,422,457 Total tax payable $ 2,249,869 $ 1,521,962 PRC tax represents income tax and other taxes accrued according to PRC tax law by the Company’s subsidiaries and CAE in the PRC. Taiwan tax represents income tax and other taxes accrued according to Taiwan tax law by the Company’s subsidiaries and branches in Taiwan. Hong Kong tax represents income tax accrued according to Hong Kong tax law by the Company’s subsidiaries in Hong Kong. Above tax will be settled within the next twelve months according to the respective tax laws. |
SHORT-TERM LOANS
SHORT-TERM LOANS | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | NOTE 12 SHORT-TERM LOANS December 31, 2016 December 31, 2015 Loan A, interest at 1.5%, maturity date December 31, 2016 $ - $ 70,000 Loan B, interest at 1.5%, maturity date December 31, 2016 - 152,235 Total short term loans $ - $ 222,235 On October 12, 2015, the Company entered into a loan agreement (“Loan A”) with Zhengxiong Huang. The Short-term Loan Agreement provided for a $ 70,000 1.5 On December 3, 2015, the Company entered into a loan agreement (“Loan B”) with Yuzhen Chen. The Short-term Loan Agreement provided for a $ 152,235 5,000,000 1.5 1,500,000 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | NOTE 13 OTHER CURRENT LIABILITIES December 31, 2016 December 31, 2015 Commissions payable to sub-agents $ 11,869,181 $ 6,644,989 Unearned revenue (AIATW and Farglory) 2,090,718 - Refund to AIATW - 502,532 Due to previous shareholders of AHFL 480,559 685,059 Accrued business tax 469,259 326,954 Withholding employee personal tax 362,954 295,989 Accrued tax penalties 370,000 370,000 Accrued bonus 1,935,091 1,050,411 Salary payable to administrative staff 183,066 229,624 Accrued labor, health insurance and employee retirement plan 92,085 84,138 Accrued advertisement fee 32,525 151,535 Deferred tax liabilities - 3,143 Other accrued liabilities 754,471 526,376 Total other current liabilities $ 18,639,909 $ 10,870,750 Commissions payable to sub-agents, Accrued bonus, Salaries payable to administrative staff, and accrued advertisement expense are usually settled within 12 months. Unearned revenue and Refund to AIATW are described in Note 16. Due to previous shareholders of AHFL is the remaining balance payable of the acquisition cost. Accrued business tax, withholding employee personal tax and accrued labor, health insurance and employee retirement plan will be paid to the related government department within one month. Accrued tax penalties are estimated potential penalty in the event of a tax audit. Other accrued liabilities are mainly for operating expenses payable, such as training and travelling. |
COVERTIBLE BONDS
COVERTIBLE BONDS | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 14 CONVERTIBLE BONDS The Company intends to issue the convertible bonds during the period commencing on June 23, 2016 and ended on September 30, 2016 with an aggregate principal amount of up to $ 10,000,000 100,000 6 The conversion price shall be the product of (i) the average closing trading price for the 10 business days immediately prior to the conversion date times (ii) 80%. On June 23, 2016, the Company has issued two units of its convertible bonds with an aggregate principal amount of $ 200,000 200,000 6,363 |
LONG-TERM LOANS
LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 15 LONG-TERM LOANS December 31, 2016 December 31, 2015 Loan C, interest at 8%, maturity date May 15, 2019 $ 144,015 $ - Loan D, interest at 8%, maturity date July 20, 2019 110,892 - Total long term loans $ 254,907 $ - On May 15, 2016, the Company’s contractually controlled PRC affiliate Law Anhou Insurance Agency Co., Ltd entered into a loan agreement (“Loan C”) with third party Guowei Hu. The long-term Loan Agreement provided for a $144,015 loan to the Company. The long-term Loan C bears an interest rate of 8% per annum and interest is payable annually. The principal and the last year’s interest will be due on May 15, 2019. On July 20, 2016, the Company’s contractually controlled PRC affiliate Law Anhou Insurance Agency Co., Ltd entered into a loan agreement (“Loan D”) with third party Guowei Hu. The long-term Loan Agreement provided for a $110,892 loan to the Company. The long-term Loan D bears an interest rate of 8% per annum and interest is payable annually. The principal and the last year’s interest will be due on July 20, 2019. Total interest expense was $11,755 for the year ended December 31, 2016. |
LONG-TERM LIABILITIES
LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Liabilities Disclosure [Text Block] | NOTE 16 LONG-TERM LIABILITIES December 31, 2016 December 31, 2015 Unearned revenue AIATW $ 4,742,272 $ 6,594,530 Unearned revenue Farglory 495,615 - Other long-term liabilities 77,440 - Long-term liabilities $ 5,315,327 $ 6,594,530 On June 10, 2013, AHFL entered into a Strategic Alliance Agreement (the “Alliance Agreement”) with AIA International Limited Taiwan Branch (“AIATW”). The purpose of the Alliance Agreement is to promote life insurance products provided by AIATW within Taiwan by insurance agencies or brokerage companies affiliated with AHFL or CUIS. The term of the Alliance Agreement is from April 15, 2013 to August 31, 2018. Pursuant to the terms of the Alliance Agreement, AIATW paid AHFL the Execution Fee of $ 8,326,700 250,000,000 11,904,762 AHFL refunded the amounts of $ 152,235 5,000,000 502,532 16,505,144 4,742,272 1,966,814 On April 20, 2016, the Company entered into a service agreement (“Service Agreement”) with Farglory Life Insurance Co., Ltd. (Farglory). AHFL is going to provide consulting services to Farglory for NTD 4,000,000 20,000,000 495,615 123,904 On May 10, 2016, Law Broker entered into an engagement agreement (“Engagement Agreement”) with Hui-Hsien Chao (“Ms. Chao”), pursuant to which she acts as the general manager of Law Broker for and a term from December 29, 2015 to December 28, 2018. Ms. Chao’s primary responsibilities are to assist Law Broker in operating and managing insurance agency business. According to the Engagement Agreement, Ms. Chao’s Bonus plans include: 1) execution, 2) long-term service fees, 3) pension and 4) non-competition, and the payment of such bonuses will only occur upon satisfaction of certain condition and subject to the terms therein, among which, Ms. Chao acts as the general manager or equivalent position of Law Broker for at least 3 years. On May 14, 2016, Law Broker and Ms. Chao entered into a Supplementary Agreement (“Supplementary Agreement”) to postpone her pension vesting date to December 29, 2016. Though Law Broker expects that none of the above-mentioned bonuses need to be paid prior to May 2019, it has recorded a long-term liabilities representing the corresponding portion of such bonuses accrued. As of December 31, 2016, the balance of such accrued long-term liabilities is $ 77,440 |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Preferred Stock [Text Block] | NOTE 17 PREFERRED STOCK The Company is authorized to issue 10,000,000 1,000,000 Voting Rights. Except as otherwise provided by law, the Series A Stock and the common stock vote together on all matters submitted to a vote of the Company’s shareholders. Each holder of Series A Stock is entitled to ten votes for each share of Series A Stock held of record by such holder as of the applicable record date on any matter that is submitted to a vote of the stockholders of the Registrant. Series A Board Designee and Board Restriction. In addition to the voting rights disclosed above, the holders of the Series A Stock shall be entitled to appoint one director (the “Series A Director”). No Board resolution regarding certain material Company actions can be made without the affirmative vote of the Series A Director. Dividends. The holders of Series A Stock are entitled to share equally with the holders of common stock, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Registrant as may be declared by the Board. Liquidation. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Registrant, the holders of common stock and the holders of Series A Stock shall be entitled to share equally on a per share basis, in all assets of the Registrant of whatever kind available for distribution. Conversion Rights. The holders of the Series A Stock have the right to convert their shares thereof at any time into shares of the Registrant’s common stock. Each share of Series A Stock is convertible into one share of common stock. If the Registrant in any manner subdivides or combines the outstanding shares of common stock, the outstanding shares of the Series A Stock will be subdivided or combined in the same manner. Business Combinations. In any merger, consolidation, reorganization or other business combination, the consideration received per share by the holders the common stock and the holders of the Series A Stock in such merger, consolidation, reorganization or other business combination shall be identical; provided however, that if such consideration consists, in whole or in part, of certain equity interests, the rights and limitations of such equity interests may differ to the extent that the rights and limitations of the common stock and the Series A Stock differ. Fully Paid and Nonassessable. All of the Company’s outstanding shares of preferred stock are fully paid and nonassessable. The fair value of the 1,000,000 225,000 200,000 25,000 From the qualitative aspect, the Company notes the following regarding this deemed compensation: Does not violate any debt or other contract covenants; Does not change any earnings or EPS trends; Does not affect any previous earnings or EPS guidance; Does not affect any segment or class of revenue; Does not affect any regulatory compliance matters; Does not affect cash compensation of management; Does not involve concealment of an unlawful act Additional preferred stock may be authorized and issued in the future in connection with acquisitions, financings, or other matters, as the Board of Directors deems appropriate. In the event that the Registrant issues any shares of preferred stock, a certificate of designation containing the rights, privileges and limitations of this series of preferred stock will be filed with the Secretary of State of the State of Delaware. The effect of this preferred stock designation power is that its Board of Directors alone, subject to Federal securities laws, applicable blue sky laws, and Delaware law, may be able to authorize the issuance of preferred stock which could have the effect of delaying, deferring, or preventing a change in control without further action by its stockholders, and may adversely affect the voting and other rights of the holders of its common stock. |
STATUTORY RESERVES
STATUTORY RESERVES | 12 Months Ended |
Dec. 31, 2016 | |
Statutory Reserves [Abstract] | |
Statutory Reserves Disclosure [Text Block] | NOTE 18 STATUTORY RESERVES According to Taiwan accounting rules and corporation regulations, the company’s subsidiaries in Taiwan must appropriate 10 25 Pursuant to the PRC regulations, the Company’s Consolidated Affiliated Entities (“CAE”) are required to transfer 10 50 |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | NOTE 19 NON-CONTROLLING INTERESTS Adjustments/ % of Non- As of Net Income of As of controlling December 31, Non- controlling December 31, Name of Affiliate Interest 2015 Interest Discontinued 2016 Law Enterprise 34.05 % $ 199,699 $ (182,313) $ - $ 17,386 Law Broker 34.05 % 7,197,128 2,424,031 - 9,621,159 PFAL 49.00 % 206,098 26,316 - 232,414 MKI 49.00 % (1,065) (504) - (1,569) PA Taiwan 49.00 % (26,292) (69,156) - (95,448) PTC Nanjing 49.00 % (837) (1,563) - (2,400) Total $ 7,574,731 $ 2,196,811 $ - $ 9,771,542 Adjustments/ % of Non- As of Net Income of As of controlling December 31, Non-controlling December 31, Name of Affiliate Interest 2014 Interest Discontinued 2015 Law Enterprise 34.05 % $ 882,327 $ (682,628) $ - $ 199,699 Law Broker 34.05 % 5,471,140 1,725,988 - 7,197,128 Law Agent 36.69 % 24,689 (1,033) (23,656) - Risk Management 35.47 % (91,809) 22,309 69,500 - PFAL 49.00 % 97,080 109,018 - 206,098 MKI 49.00 % - (1,065) - (1,065) PA Taiwan 49.00 % - (26,292) - (26,292) PTC Nanjing 49.00 % - (837) - (837) Total $ 6,383,427 $ 1,145,460 $ 45,844 $ 7,574,731 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Excluding Taxes Payable Disclosure [Text Block] | NOTE 20 INCOME TAX Year ended December 31, 2016 Federal State Foreign Total Current $ - $ - $ 2,207,581 $ 2,207,581 Deferred - - (87,983) (87,983) Change in valuation allowance - - - - Total $ - $ - $ 2,119,598 $ 2,119,598 Provision (benefit) for income taxes for the year ended December 31, 2015 consists of: Year ended December 31, 2015 Federal State Foreign Total Current $ - $ - $ 1,553,650 $ 1,553,650 Deferred - - (34,424) (34,424) Change in valuation allowance - - - - Total $ - $ - $ 1,519,226 $ 1,519,226 Provision (benefit) for income taxes for the year ended December 31, 2014 consists of: Year ended December 31, 2014 Federal State Foreign Total Current $ - $ - $ 1,633,393 $ 1,633,393 Deferred - - 39,447 39,447 Change in valuation allowance - - - - Total $ - $ - $ 1,672,840 $ 1,672,840 2016 2015 Deferred tax assets Net operating loss carry-forward $ 993,050 $ 857,180 Others 84,597 - Total $ 1,077,647 $ 857,180 Valuation allowance (993,050) (857,180) Net deferred tax assets $ 84,597 $ - Deferred tax assets - noncurrent $ 59,233 $ - Deferred tax assets - current $ 25,364 $ - Deferred tax liability Other - (3,143) Deferred tax, net $ 84,597 $ (3,143) A 100 59,233 25,364 3,143 CU WFOE and the VIEs in the PRC are governed by the Income Tax Law of the PRC concerning the private-run enterprises, which are generally subject to tax at 25 10 25 The Company’s subsidiaries in Taiwan are governed by the Income Tax Law of Taiwan, and are generally subject to tax at 17 10 20,330,131 630,000 14,018,314 427,000 9,200,945 304,000 The Company’s subsidiaries in Hong Kong are governed by the Inland Revenue Ordinance Tax Law of Hong Kong, and are generally subject to a profits tax at the rate of 16.5 Year ended Year ended Year ended December 31, 2016 December 31, 2015 December 31, 2014 US statutory rate 34 % 34 % 34 % Tax rate difference (20) % (22) % (33) % Tax base difference 1 % (1) % 1 % Income tax on undistributed earnings 10 % 10 % 57 % Loss in subsidiaries 5 % 15 % 45 % Write-off residual value of fixed assets - % - % 1 % Un-deductible and non-taxable items - % - % (2) % Tax per financial statements 30 % 36 % 103 % Un-deductible and non-taxable items mainly represent un-deductible expenses according to PRC tax laws and the non-taxable tax income or loss. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 21 RELATED PARTY TRANSACTIONS On February 13, 2015, CUIS and AHFL entered into an acquisition agreement with Mr. ChwanHau Li (the director of the Company), the selling shareholder of Genius Holdings Financial Limited. (Please see detail in Note 8). Due to related parties December 31, 2016 December 31, 2015 Due to Mr. Mao (CEO of the Company) $ 361,379 $ 297,414 Due to Xude Investment (Owned by Mr. ChwanHau Li) 32,374 32,223 Due to Mr. Zhu (Legal Representative of Jiangsu) 1,994 2,133 Due to Ms. Lee (Director of Law Broker and spouse of the Company’s CEO) - 826 Due to Yuli Broker (Owned by Ms. Lee) 265 - Due to Yuli Investment (Owned by Ms. Lee) 265 - Due to Multiple Capital Enterprise* - 608,941 Due to I Health Management Corp** 3,724 - Due to other shareholders - 4,395 Total $ 400,001 $ 945,932 *24% of Multiple Capital Enterprise’s shares are owned by the Company’s management level. **25% of I Health Management Corp’s shares are owned by Multiple Capital Enterprise. On December 25, 2015, the Company entered into a loan agreement (the “Short-term Loan Agreement”) with Multiple Capital Enterprise Co., Ltd. The Short-term Loan Agreement provided for a $ 608,941 20,000,000 1.5 598,905 20,014,795 Except for the aforementioned loan, the loan due to related parties bore no interest and were payable on demand. Lease Agreements On January 1, 2016, the Company entered into a lease agreement with I Health Management Corp. (“I Health”) to lease its Nan-King East Road office space and some equipment in Taipei City. The lease term was for one year commencing on January 1, 2016 and ending on December 31, 2016, with an annual base rent of $ 5,200 167,515 5,200 0 On July 1, 2016, the Company entered into a lease agreement with Yuli Broker to lease its Nan-King East Road office space in Taipei City. The lease term was for one year commencing on July 1, 2016 and ending on June 30, 2017, with an annual base rent of $ 559 18,000 279 279 On July 1, 2016, the Company entered into a lease agreement with Yuli Investment to lease its Nan-King East Road office space in Taipei City. The lease term was for one year commencing on July 1, 2016 and ending on June 30, 2017, with an annual base rent of $ 559 18,000 279 279 Advisory Agreements On May 2, 2016, the Company entered into an Advisory Agreement with I Health. Pursuant to the Advisory Agreement, I Health provided 10,000 Taiwan citizen’s health information to the Company for its new insurance product during May 2, 2016 to May 1, 2017. The total advisory fee was $ 388,031 1,250,000 25,130 3,724 On November 1, 2016, the Company entered into an Advisory Agreement with Prime Technology Corp. (“Prime Tech”). Pursuant to the Advisory Agreement, the Company provided the following services to Prime Tech: 1) to set up the consulting software system, and 2) to develop the consulting project from November 1, 2016 to December 30, 2017. One of the Prime Tech board member is Mr. Wong, who owned 49% of PFAL. The Company has revenue and accounts receivable from Prime Tech amount of $ 6,356 6,660 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | NOTE 22 COMMITMENTS Operating Leases 2,132,950 1,735,521 1,668,571 Twelve months ended December 31, 2017 $ 1,995,497 Twelve months ended December 31, 2018 1,351,149 Twelve months ended December 31, 2019 438,472 Twelve months ended December 31, 2020 29,231 Twelve months ended December 31, 2021 5,871 Thereafter - Total $ 3,820,220 |
DISCONTINUED OPERATION
DISCONTINUED OPERATION | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 23 DISCONTINUED OPERATION In the fourth quarter of 2014, the shareholders of the Risk Management and Law Agent made the resolution to dissolve Risk Management and Law Agent, respectively, because those companies have not been in operation. The dissolution of Risk Management and Law Agent was approved by the Taiwan (R.O.C) Government on November 26, 2014 and on January 13, 2015, respectively. Abide by the law in Taiwan, the liquidator was appointed by the shareholders of the Risk Management and Law Agent and the liquidator shall complete the liquidation process no later than six months from the appointment date. Both Risk Management and Law Agent are under the process of liquidation as of now. For the year ended December 31, 2015, the company has net cash used in operating activities and net cash provided by financing activities were approximately amount of $ 172,000 5,000 As of As of As of December 31, December 31, December 31, 2016 2015 2014 Total Assets (including cash) - 224,140 334,512 Total Liabilities - 4,834 255,954 The combined Revenue, Net Loss and EPS of Risk Management and Law Agent for the year ended December 31, 2016,2015 and 2014 were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Revenue - - - Net Income (Loss) - 60,070 (3,270) EPS - - - |
FINANCIAL RISK MANAGEMENT AND F
FINANCIAL RISK MANAGEMENT AND FAIR VALUE | 12 Months Ended |
Dec. 31, 2016 | |
Financial Risk Management and Fair Values [Abstract] | |
Financial Risk Management and Fair Values Disclosure [Text Block] | NOTE 24 FINANCIAL RISK MANAGEMENT AND FAIR VALUE The Company has exposure to credit, liquidity and market risks which arise in the normal course of its business. This note presents information about the Company’s exposure to each of these risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. The Board of Directors (“BOD”) has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Company’s BOD oversees how management monitors compliance with the Company’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. (a) Credit risk The Company’s credit risk arises principally from accounts and other receivables, pledged deposits and cash and cash equivalents. Management has a credit policy in place and monitors exposures to these credit risks on an ongoing basis. The carrying amounts of trade and other receivables, pledged deposits and cash and cash equivalents represent the Company’s maximum exposure to credit risks. Accounts receivable are due within 30 days from the date of billing. (b) Liquidity risk The BOD of the Company is responsible for the overall cash management and raising borrowings to cover expected cash demands. The Company regularly monitors its liquidity requirements, to ensure it maintains sufficient reserves of cash and readily realizable marketable securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term. (c) Currency risk The functional currency for the subsidiaries in Taiwan is NTD, the functional currency for the subsidiaries in Hong Kong is HKD, and the functional currency for the subsidiaries and VIEs in PRC is RMB. The financial statements of the Company are in USD. The fluctuation of NTD, HKD and RMB will affect the Company’s operating results expressed in USD. The Company reviews its foreign currency exposures. The management does not consider its present foreign exchange risk to be significant. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 25 SEGMENT REPORTING For the years ended December 31, Geographical Areas 2016 2015 2014 Revenue Taiwan $ 61,208,145 $ 48,669,261 $ 44,388,396 PRC 8,461,511 5,892,928 3,060,764 Hong Kong 325,408 461,577 802 Elimination adjustment (61,058) - - Total revenue $ 69,934,006 $ 55,023,766 $ 47,449,962 Income (loss) from operations Taiwan $ 7,303,616 $ 5,113,728 $ 3,055,168 PRC (817,914) (1,525,560) (1,910,774) Hong Kong 66,356 209,373 (126,560) Elimination adjustment 132,432 42,884 17,738 Total income (loss) from operations $ 6,684,490 $ 3,840,425 $ 1,035,572 Depreciation and amortization expenses Taiwan $ 541,461 $ 366,717 $ 344,592 PRC 84,279 96,172 62,798 Hong Kong 288 312 - Elimination adjustment - - - Total depreciation and amortization expenses $ 626,028 $ 463,201 $ 407,390 Interest income Taiwan $ 234,316 $ 208,526 $ 197,503 PRC 4,464 31,047 31,809 Hong Kong 1 2 5 Elimination adjustment (30,116) (9,066) - Total interest income $ 208,665 $ 230,509 $ 229,317 Interest expenses Taiwan $ 38,083 $ 9,720 $ - PRC 11,755 - - Hong Kong - - - Elimination adjustment (30,116) (9,066) - Total interest expenses $ 19,722 $ 654 $ - Income tax Taiwan $ 2,095,827 $ 1,496,206 $ 1,658,677 PRC 13,135 16,429 14,163 Hong Kong 10,636 6,591 - Elimination adjustment - - - Total income tax $ 2,119,598 $ 1,519,226 $ 1,672,840 Net income (loss) Taiwan $ 5,803,240 $ 4,003,828 $ 1,935,308 PRC (844,778) (1,531,555) (1,851,410) Hong Kong 53,900 222,665 (126,624) Elimination adjustment 7,220 6,187 - Total net income (loss) $ 5,019,583 $ 2,701,125 $ (42,726) As of December 31, Geographical Areas 2016 2015 Capital expenditures Taiwan $ (835,564) $ (575,968) PRC (148,936) (52,251) Hong Kong - - Total capital expenditures $ (984,500) $ (628,219) Long-lived assets Taiwan $ 26,947,718 $ 27,127,174 PRC 8,803,587 8,873,008 Hong Kong 270,648 120,937 Elimination adjustment (30,227,792) (30,606,217) Total long-lived assets $ 5,794,161 $ 5,514,902 Reportable assets Taiwan $ 90,388,991 $ 74,142,085 PRC 13,325,433 13,224,648 Hong Kong 561,708 477,542 Elimination adjustment (52,868,589) (48,442,459) Total reportable assets $ 51,407,543 $ 39,401,816 |
LOAN TO SHAREHOLDERS
LOAN TO SHAREHOLDERS | 12 Months Ended |
Dec. 31, 2016 | |
Loan To Shareholders [Abstract] | |
Loan To Shareholders [Text Block] | NOTE 26 LOAN TO SHAREHOLDERS Anhou Registered Capital Increase On April 27, 2013, China Insurance Regulatory Commission mandated any insurance agency have a minimum registered capital requirement of RMB 50 approximately $ 8 10 approximately $ 1.6 50 Due to certain restriction on direct foreign investment in insurance agency business under current PRC legal requirements, Anhou sought investments from certain Investor Borrowers who in turn needed funds through individual loans. On June 9, 2013, AHFL entered into a Loan Agreement with ZLI Holdings, whereby AHFL agreed to provide a loan to ZLI Holdings of RMB 40 6,389,925 10 1. Able Capital Holding Co., Ltd., a limited liability company established and registered in Hong Kong (RMB 29,500,000 4,712,570 2. Ms. Chunyan Lu, PRC citizen (RMB 3,000,000 479,244 3. Ms. Jing Yue, PRC citizen (RMB 7,500,000 1,198,111 The term for the above loans is 10 On October 20, 2013, the investor borrowers increased Anhou’s registered capital by RMB 40 6,389,925 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 27 SUBSEQUENT EVENTS On March 12, 2017, the Company and the selling shareholders of AHFL entered into a fifth Amendment to the Acquisition Agreement (the “Fifth Amendment”), pursuant to which, on or prior to March 31, 2019, the Company agreed to distribute the cash payment in the amount of NTD 15 On March 13, 2017, Law Broker and Ms. Chao entered into an Engagement Agreement, which is the amendment to Engagement Agreement dated May 10, 2016, disclosed in Note 16, to specify 1) Ms. Chao's pension calculation assumption and start date, and 2) the non-competition provision start date. The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued, and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of China United and its subsidiaries as shown in the organization structure in Note 1 above. All significant intercompany transactions and balances were eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Noncontrolling Interest [Policy Text Block] | Noncontrolling Interest Noncontrolling interest consists of direct and indirect equity interest in AHFL and subsidiaries arising from the acquisition of AHFL by CUIS and acquisition of PFAL by AHFL on August 24, 2012 and April 23, 2014, respectively. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “ Consolidation The net income (loss) attributed to the NCI is separately designated in the accompanying statements of operations and other comprehensive income (loss). Losses attributable to the NCI in a subsidiary may exceed the NCI’s interests in the subsidiary’s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when they are made; however, actual results could differ materially from those estimates. |
Risk and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, and foreign currency exchange rates. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company follows FASB ASC Topic 220 (“ASC 220”), “Reporting Comprehensive Income,” |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | The Company’s financial statements are presented in U.S. dollars ($), which is the Company’s reporting and functional currency. The functional currencies of the Company’s subsidiaries are NTD, RMB and HKD. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC 220. Gains and losses resulting from the translation of foreign currency transactions are reflected in the consolidated statements of operations and other comprehensive income (loss). Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange prevailing at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of operations. In accordance with ASC 830, Foreign Currency Matters, the Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from NTD, RMB and HKD into U.S. dollars are recorded in stockholders’ equity as part of accumulated other comprehensive income. Average Rate for the years ended December 31, 2016 2015 2014 Taiwan dollar (NTD) NTD 32.21390 NTD 31.73010 NTD 30.3072 China yuan (RMB) RMB 6.64301 RMB 6.21750 RMB 6.14320 Hong Kong dollar (HKD) HKD 7.76173 HKD 7.75210 HKD 7.75440 United States dollar ($) $ 1.00000 $ 1.00000 $ 1.00000 Exchange Rate at December 31, 2016 December 31, 2015 Taiwan dollar (NTD) NTD 32.28310 NTD 32.84390 China yuan (RMB) RMB 6.94370 RMB 6.49070 Hong Kong dollar (HKD) HKD 7.75434 HKD 7.75040 United States dollar ($) $ 1.00000 $ 1.00000 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For Statements of Cash Flows purposes, the Company considers cash on hand, bank deposits, and other highly-liquid investments with maturities of three months or less when purchased, such as commercial paper, to be cash and cash equivalents. |
Marketable Securities, Policy [Policy Text Block] | The Company invests part of its excess cash in equity securities, money market funds and government bonds. Such investments are included in “Marketable securities” in the accompanying consolidated balance sheets. Held-to-maturity represents securities the Company has intends and has the ability to hold to maturity; trading securities represent securities bought and held primarily for sale in the near-term to generate income on short-term price differences; available-for-sale represents securities not classified as held-to-maturity or trading securities. The Company classifies the equity security investments as trading securities and reports them at FV with changes in FV recorded in “Other Income” in the statements of operations and other comprehensive income (loss). The Company classifies bonds as available-for-sale and reports them at FV with unrealized gains and losses included in “Accumulated other comprehensive income (loss)” on the equity section of the balance sheets. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, net The Company reviews its accounts receivable regularly to determine if a bad debt allowance is necessary at each year-end. Management reviews the composition of accounts receivable and analyzes the age of receivables outstanding, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the necessity of making such allowance. No allowance was deemed necessary as of December 31, 2016 and 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment, net Property, plant and equipment are recorded at cost. Gain or loss on disposal of property, plant and equipment is recorded in other income at disposal. Expenditures for betterments, renewals and additions are capitalized. Repairs and maintenance expenses are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over a useful life of one to ten years with salvage value of 0 27 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets In accordance with ASC Topic 360, “Property, Plant and Equipment,” |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill arose from both the acquisition of PFAL AGHFL (Note 8). Goodwill is the excess of the cost of an acquisition over the FV of the net assets acquired. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate it might be impaired, using the prescribed two-step process under US GAAP. The first step screens for potential impairment of goodwill to determine if the FV of the reporting unit is less than its carrying value, while the second step measures the amount of goodwill impairment, if any, by comparing the implied FV of goodwill to its carrying value. As of December 31, 2015 and 2016, there were no any indications of the impairment of goodwill that arose from the acquisition of PFAL and GHFL. |
Investment, Policy [Policy Text Block] | Long-term investment The Company classifies its investments as available-for-sale in accordance with ASC 320 “ Debt and Equity Securities The Company uses the cost method of accounting for investments in companies that do not have a readily determinable fair value in which it holds an interest of less than 20% and over which it does not have the ability to exercise significant influence. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. |
Debt, Policy [Policy Text Block] | Convertible debt is accounted for under the guidelines established by ASC 470-20 “ Debt with Conversion and Other Options |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company’s revenue is from insurance agency and brokerage services. The Company, through its subsidiaries, sells insurance products to customers, and obtains commissions from the respective insurance companies according to the terms of each insurance company service agreement. The Company recognizes revenue when the following have occurred: persuasive evidence of an agreement between the insurance company and insured exists, services were provided, the fee for such services is fixed or determinable and collectability of the fee is reasonably assured. Insurance agency services are considered complete, and revenue is recognized, when an insurance policy becomes effective. The customers are entitled to a 10-day cancellation period from the date of issuance of the policies, in which customers can cancel the contract without any fees. The Company is notified of such cancellations by the insurance carriers. For the fiscal years ended December 31, 2016, 2015 and 2014, policy cancellations were $ 0 2,226 84,476 The Company pays commissions to its sub-agents when an insurance product is sold by the sub-agent. The Company recognizes commission revenue on a gross basis. The commissions paid by the Company to its sub-agents are recorded as cost of revenue. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company utilizes ASC Topic 740, “Income Taxes” When tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 The Company was not subjected to income tax examinations by taxing authorities during the current or past fiscal years. In connection with the acquisition of China entities, the Company is required to comply with the information return reporting requirements such as Foreign Bank Accounts Reporting (FBAR), Information Return on Foreign-Owned U.S. Corporation or U.S. Corporation owning certain foreign corporation (Under Section 6038A and 6038C of Internal Revenue Code, etc.). The Company failed to comply with such requirements for the years of 2010, 2011 and 2012. The potential penalty is estimated to be $ 370,000 |
Preferred Stock [Policy Text Block] | The Company is authorized to issue 10,000,000 1,000,000 Section 480-10-25 requires that an issuer classify a financial instrument that is within its scope as a liability (or an asset in some circumstances) because that financial instrument embodies an obligation of the issuer. Section 480-10-05-2 classifies all of the following as examples of an obligation: a. An entity incurs a conditional obligation to transfer assets by issuing (writing) a put option that would, if exercised, require the entity to repurchase its equity shares by physical settlement. (Further, an instrument that requires the issuer to settle its obligation by issuing another instrument for example, a note payable in cash ultimately requires settlement by a transfer of assets.) b. An entity incurs a conditional obligation to transfer assets by issuing a similar contract that requires or could require net cash settlement. c. An entity incurs a conditional obligation to issue its equity shares by issuing a similar contract that requires net share settlement. The Series A Preferred Stock does not fall in to any of the above categories as an obligation. The preferred stock is convertible into a fixed number of common shares (one for one). Therefore, the preferred stock has been classified as equity. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” • Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 inputs to the valuation methodology are unobservable and significant to the FV. The fair values of our cash and cash equivalents, accounts receivable, other current assets, taxes payable and other current liabilities approximate fair value because of the short maturity of these instruments. Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,426,870 $ - $ - $ 2,426,870 Loan receivable $ - $ - $ 1,486,846 $ 1,486,846 Long-term investment: Equity investment $ - $ - $ 1,190,558 $ 1,190,558 Government bonds $ 94,506 $ - $ - $ 94,506 Liabilities Due to related parties $ - $ - $ 400,001 $ 400,001 Convertible bonds $ - $ - $ 200,000 $ 200,000 Long-term loans $ - $ - $ 254,907 $ 254,907 The following table presents the fair value and carrying value of the Company’s marketable securities, loan receivable, borrowings and convertible bonds as of December 31, 2015: Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,369,082 $ - $ - $ 2,369,082 Long-term investment: Equity investment $ - $ - $ 1,170,230 $ 1,170,230 Government bonds $ 94,381 $ - $ - $ 94,381 Liabilities Short-term loans $ - $ - $ 222,235 $ 222,235 Due to related parties $ - $ - $ 945,932 $ 945,932 Marketable securities The fair value of marketable securities is generally valued based on quoted market prices in active markets. Loan receivable The Company’s loan receivable is determined based on 4.5 Equity investment The fair value of the Company’s equity investment is unobservable data point and include situations where there is little, if any, market activity. Government bonds The fair value of government bonds is valued based on quoted market price in active markets. Short-term loans The Company’s 1.5 Due to related parties The Company’s due to Multiple Capital Enterprise Co., Ltd, (“Multiple Capital”) had been determined based on 1.5 Convertible bonds The Company determined the fair value of the convertible bonds is based on the average closing trading price for the 10 business days immediately prior to the conversion date times 80 Long-term loans - The Company’s long-term loans is determined based on 8 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | The Company maintains cash with banks in the PRC, Hong Kong, and Taiwan. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Taiwan, a depositor has up to NTD 3,000,000 500,000 500,000 250,000 Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. As of December 31, 2016 and 2015, approximately $ 1,382,000 1,349,000 24,312,000 19,483,000 Year ended Year ended Year ended December 31, 2016 December 31, 2015 December 31, 2014 % of % of % of Total Total Total Amount Revenue Amount Revenue Amount Revenue Farglory Life Insurance Co., Ltd. $ 23,684,774 34 % $ 17,649,359 36 % $ 13,493,644 28 % Taiwan Life Insurance Co., Ltd. (**) 8,381,587 12 % 6,112,311 13 % (*) (*) Fubon Life Insurance Co., Ltd. 7,167,163 10 % 6,744,014 14 % 7,621,634 16 % TransGlobe Life Insurance Inc. (*) (*) 4,729,565 10 % 5,584,124 12 % AIA International Ltd., Taiwan (*) (*) (*) (*) 6,938,013 15 % (*) Revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. December 31, 2016 December 31, 2015 December 31, 2014 % of Total % of Total % of Total Accounts Accounts Accounts Amount Receivable Amount Receivable Amount Receivable Farglory Life Insurance Co., Ltd. $ 6,503,843 41 % $ 3,689,404 43 % $ 2,150,294 28 % Taiwan Life Insurance Co., Ltd. (**) 1,973,410 13 % 994,978 11 % (*) (*) Fubon Life Insurance Co., Ltd 1,660,685 11 % 990,327 11 % 963,118 12 % TransGlobe Life Insurance Inc. (*) (*) 747,993 8 % 735,755 10 % AIA International Ltd., Taiwan (*) (*) (*) (*) 1,098,879 14 % (*) The related revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. The Company’s operations are in the PRC, Hong Kong and Taiwan. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic, foreign currency exchange and legal environments in the PRC, Hong Kong and Taiwan, and by the state of each economy. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, Hong Kong and Taiwan, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. |
Lease, Policy [Policy Text Block] | Operating Leases Leases, where substantially all the rewards and risks of ownership of assets remain with the leasing company, that do not meet the capitalization criteria of FASB ASC Topic 840 “Leases,” |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company follows FASB ASC Topic 280, “ Segment Reporting ASC-280-10-50-12 states, a public entity shall report separately information about an operating segment that meets any of the following quantitative thresholds: a. Its reported revenue, including both sales to external customers and intersegment sales or transfers, is 10 percent or more of the combined revenue, internal and external, of all operating segments. b. The absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount, of either: 1. The combined reported profit of all operating segments that did not report a loss 2. The combined reported loss of all operating segments that did report a loss. c. Its assets are 10 percent or more of the combined assets of all operating segments. PRC and Taiwan segments are substantially all of the reported consolidated amounts. Note 25 disclose from the three segments. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Certain conditions may exist as of the date the financial statements are issued, which could result in a loss to the Company which will be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies arising from legal proceedings pending against the Company or unasserted claims that may rise from such proceedings, the Company’s management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable a material loss will be incurred and the amount of the loss can be reasonably estimated, then the estimated loss is accrued in the Company’s financial statements. If the assessment indicates a material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. |
Cash Flows Policy [Policy Text Block] | Statement of Cash Flows In accordance with FASB ASC Topic 230, “Statement of Cash Flows,” |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | The Company follows FASB ASC Subtopic 810-10-05-8, “Consolidation of VIEs,” a. The power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity’s economic performance b. The obligation to absorb the expected losses of the legal entity c. The right to receive the expected residual returns of the legal entity. Due to the PRC legal restrictions on foreign ownership and investment in insurance agency and brokerage businesses in China, especially those on qualifications as well as capital requirement of the investors, the Company operates its insurance agency and brokerage business in PRC primarily through Anhou, a VIE owned by seven individual shareholders, and two subsidiaries of Anhou. On January 17, 2011, CU WFOE and Anhou and Anhou Original Shareholders (as defined in Note 1) entered into the Old VIE Agreements (as defined in Note 1) which included: · Exclusive Business Cooperation Agreement (“EBCA” or the “Agreement”) through which: (1) CU WFOE has the right to provide Anhou with complete technical support, business support and related consulting services during the term of this Agreement; (2) Anhou agrees to accept all the consultations and services provided by CU WFOE. Anhou further agrees that unless with CU WFOE’s prior written consent, during the term of this Agreement, Anhou shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party and shall not establish similar cooperation relationship with any third party regarding the matters contemplated by this Agreement; (3) Anhou shall pay CU WFOE fees equal to 90% of the net income of Anhou, and the payment is quarterly, and (4) CU WFOE retains all exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this Agreement. The term of this Agreement is 10 years. Subsequent to the execution of this Agreement, both CU WFOE and Anhou shall review this Agreement on an annual basis to determine whether to amend or supplement the provisions. The term of this Agreement may be extended if confirmed in writing by CU WFOE prior to the expiration thereof. The extended term shall be determined by CU WFOE, and Anhou shall accept such extended term unconditionally. During the term of this Agreement, unless CU WFOE commits gross negligence, or a fraudulent act, against Anhou, Anhou may not terminate this Agreement. Nevertheless, CU WFOE shall have the right to terminate this Agreement upon giving 30 days prior written notice to Anhou at any time. · Power of Attorney under which each shareholder of Anhou executed an irrevocable power of attorney to authorize CU WFOE to act on behalf of the shareholder to exercise all of his/her rights as equity owner of Anhou, including without limitation to: (1) attend shareholders’ meetings of Anhou; (2) exercise all the shareholder’s rights and shareholder’s voting rights that he/she is entitled to under the laws of the PRC and Anhou’s Articles of Association, including but not limited to the sale or transfer or pledge or disposition of the shareholder’s shareholding in part or in whole, and (3) designate and appoint on behalf of the shareholder the legal representative, the director, supervisor, the chief executive officer and other senior management members of Anhou. · Option Agreement under which the shareholders of Anhou irrevocably granted CU WFOE or its designated person an exclusive and irrevocable right to acquire, at any time, the entire portion of Anhou’s equity interest held by each shareholder of Anhou, or any portion thereof, to the extent permitted by PRC law. The purchase price for the shareholders’ equity interests in Anhou shall be the lower of (i) RMB 1 0.16 The term of this Agreement is 10 years, and may be renewed at CU WFOE’s election. · Share Pledge Agreement under which the owners of Anhou pledged their equity interests in Anhou to CU WFOE to guarantee Anhou’s performance of its obligations under the EBCA. Pursuant to this agreement, if Anhou fails to pay the exclusive consulting or service fees in accordance with the EBCA, CU WFOE shall have the right, but not the obligation, to dispose of the owners of Anhou’s equity interests in Anhou. This Agreement shall be continuously valid until all payments due under the EBCA have been repaid by Anhou or its subsidiaries. As a result of the capital increase and the share transfer described in Note 1, on October 24, 2013, CU WFOE, Anhou and Anhou Existing Shareholders (as defined in Note 1) entered into a series of variable interest agreements (the “VIE Agreements”), including Power of Attorneys, Exclusive Option Agreements, Share Pledge Agreements, in the same form as the previous Old VIE Agreements, other than the change of shareholder names and their respective shareholdings. The Old VIE Agreements were terminated by and among CU WFOE, Anhou and Anhou Original Shareholders on the same date. The EBCA executed by and between CU WFOE and Anhou on January 17, 2011 remains in full effect. As a result of the agreements among CU WFOE, the shareholders of Anhou and Anhou, CU WFOE is considered the primary beneficiary of Anhou, CU WFOE has effective control over Anhou; therefore, CU WFOE consolidates the results of operations of Anhou and its subsidiaries. Accordingly the results of operations, assets and liabilities of Anhou and its subsidiaries are consolidated in the Company’s financial statements from the earliest period presented. However, the VIE is monitored by the Company to determine if any events have occurred that could cause its primary beneficiary status to change. These events include: a. The legal entity’s governing documents or contractual arrangements are changed in a manner that changes the characteristics or adequacy of the legal entity’s equity investment at risk. b. The equity investment or some part thereof is returned to the equity investors, and other interests become exposed to expected losses of the legal entity. c. The legal entity undertakes additional activities or acquires additional assets, beyond those anticipated at the later of the inception of the entity or the latest reconsideration event, that increase the entity’s expected losses. d. The legal entity receives an additional equity investment that is at risk, or the legal entity curtails or modifies its activities in a way that decreases its expected losses. The Company reviews the VIE’s status on an annual basis. For the years ended December 31, 2016, 2015 and 2014, no event including a-d above took place that would change the Company’s primary beneficiary status. |
Related Party Transactions, Policy [Policy Text Block] | Related Parties The Company follows ASC850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-03, “Intangibles-Goodwill and Other (Topic 350); Business Combinations (Topic 805); Consolidation (Topic 810); Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance”. The amendments in this ASU make the guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this ASU. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this ASU also extend the transition guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this ASU extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two ASUs. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” ASU No. 2016-07 eliminates the requirement for an investment that qualifies for the use of the equity method of accounting as a result of an increase in the level of ownership or degree of influence to adjust the investment, results of operations and retained earnings retrospectively. ASU No. 2016-07 will be effective prospectively for the Company for increases in the level of ownership interest or degree of influence that result in the adoption of the equity method that occur during or after the quarter ending December 31, 2017, with early adoption permitted. The impact of this guidance for the Company is dependent on any future increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. ‘The amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. Public entities should apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15,“Classification of Certain Cash Receipts and Cash Payments (Topic 230) to Statement of Cash Flows.” ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash” ("ASU 2016-18"), which amends the current accounting guidance. The amendments in this update require the amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The adoption of ASU 2016-18 is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update provide guidance to assist entities with evaluating when a group of transferred assets and activities (collective referred to as a "set") is a business. This new guidance provides for a "screen", which requires a determination that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If the screen's threshold is not met, a set cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output, eliminating the evaluation of whether a market participant could replace missing elements. This guidance is effective for public entities for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently assessing the effect this guidance will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 “Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for annual or any interim goodwill tests in fiscal years beginning after December 15, 2019. The adoption is not expected to have a material impact on the consolidated financial statements. There were other updates recently issued. The management does not believe that other than disclosed above, the recently issued, but not yet adopted, accounting pronouncements will have a material impact on its financial position results of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Intercompany Foreign Currency Balances [Table Text Block] | Average Rate for the years ended December 31, 2016 2015 2014 Taiwan dollar (NTD) NTD 32.21390 NTD 31.73010 NTD 30.3072 China yuan (RMB) RMB 6.64301 RMB 6.21750 RMB 6.14320 Hong Kong dollar (HKD) HKD 7.76173 HKD 7.75210 HKD 7.75440 United States dollar ($) $ 1.00000 $ 1.00000 $ 1.00000 Exchange Rate at December 31, 2016 December 31, 2015 Taiwan dollar (NTD) NTD 32.28310 NTD 32.84390 China yuan (RMB) RMB 6.94370 RMB 6.49070 Hong Kong dollar (HKD) HKD 7.75434 HKD 7.75040 United States dollar ($) $ 1.00000 $ 1.00000 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table presents the fair value and carrying value of the Company’s marketable securities, loan receivable, borrowings and convertible bonds as of December 31, 2016: Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,426,870 $ - $ - $ 2,426,870 Loan receivable $ - $ - $ 1,486,846 $ 1,486,846 Long-term investment: Equity investment $ - $ - $ 1,190,558 $ 1,190,558 Government bonds $ 94,506 $ - $ - $ 94,506 Liabilities Due to related parties $ - $ - $ 400,001 $ 400,001 Convertible bonds $ - $ - $ 200,000 $ 200,000 Long-term loans $ - $ - $ 254,907 $ 254,907 The following table presents the fair value and carrying value of the Company’s marketable securities, loan receivable, borrowings and convertible bonds as of December 31, 2015: Fair Value Carrying Level 1 Level 2 Level 3 Value Assets Marketable securities $ 2,369,082 $ - $ - $ 2,369,082 Long-term investment: Equity investment $ - $ - $ 1,170,230 $ 1,170,230 Government bonds $ 94,381 $ - $ - $ 94,381 Liabilities Short-term loans $ - $ - $ 222,235 $ 222,235 Due to related parties $ - $ - $ 945,932 $ 945,932 |
Schedule Of Revenue From Insurance Services [Table Text Block] | For the fiscal years ended December 31, 2016, 2015 and 2014, the Company’s revenues from sale of insurance policies underwritten by these companies were: Year ended Year ended Year ended December 31, 2016 December 31, 2015 December 31, 2014 % of % of % of Total Total Total Amount Revenue Amount Revenue Amount Revenue Farglory Life Insurance Co., Ltd. $ 23,684,774 34 % $ 17,649,359 36 % $ 13,493,644 28 % Taiwan Life Insurance Co., Ltd. (**) 8,381,587 12 % 6,112,311 13 % (*) (*) Fubon Life Insurance Co., Ltd. 7,167,163 10 % 6,744,014 14 % 7,621,634 16 % TransGlobe Life Insurance Inc. (*) (*) 4,729,565 10 % 5,584,124 12 % AIA International Ltd., Taiwan (*) (*) (*) (*) 6,938,013 15 % (*) Revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. |
Schedule Of Accounts Receivable From Related Parties [Table Text Block] | As of December 31, 2016, 2015 and 2014, the Company’s accounts receivable from these companies were: December 31, 2016 December 31, 2015 December 31, 2014 % of Total % of Total % of Total Accounts Accounts Accounts Amount Receivable Amount Receivable Amount Receivable Farglory Life Insurance Co., Ltd. $ 6,503,843 41 % $ 3,689,404 43 % $ 2,150,294 28 % Taiwan Life Insurance Co., Ltd. (**) 1,973,410 13 % 994,978 11 % (*) (*) Fubon Life Insurance Co., Ltd 1,660,685 11 % 990,327 11 % 963,118 12 % TransGlobe Life Insurance Inc. (*) (*) 747,993 8 % 735,755 10 % AIA International Ltd., Taiwan (*) (*) (*) (*) 1,098,879 14 % (*) The related revenue for the year ended had not exceeded 10% or more of the consolidated revenue. (**) Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | Marketable securities represent investment in equity securities of listed stocks and funds, which are classified as Level 1 securities as follows: December 31, 2016 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2015 Gains (Losses) 2016 Level 1 securities: Stocks $ 28,863 $ 9,900 $ 38,763 Funds 2,340,219 47,888 2,388,107 $ 2,369,082 $ 57,788 $ 2,426,870 December 31, 2015 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2014 Gains (Losses) 2015 Level 1 securities: Stocks $ 28,278 $ 585 $ 28,863 Funds 2,408,728 (68,509) 2,340,219 $ 2,437,006 $ (67,924) $ 2,369,082 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | The Company’s other current assets consisted of the following as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Loan receivable $ 1,486,846 $ - Prepaid rent and rent deposit 199,022 133,179 Prepaid expenses 64,678 603,557 Deferred tax assets-current 59,233 - Other receivable 50,683 86,539 Refundable business tax 17,441 7,600 Interest receivable 12,648 - Current assets associated with discontinued operations - 224,140 Total other current assets $ 1,890,551 $ 1,055,015 |
PROPERTY, PLANT AND EQUIPMENT38
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following, as of December 31, 2016 and 2015: December 31, 2016 December 31,2015 Office equipment $ 1,070,061 $ 1,080,621 Office furniture 168,658 125,746 Leasehold improvements 581,964 511,874 Transportation equipment 132,344 84,398 Other equipment 87,302 97,996 Total 2,040,329 1,900,635 Less: accumulated depreciation (1,113,424) (981,837) Total property, plant and equipment, net $ 926,905 $ 918,798 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2016 December 31, 2015 Software $ 1,500,339 $ 780,355 Less accumulated amortization (716,120) (311,576) Total intangible assets $ 784,219 $ 468,779 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated future intangible amortization as of December 31, 2016 is as follows: Years ending December 31, Amount 2017 $ 209,933 2018 207,636 2019 173,992 2020 145,217 2021 41,777 Thereafter 5,664 Total $ 784,219 |
ACQUISITION AND GOODWILL (Table
ACQUISITION AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisition And Goodwill [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price has been allocated to the assets acquired and liabilities assumed based upon their estimated fair values and the price were allocated as follows: February 13, 2015 Current assets $ 321 Long-term investment 1,488,829 Goodwill 2,039,840 Current liabilities (46,033) Total purchase price $ 3,482,957 |
LONG-TERM INVESTMENT (Tables)
LONG-TERM INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Investment [Abstract] | |
Available-for-sale Securities [Table Text Block] | As of December 31, 2016 and 2015, the Company’s long-term investment consisted the following: December 31, 2016 December 31, 2015 Equity Investment $ 1,190,558 $ 1,170,230 Government Bonds 94,506 94,381 Total $ 1,285,064 $ 1,264,611 |
Schedule of Cost Method Investments [Table Text Block] | Investment December 31, 2016 December 31, 2015 Type Investee Ownership Amount Amount Cost Method Genius Insurance Broker Co., Ltd 15.64 % $ 1,190,558 $ 1,170,230 |
Schedule Of Long Term Investment [Table Text Block] | The amount, however, was defined as restricted asset. December 31, 2016 Fair Value at Gross Fair Value at December 31, Unrealized December 31, 2015 Gains (Losses) 2016 Government bonds 94,381 125 94,506 $ 94,381 $ 125 $ 94,506 December 31, 2015 Cost or Gross Fair Value at Amortized Unrealized December 31, Cost Gains (Losses) 2015 Government bonds 93,089 1,292 94,381 $ 93,089 $ 1,292 $ 94,381 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets [Table Text Block] | The Company’s other assets consisted of the following as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Rental deposits $ 445,283 $ 401,920 Restricted cash 248,803 231,100 Prepayments 5,576 156,772 Other 26,820 1,431 Total other assets $ 726,482 $ 791,223 |
TAXES PAYABLE (Tables)
TAXES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Taxes Payable [Table Text Block] | The Company’s taxes payable consisted of the following as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 PRC Tax $ 163,461 $ 99,505 Hong Kong Tax 14,233 - Taiwan Tax 2,072,175 1,422,457 Total tax payable $ 2,249,869 $ 1,521,962 |
SHORT-TERM LOANS (Tables)
SHORT-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | December 31, 2016 December 31, 2015 Loan A, interest at 1.5%, maturity date December 31, 2016 $ - $ 70,000 Loan B, interest at 1.5%, maturity date December 31, 2016 - 152,235 Total short term loans $ - $ 222,235 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Current Liabilities [Table Text Block] | Other current liabilities are as follows, as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Commissions payable to sub-agents $ 11,869,181 $ 6,644,989 Unearned revenue (AIATW and Farglory) 2,090,718 - Refund to AIATW - 502,532 Due to previous shareholders of AHFL 480,559 685,059 Accrued business tax 469,259 326,954 Withholding employee personal tax 362,954 295,989 Accrued tax penalties 370,000 370,000 Accrued bonus 1,935,091 1,050,411 Salary payable to administrative staff 183,066 229,624 Accrued labor, health insurance and employee retirement plan 92,085 84,138 Accrued advertisement fee 32,525 151,535 Deferred tax liabilities - 3,143 Other accrued liabilities 754,471 526,376 Total other current liabilities $ 18,639,909 $ 10,870,750 |
LONG-TERM LOANS (Tables)
LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2016 December 31, 2015 Loan C, interest at 8%, maturity date May 15, 2019 $ 144,015 $ - Loan D, interest at 8%, maturity date July 20, 2019 110,892 - Total long term loans $ 254,907 $ - |
LONG-TERM LIABILITIES (Tables)
LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Long-term liabilities are as follows as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Unearned revenue AIATW $ 4,742,272 $ 6,594,530 Unearned revenue Farglory 495,615 - Other long-term liabilities 77,440 - Long-term liabilities $ 5,315,327 $ 6,594,530 |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of Non-Controlling Interests [Table Text Block] | Non-controlling interests consisted of the following: Adjustments/ % of Non- As of Net Income of As of controlling December 31, Non- controlling December 31, Name of Affiliate Interest 2015 Interest Discontinued 2016 Law Enterprise 34.05 % $ 199,699 $ (182,313) $ - $ 17,386 Law Broker 34.05 % 7,197,128 2,424,031 - 9,621,159 PFAL 49.00 % 206,098 26,316 - 232,414 MKI 49.00 % (1,065) (504) - (1,569) PA Taiwan 49.00 % (26,292) (69,156) - (95,448) PTC Nanjing 49.00 % (837) (1,563) - (2,400) Total $ 7,574,731 $ 2,196,811 $ - $ 9,771,542 Adjustments/ % of Non- As of Net Income of As of controlling December 31, Non-controlling December 31, Name of Affiliate Interest 2014 Interest Discontinued 2015 Law Enterprise 34.05 % $ 882,327 $ (682,628) $ - $ 199,699 Law Broker 34.05 % 5,471,140 1,725,988 - 7,197,128 Law Agent 36.69 % 24,689 (1,033) (23,656) - Risk Management 35.47 % (91,809) 22,309 69,500 - PFAL 49.00 % 97,080 109,018 - 206,098 MKI 49.00 % - (1,065) - (1,065) PA Taiwan 49.00 % - (26,292) - (26,292) PTC Nanjing 49.00 % - (837) - (837) Total $ 6,383,427 $ 1,145,460 $ 45,844 $ 7,574,731 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Provision (benefit) for income taxes for the year ended December 31, 2016 consists of: Year ended December 31, 2016 Federal State Foreign Total Current $ - $ - $ 2,207,581 $ 2,207,581 Deferred - - (87,983) (87,983) Change in valuation allowance - - - - Total $ - $ - $ 2,119,598 $ 2,119,598 Provision (benefit) for income taxes for the year ended December 31, 2015 consists of: Year ended December 31, 2015 Federal State Foreign Total Current $ - $ - $ 1,553,650 $ 1,553,650 Deferred - - (34,424) (34,424) Change in valuation allowance - - - - Total $ - $ - $ 1,519,226 $ 1,519,226 Provision (benefit) for income taxes for the year ended December 31, 2014 consists of: Year ended December 31, 2014 Federal State Foreign Total Current $ - $ - $ 1,633,393 $ 1,633,393 Deferred - - 39,447 39,447 Change in valuation allowance - - - - Total $ - $ - $ 1,672,840 $ 1,672,840 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the deferred tax assets and liabilities for federal income taxes as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Deferred tax assets Net operating loss carry-forward $ 993,050 $ 857,180 Others 84,597 - Total $ 1,077,647 $ 857,180 Valuation allowance (993,050) (857,180) Net deferred tax assets $ 84,597 $ - Deferred tax assets - noncurrent $ 59,233 $ - Deferred tax assets - current $ 25,364 $ - Deferred tax liability Other - (3,143) Deferred tax, net $ 84,597 $ (3,143) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the US statutory rates to the Company’s effective tax rate for the year ended December 31, 2016, 2015 and 2014: Year ended Year ended Year ended December 31, 2016 December 31, 2015 December 31, 2014 US statutory rate 34 % 34 % 34 % Tax rate difference (20) % (22) % (33) % Tax base difference 1 % (1) % 1 % Income tax on undistributed earnings 10 % 10 % 57 % Loss in subsidiaries 5 % 15 % 45 % Write-off residual value of fixed assets - % - % 1 % Un-deductible and non-taxable items - % - % (2) % Tax per financial statements 30 % 36 % 103 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2016 December 31, 2015 Due to Mr. Mao (CEO of the Company) $ 361,379 $ 297,414 Due to Xude Investment (Owned by Mr. ChwanHau Li) 32,374 32,223 Due to Mr. Zhu (Legal Representative of Jiangsu) 1,994 2,133 Due to Ms. Lee (Director of Law Broker and spouse of the Company’s CEO) - 826 Due to Yuli Broker (Owned by Ms. Lee) 265 - Due to Yuli Investment (Owned by Ms. Lee) 265 - Due to Multiple Capital Enterprise* - 608,941 Due to I Health Management Corp** 3,724 - Due to other shareholders - 4,395 Total $ 400,001 $ 945,932 *24% of Multiple Capital Enterprise’s shares are owned by the Company’s management level. **25% of I Health Management Corp’s shares are owned by Multiple Capital Enterprise. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The Company has operating leases for its offices. Rental expenses for the years ended December 31, 2016, 2015 and 2014 were $ 2,132,950 1,735,521 1,668,571 Twelve months ended December 31, 2017 $ 1,995,497 Twelve months ended December 31, 2018 1,351,149 Twelve months ended December 31, 2019 438,472 Twelve months ended December 31, 2020 29,231 Twelve months ended December 31, 2021 5,871 Thereafter - Total $ 3,820,220 |
DISCONTINUED OPERATION (Tables)
DISCONTINUED OPERATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Risk Management and Law Agent were acquired by the Company together with their parent Company, Law Enterprise, on August 24, 2012. The Total Assets and Total Liabilities of Risk Management as of December 31, 2016, 2015 and 2014 were as follows: As of As of As of December 31, December 31, December 31, 2016 2015 2014 Total Assets (including cash) - 224,140 334,512 Total Liabilities - 4,834 255,954 The combined Revenue, Net Loss and EPS of Risk Management and Law Agent for the year ended December 31, 2016,2015 and 2014 were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Revenue - - - Net Income (Loss) - 60,070 (3,270) EPS - - - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The geographical distribution of the Company’s financial information for the years ended December 31, 2016, 2015 and 2014 were as follows: For the years ended December 31, Geographical Areas 2016 2015 2014 Revenue Taiwan $ 61,208,145 $ 48,669,261 $ 44,388,396 PRC 8,461,511 5,892,928 3,060,764 Hong Kong 325,408 461,577 802 Elimination adjustment (61,058) - - Total revenue $ 69,934,006 $ 55,023,766 $ 47,449,962 Income (loss) from operations Taiwan $ 7,303,616 $ 5,113,728 $ 3,055,168 PRC (817,914) (1,525,560) (1,910,774) Hong Kong 66,356 209,373 (126,560) Elimination adjustment 132,432 42,884 17,738 Total income (loss) from operations $ 6,684,490 $ 3,840,425 $ 1,035,572 Depreciation and amortization expenses Taiwan $ 541,461 $ 366,717 $ 344,592 PRC 84,279 96,172 62,798 Hong Kong 288 312 - Elimination adjustment - - - Total depreciation and amortization expenses $ 626,028 $ 463,201 $ 407,390 Interest income Taiwan $ 234,316 $ 208,526 $ 197,503 PRC 4,464 31,047 31,809 Hong Kong 1 2 5 Elimination adjustment (30,116) (9,066) - Total interest income $ 208,665 $ 230,509 $ 229,317 Interest expenses Taiwan $ 38,083 $ 9,720 $ - PRC 11,755 - - Hong Kong - - - Elimination adjustment (30,116) (9,066) - Total interest expenses $ 19,722 $ 654 $ - Income tax Taiwan $ 2,095,827 $ 1,496,206 $ 1,658,677 PRC 13,135 16,429 14,163 Hong Kong 10,636 6,591 - Elimination adjustment - - - Total income tax $ 2,119,598 $ 1,519,226 $ 1,672,840 Net income (loss) Taiwan $ 5,803,240 $ 4,003,828 $ 1,935,308 PRC (844,778) (1,531,555) (1,851,410) Hong Kong 53,900 222,665 (126,624) Elimination adjustment 7,220 6,187 - Total net income (loss) $ 5,019,583 $ 2,701,125 $ (42,726) |
Schedule Of Long Term Liabilities [Table Text Block] | The geographical distribution of the Company’s financial information as of December 31, 2016 and 2015 were as follows: As of December 31, Geographical Areas 2016 2015 Capital expenditures Taiwan $ (835,564) $ (575,968) PRC (148,936) (52,251) Hong Kong - - Total capital expenditures $ (984,500) $ (628,219) Long-lived assets Taiwan $ 26,947,718 $ 27,127,174 PRC 8,803,587 8,873,008 Hong Kong 270,648 120,937 Elimination adjustment (30,227,792) (30,606,217) Total long-lived assets $ 5,794,161 $ 5,514,902 Reportable assets Taiwan $ 90,388,991 $ 74,142,085 PRC 13,325,433 13,224,648 Hong Kong 561,708 477,542 Elimination adjustment (52,868,589) (48,442,459) Total reportable assets $ 51,407,543 $ 39,401,816 |
ORGANIZATION AND PRINCIPAL AC54
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Textual) | Aug. 08, 2016USD ($) | Aug. 08, 2016TWD | Mar. 14, 2013shares | Aug. 12, 2010USD ($) | Aug. 12, 2010CNY (¥) | Feb. 17, 2016USD ($)shares | Feb. 13, 2015USD ($)shares | Sep. 28, 2010USD ($) | Sep. 28, 2010CNY (¥) | Jun. 30, 2013USD ($) | Jun. 30, 2013TWD | Mar. 31, 2013USD ($)shares | Mar. 31, 2013TWDshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Mar. 12, 2017TWD | Aug. 08, 2016TWD | Feb. 17, 2016TWD | Apr. 23, 2014USD ($) | Apr. 23, 2014HKD | Sep. 26, 2013USD ($) | Sep. 26, 2013CNY (¥) | Apr. 27, 2013USD ($) | Apr. 27, 2013CNY (¥) | Aug. 24, 2012 | Jul. 02, 2012$ / sharesshares | Jan. 28, 2011shares | Jan. 16, 2011USD ($)$ / sharesshares | Sep. 28, 2010CNY (¥) | Sep. 06, 2010USD ($) | Sep. 06, 2010CNY (¥) | Aug. 23, 2010USD ($) | Aug. 23, 2010CNY (¥) | Aug. 12, 2010CNY (¥) |
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares issued | 29,452,669 | 29,452,669 | |||||||||||||||||||||||||||||||||
Common Stock, Shares, Outstanding | 29,452,669 | 29,452,669 | |||||||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||||||||||||||||||||||||
Common stock, value | $ | $ 295 | $ 295 | |||||||||||||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||||
Goodwill | $ | $ 2,039,840 | $ 2,071,491 | $ 2,071,491 | ||||||||||||||||||||||||||||||||
Business Acquisition Cost Of Acquired Entity Purchases Price | $ 625,113 | $ 78,318 | ¥ 532,622 | ¥ 5,180,000 | |||||||||||||||||||||||||||||||
Payments To Acquire Businesses, Gross | $ | $ 150,959 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||
Registered Capital | $ 197,000 | HKD 1,530,000 | |||||||||||||||||||||||||||||||||
Capital Units, Value | $ 8,000,000 | ¥ 50,000,000 | $ 8,000,000 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.00001 | ||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | TWD | TWD 15,000,000 | ||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 352,166 | ||||||||||||||||||||||||||||||||||
Common Stock [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||||||||||||||||||||||||||||||
Stock Option Pool [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | ||||||||||||||||||||||||||||||||||
Stock Option Pool [Member] | CUIS Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000,000 | ||||||||||||||||||||||||||||||||||
Law Insurance Broker Co [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||||||||||||||||||||
Law Risk Management and Consultant Co [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 97.84% | ||||||||||||||||||||||||||||||||||
Law Insurance Agent Co Ltd [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 96.00% | ||||||||||||||||||||||||||||||||||
Mr Mao [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common Stock, Shares, Outstanding | 1,000,000 | ||||||||||||||||||||||||||||||||||
Cancellation Of Shares | 1,000,000 | ||||||||||||||||||||||||||||||||||
Mr Mao [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||||||||||||||||||||||||||||||
Mr Wong [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||||||||||||||||||||||||||||||
Capital Units, Value | HKD | HKD 500,000 | ||||||||||||||||||||||||||||||||||
Mr Wong [Member] | Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares issued | 1,000,000 | ||||||||||||||||||||||||||||||||||
Common Stock, Shares, Outstanding | 1,000,000 | ||||||||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | ||||||||||||||||||||||||||||||||||
Cancellation Of Shares | 1,000,000 | ||||||||||||||||||||||||||||||||||
Mr Wong [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Capital Units, Value | HKD | 1,470,000 | ||||||||||||||||||||||||||||||||||
Employees of Law Broker [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||
Employees of Law Broker [Member] | Stock Option Pool [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | ||||||||||||||||||||||||||||||||||
AHFL Employees [Member] | Employee Stock Option [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000,000 | ||||||||||||||||||||||||||||||||||
Ahfl [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Business Acquisition Cost Of Acquired Entity Purchases Price | $ 676,466 | TWD 22,500,000 | |||||||||||||||||||||||||||||||||
Payments To Acquire Businesses, Gross | $ 153,097 | TWD 4,830,514 | $ 250,095 | TWD 7,500,000 | $ 500,815 | TWD 15,000,000 | |||||||||||||||||||||||||||||
Registered Capital | HKD | HKD 1,530,000 | ||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 352,166 | 8,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 475,406 | TWD 15,000,000 | |||||||||||||||||||||||||||||||||
Expected Proceeds From Public Offering | The net proceeds raised through such public offering financing shall be at least USD10,000,000 | ||||||||||||||||||||||||||||||||||
Ahfl [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 704,333 | ||||||||||||||||||||||||||||||||||
Before Amendment [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 30,000,000 | ||||||||||||||||||||||||||||||||||
After Amendment [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | ||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||||||||||||||||||||||||||
Fifth Amendment [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Business Acquisition Cost Of Acquired Entity Purchases Price | TWD | TWD 15,000,000 | ||||||||||||||||||||||||||||||||||
Genius Amendment [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Expected Proceeds From Public Offering | the net proceeds raised through such public offering financing shall be at least $10,000,000; | ||||||||||||||||||||||||||||||||||
Sichuan Kangzhuang [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Goodwill | $ 110,452 | ¥ 751,745 | |||||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation And Assets Acquired Liabilities Assumed Net | $ 32,134 | ¥ 219,123 | |||||||||||||||||||||||||||||||||
Jiangsu Law [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Increased Paidup Capital Of Acquired Entity To Meet Capital Requirements | 1,355,150 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||
Business Acquisition Cost Of Acquired Entity Purchases Price | $ 75,475 | ¥ 518,000 | |||||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation And Assets Acquired Liabilities Assumed Net | $ 341,425 | ¥ 2,286,842 | |||||||||||||||||||||||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 267,156 | ¥ 1,768,842 | |||||||||||||||||||||||||||||||||
Jiangsu Law [Member] | Ahfl [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 352,166 | ||||||||||||||||||||||||||||||||||
Law Enterprise [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 65.95% | ||||||||||||||||||||||||||||||||||
Non U S Person [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares issued | 20,000,000 | ||||||||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | ||||||||||||||||||||||||||||||||||
Common stock, value | $ | $ 300,000 | ||||||||||||||||||||||||||||||||||
Increased Registered Capital | $ | $ 300,000 | ||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Stock Option Pool [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | ||||||||||||||||||||||||||||||||||
GHFL [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||||||||||||||||||||
Genius Insurance Broker Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 15.64% | ||||||||||||||||||||||||||||||||||
Prime Financial Asia Ltd [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | |||||||||||||||||||||||||||||||||
Prime Financial Asia Ltd [Member] | Ahfl [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Organization And Principal Activities [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Taiwan Dollar [Member] | |||
Foreign Currency Average Rate Translation | 32.21390 | 31.73010 | 30.3072 |
Foreign Currency Exchange Rate, Translation | 32.28310 | 32.84390 | |
China Yuan [Member] | |||
Foreign Currency Average Rate Translation | 6.64301 | 6.21750 | 6.14320 |
Foreign Currency Exchange Rate, Translation | 6.94370 | 6.49070 | |
Hong Kong Dollar [Member] | |||
Foreign Currency Average Rate Translation | 7.76173 | 7.75210 | 7.75440 |
Foreign Currency Exchange Rate, Translation | 7.75434 | 7.75040 | |
United States Dollar [Member] | |||
Foreign Currency Average Rate Translation | 1 | 1 | 1 |
Foreign Currency Exchange Rate, Translation | 1 | 1 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Marketable Securities, Total | $ 2,426,870 | $ 2,369,082 |
Loan receivable | 1,486,846 | 0 |
Long-term investment: | ||
Long-Term Investment In Equity Amount | 1,190,558 | 1,170,230 |
Government bonds | 94,506 | 94,381 |
Liabilities | ||
Total | 400,001 | 945,932 |
Convertible bonds | 200,000 | 0 |
Long-term loans | 254,907 | 0 |
Short-term loans | 0 | 222,235 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Marketable Securities, Total | 2,426,870 | 2,369,082 |
Loan receivable | 0 | |
Long-term investment: | ||
Long-Term Investment In Equity Amount | 0 | 0 |
Government bonds | 94,506 | 94,381 |
Liabilities | ||
Total | 0 | 0 |
Convertible bonds | 0 | |
Long-term loans | 0 | |
Short-term loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Marketable Securities, Total | 0 | 0 |
Loan receivable | 0 | |
Long-term investment: | ||
Long-Term Investment In Equity Amount | 0 | 0 |
Government bonds | 0 | 0 |
Liabilities | ||
Total | 0 | 0 |
Convertible bonds | 0 | |
Long-term loans | 0 | |
Short-term loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Marketable Securities, Total | 0 | 0 |
Loan receivable | 1,486,846 | |
Long-term investment: | ||
Long-Term Investment In Equity Amount | 1,190,558 | 1,170,230 |
Government bonds | 0 | 0 |
Liabilities | ||
Total | 400,001 | 945,932 |
Convertible bonds | 200,000 | |
Long-term loans | $ 254,907 | |
Short-term loans | $ 222,235 |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Far Glory [Member] | |||||||
Financial Services Revenue | $ 23,684,774 | $ 17,649,359 | $ 13,493,644 | ||||
Financial Services Percentage | 34.00% | 36.00% | 28.00% | ||||
Taiwan Life Insurance Co., Ltd [Member] | |||||||
Financial Services Revenue | [1] | $ 8,381,587 | $ 6,112,311 | [2] | |||
Financial Services Percentage | [1] | 12.00% | 13.00% | [2] | |||
Fubon Life Insurance Co., Ltd [Member] | |||||||
Financial Services Revenue | $ 7,167,163 | $ 6,744,014 | $ 7,621,634 | ||||
Financial Services Percentage | 10.00% | 14.00% | 16.00% | ||||
TransGlobe Life Insurance Inc [Member] | |||||||
Financial Services Revenue | [2] | $ 4,729,565 | $ 5,584,124 | ||||
Financial Services Percentage | [2] | 10.00% | 12.00% | ||||
AIA International Ltd., Taiwan [Member] | |||||||
Financial Services Revenue | [2] | [2] | $ 6,938,013 | ||||
Financial Services Percentage | [2] | [2] | 15.00% | ||||
[1] | Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. | ||||||
[2] | Revenue for the year ended had not exceeded 10% or more of the consolidated revenue. |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Far Glory [Member] | |||||||
Accounts Receivable, Net | $ 6,503,843 | $ 3,689,404 | $ 2,150,294 | ||||
Percentage Of Accounts Receivable | 41.00% | 43.00% | 28.00% | ||||
Taiwan Life Insurance Co., Ltd [Member] | |||||||
Accounts Receivable, Net | [1] | $ 1,973,410 | $ 994,978 | [2] | |||
Percentage Of Accounts Receivable | [1] | 13.00% | 11.00% | [2] | |||
Fubon Life Insurance Co., Ltd [Member] | |||||||
Accounts Receivable, Net | $ 1,660,685 | $ 990,327 | $ 963,118 | ||||
Percentage Of Accounts Receivable | 11.00% | 11.00% | 12.00% | ||||
TransGlobe Life Insurance Inc [Member] | |||||||
Accounts Receivable, Net | [2] | $ 747,993 | $ 735,755 | ||||
Percentage Of Accounts Receivable | [2] | 8.00% | 10.00% | ||||
AIA International Ltd., Taiwan [Member] | |||||||
Accounts Receivable, Net | [2] | [2] | $ 1,098,879 | ||||
Percentage Of Accounts Receivable | [2] | [2] | 14.00% | ||||
[1] | Taiwan Life Insurance Co., Ltd. was formerly known as CTBC Life Insurance Co., Ltd. | ||||||
[2] | The related revenue for the year ended had not exceeded 10% or more of the consolidated revenue. |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2016HKDshares | Dec. 31, 2016MNT (₮)shares | |
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Policy Cancellations | $ 0 | $ 2,226 | $ 84,476 | |||
Probability percentage expected to be realized upon tax settlement | 50.00% | 50.00% | 50.00% | 50.00% | ||
VIE Agreements | The term of this Agreement is 10 years, and may be renewed at CU WFOEs election. | |||||
Income Tax Examination, Penalties Expense | $ 370,000 | |||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred Stock, Shares Outstanding | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
Cash, FDIC Insured Amount | $ 250,000 | |||||
Debt Instrumment , Conversion Date Time, Percentage | 80.00% | 80.00% | 80.00% | 80.00% | ||
Short-term Debt [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.50% | |||||
Long-term Debt [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 8.00% | |||||
Loans Receivable [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 4.50% | |||||
Credit Concentration Risk [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash, FDIC Insured Amount | $ 1,382,000 | $ 1,349,000 | ||||
Cash, Uninsured Amount | $ 24,312,000 | $ 19,483,000 | ||||
Taiwan [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash, FDIC Insured Amount | ₮ | ₮ 3,000,000 | |||||
Hong Kong [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash, FDIC Insured Amount | HKD | HKD 500,000 | |||||
China [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash, FDIC Insured Amount | ¥ | ¥ 500,000 | |||||
Multiple Capital Enterprise Co., Ltd [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.50% | |||||
Series Preferred Stock [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Preferred Stock, Shares Outstanding | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
Maximum [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Rate Of Depreciation | 27.00% | |||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Minimum [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Rate Of Depreciation | 0.00% | |||||
Property, Plant and Equipment, Useful Life | 1 year | |||||
Henan Anhou [Member] | ||||||
Disclosure of Summary Of Significant Accounting Policies [Line Items] | ||||||
Common Stockholders' Equity | (per share) | $ 0.16 | ¥ 1 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - Fair Value, Inputs, Level 1 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Marketable Securities [Line Items] | ||
Cost or Amortized Cost | $ 2,369,082 | $ 2,437,006 |
Gross Unrealized Gains (Losses) | 57,788 | (67,924) |
Total Fair Value | 2,426,870 | 2,369,082 |
Stocks [Member] | ||
Disclosure of Marketable Securities [Line Items] | ||
Cost or Amortized Cost | 28,863 | 28,278 |
Gross Unrealized Gains (Losses) | 9,900 | 585 |
Total Fair Value | 38,763 | 28,863 |
Funds [Member] | ||
Disclosure of Marketable Securities [Line Items] | ||
Cost or Amortized Cost | 2,340,219 | 2,408,728 |
Gross Unrealized Gains (Losses) | 47,888 | (68,509) |
Total Fair Value | $ 2,388,107 | $ 2,340,219 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Other Current Assets [Line Items] | ||
Loan receivable | $ 1,486,846 | $ 0 |
Prepaid rent and rent deposit | 199,022 | 133,179 |
Prepaid expenses | 64,678 | 603,557 |
Deferred tax assets-current | 59,233 | 0 |
Other receivable | 50,683 | 86,539 |
Refundable business tax | 17,441 | 7,600 |
Interest receivable | 12,648 | 0 |
Current assets associated with discontinued operations | 0 | 224,140 |
Total other current assets | $ 1,890,551 | $ 1,055,015 |
OTHER CURRENT ASSETS (Details T
OTHER CURRENT ASSETS (Details Textual) | 1 Months Ended | |||
Oct. 24, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 24, 2016TWD | Dec. 31, 2015USD ($) | |
Short-term Debt | $ 0 | $ 222,235 | ||
Rich Fountain Limited [Member] | Short Term Loan E [Member] | ||||
Short-term Debt | $ 1,486,846 | TWD 48,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.50% | ||
Debt Instrument, Maturity Date | Apr. 23, 2017 |
PROPERTY, PLANT AND EQUIPMENT63
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,040,329 | $ 1,900,635 |
Less: accumulated depreciation | (1,113,424) | (981,837) |
Total property, plant and equipment, net | 926,905 | 918,798 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,070,061 | 1,080,621 |
Office Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 168,658 | 125,746 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 581,964 | 511,874 |
Transportation equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 132,344 | 84,398 |
Other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 87,302 | $ 97,996 |
PROPERTY, PLANT AND EQUIPMENT64
PROPERTY, PLANT AND EQUIPMENT, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Member] | ||
Depreciation | $ 315,344 | $ 332,715 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Software | $ 1,500,339 | $ 780,355 |
Less accumulated amortization | (716,120) | (311,576) |
Total intangible assets | $ 784,219 | $ 468,779 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ||
2,017 | $ 209,933 | |
2,018 | 207,636 | |
2,019 | 173,992 | |
2,020 | 145,217 | |
2,021 | 41,777 | |
Thereafter | 5,664 | |
Total | $ 784,219 | $ 468,779 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Computer Software, Intangible Asset [Member] | ||
Amortization of Intangible Assets | $ 310,684 | $ 130,486 |
ACQUISITION AND GOODWILL (Detai
ACQUISITION AND GOODWILL (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 13, 2015 |
Current assets | $ 321 | ||
Long-term investment | 1,488,829 | ||
Goodwill | $ 2,071,491 | $ 2,071,491 | 2,039,840 |
Current liabilities | (46,033) | ||
Total purchase price | $ 3,482,957 |
ACQUISITION AND GOODWILL (Det69
ACQUISITION AND GOODWILL (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Feb. 13, 2015USD ($)shares | Apr. 23, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 23, 2014HKD | |
Business Acquisition [Line Items] | |||||
Registered Capital | $ 197,000 | HKD 1,530,000 | |||
Business Acquisition, Percentage Of Voting Interests Acquired | 51.00% | ||||
Fair Value of Assets Acquired | $ 324,871 | $ 165,684 | |||
Investment Owned, Percent of Net Assets | 15.64% | ||||
Goodwill | $ 2,039,840 | $ 2,071,491 | $ 2,071,491 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 3,482,957 | ||||
Genius Holdings Financial Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage Of Voting Interests Acquired | 100.00% | ||||
Acquisition Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage Of Voting Interests Acquired | 100.00% | ||||
Business Acquisition Stock To Be Issued Upon Exercise Of Equity Stock Options | shares | 704,333 | ||||
Investment Owned, Percent of Net Assets | 15.64% | ||||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Increased Value Of Capital Unit | HKD | 1,470,000 | ||||
Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Increased Value Of Capital Unit | HKD | HKD 500,000 | ||||
Ahfl [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage Of Voting Interests Acquired | 49.00% | 49.00% | |||
Business Acquisition Equity Stock Options Issued | shares | 165,684 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 352,166 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 1,771,395 | ||||
Mr Wong [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage Of Voting Interests Acquired | 51.00% | 51.00% | |||
CUIS [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 31,651 | ||||
Business Acquisition Equity Stock Options Issued | shares | 352,166 | ||||
Business Acquisition Equity Stock Options Value Issued | $ 1,711,562 |
LONG-TERM INVESTMENT (Details)
LONG-TERM INVESTMENT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long Term Investment [Line Items] | ||
Equity Investment | $ 1,190,558 | $ 1,170,230 |
Government Bonds | 94,506 | 94,381 |
Total | $ 1,285,064 | $ 1,264,611 |
LONG-TERM INVESTMENT (Details 1
LONG-TERM INVESTMENT (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Long Term Investment [Line Items] | ||
Investment Type | Cost Method | |
Investee Name | Genius Insurance Broker Co., Ltd | |
Investment Ownership Percentage | 15.64% | |
Long-Term Investment In Equity Amount | $ 1,190,558 | $ 1,170,230 |
LONG-TERM INVESTMENT (Details 2
LONG-TERM INVESTMENT (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Long Term Investment [Line Items] | ||
Cost or Amortized Cost | $ 94,381 | $ 93,089 |
Gross Unrealized Gains (Losses) | 125 | 1,292 |
Total Fair Value | 94,506 | 94,381 |
US Treasury and Government [Member] | ||
Long Term Investment [Line Items] | ||
Cost or Amortized Cost | 94,381 | 93,089 |
Gross Unrealized Gains (Losses) | 125 | 1,292 |
Total Fair Value | $ 94,506 | $ 94,381 |
LONG-TERM INVESTMENT (Details T
LONG-TERM INVESTMENT (Details Textual) - Dec. 31, 2016 | USD ($) | TWD |
Long Term Investment [Line Items] | ||
Regulatory Requirements Minimum Amount | $ 92,928 | TWD 3,000,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Line Items] | ||
Rental deposits | $ 445,283 | $ 401,920 |
Restricted cash | 248,803 | 231,100 |
Prepayments | 5,576 | 156,772 |
Other | 26,820 | 1,431 |
Total other assets | $ 726,482 | $ 791,223 |
OTHER ASSETS (Details Textual)
OTHER ASSETS (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 59,233 | $ 0 |
Ms. Chao [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 25,364 |
TAXES PAYABLE (Details)
TAXES PAYABLE (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Taxes Payable [Line Items] | ||
Total tax payable | $ 2,249,869 | $ 1,521,962 |
PRC Tax [Member] | ||
Taxes Payable [Line Items] | ||
Total tax payable | 163,461 | 99,505 |
Hong Kong Tax [Member] | ||
Taxes Payable [Line Items] | ||
Total tax payable | 14,233 | 0 |
Taiwan Tax [Member] | ||
Taxes Payable [Line Items] | ||
Total tax payable | $ 2,072,175 | $ 1,422,457 |
SHORT-TERM LOANS (Details)
SHORT-TERM LOANS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Total short term loans | $ 0 | $ 222,235 |
Loan A [Member] | Prime Rate [Member] | Debt Instrument, Redemption, Period One [Member] | ||
Short-term Debt [Line Items] | ||
Total short term loans | 0 | 70,000 |
Loan B [Member] | Prime Rate [Member] | Debt Instrument, Redemption, Period One [Member] | ||
Short-term Debt [Line Items] | ||
Total short term loans | $ 0 | $ 152,235 |
SHORT-TERM LOANS (Details) _Par
SHORT-TERM LOANS (Details) [Parenthetical] | 12 Months Ended |
Dec. 31, 2016 | |
Loan A [Member] | |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 1.50% |
Debt Instrument, Maturity Date | Dec. 31, 2016 |
Loan B [Member] | |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 1.50% |
Debt Instrument, Maturity Date | Dec. 31, 2016 |
SHORT-TERM LOANS (Details Textu
SHORT-TERM LOANS (Details Textual) | Jan. 13, 2016USD ($) | Jan. 13, 2016TWD | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 03, 2015USD ($) | Dec. 03, 2015TWD | Oct. 12, 2015USD ($) |
Short-term Debt [Line Items] | |||||||
Short-term Debt | $ 0 | $ 222,235 | |||||
Repayments of Short-term Debt | $ 46,582 | TWD 1,500,000 | |||||
Loan A [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | ||||||
Loan A [Member] | Zhengxiong Huang [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short-term Debt | $ 70,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | ||||||
Loan B [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | ||||||
Loan B [Member] | Yuzhen Chen [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short-term Debt | $ 152,235 | TWD 5,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | 1.50% |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Other Current Liabilities [Line Items] | ||
Commissions payable to sub-agents | $ 11,869,181 | $ 6,644,989 |
Unearned revenue (AIATW and Farglory) | 2,090,718 | 0 |
Refund to AIATW | 0 | 502,532 |
Due to previous shareholders of AHFL | 480,559 | 685,059 |
Accrued business tax | 469,259 | 326,954 |
Withholding employee personal tax | 362,954 | 295,989 |
Accrued tax penalties | 370,000 | 370,000 |
Accrued bonus | 1,935,091 | 1,050,411 |
Salary payable to administrative staff | 183,066 | 229,624 |
Accrued labor, health insurance and employee retirement plan | 92,085 | 84,138 |
Accrued advertisement fee | 32,525 | 151,535 |
Deferred tax liabilities | 0 | 3,143 |
Other accrued liabilities | 754,471 | 526,376 |
Total other current liabilities | $ 18,639,909 | $ 10,870,750 |
COVERTIBLE BONDS (Details Textu
COVERTIBLE BONDS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jun. 23, 2016 | Dec. 31, 2015 | |
Convertible Debt, Noncurrent | $ 200,000 | $ 0 | |
Convertible Debt [Member] | |||
Debt Conversion, Description | The conversion price shall be the product of (i) the average closing trading price for the 10 business days immediately prior to the conversion date times (ii) 80%. | ||
Uni Price Per Debt Instrument | $ 100,000 | ||
Debt Instrument, Face Amount | $ 10,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Interest Expense, Debt | $ 6,363 | ||
Restricted Conversion Period For Debt Instrument | 2 years | ||
Non-US [Member] | Convertible Debt [Member] | |||
Debt Instrument, Face Amount | $ 200,000 |
LONG-TERM LOANS (Details)
LONG-TERM LOANS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Total long term loans | $ 254,907 | $ 0 |
Loan C [Member] | ||
Total long term loans | 144,015 | 0 |
Loan D [Member] | ||
Total long term loans | $ 110,892 | $ 0 |
LONG-TERM LOANS (Details Textua
LONG-TERM LOANS (Details Textual) - USD ($) | May 15, 2016 | Jul. 20, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt | $ 5,315,327 | $ 6,594,530 | ||
Term Loan [Member] | ||||
Interest Expense, Debt | 11,755 | |||
Guowei Hu [Member] | Loan D [Member] | ||||
Debt Instrument, Maturity Date | Jul. 20, 2019 | |||
Long-term Debt | 110,892 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Guowei Hu [Member] | Loan C [Member] | ||||
Debt Instrument, Maturity Date | May 15, 2019 | |||
Long-term Debt | $ 144,015 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
LONG-TERM LIABILITIES (Details)
LONG-TERM LIABILITIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Other long-term liabilities | $ 77,440 | $ 0 |
Long-term liabilities | 5,315,327 | 6,594,530 |
Unearned revenue - AIATW | ||
Debt Instrument [Line Items] | ||
Unearned revenue | 4,742,272 | 6,594,530 |
Unearned revenue - Farglory | ||
Debt Instrument [Line Items] | ||
Unearned revenue | $ 495,615 | $ 0 |
LONG-TERM LIABILITIES (Details
LONG-TERM LIABILITIES (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Apr. 20, 2016TWD | Dec. 31, 2016TWD | Dec. 31, 2016USD ($) | Dec. 31, 2016TWD | Feb. 23, 2016USD ($) | Feb. 23, 2016TWD | Dec. 31, 2015USD ($) | Dec. 03, 2015USD ($) | Dec. 03, 2015TWD | |
Debt Instrument [Line Items] | |||||||||
Deferred Revenue, Current | $ 2,090,718 | $ 0 | |||||||
Accrued Long-term Liabilities | 77,440 | $ 0 | |||||||
Service Agreements [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred Revenue, Noncurrent | 495,615 | ||||||||
Expected Consulting Service Fee Per Year | TWD | TWD 4,000,000 | ||||||||
Deferred Revenue, Current | 123,904 | ||||||||
Expected Aggregate Consulting Service Fee Five Year | TWD | TWD 20,000,000 | ||||||||
Supplementary Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Accrued Long-term Liabilities | 77,440 | ||||||||
Strategic Alliance Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Execution Fee Amount Paid | 8,326,700 | TWD 250,000,000 | |||||||
Tax On Execution Fee | TWD | TWD 11,904,762 | ||||||||
AHFL [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Customer Refund Liability, Noncurrent | $ 152,235 | TWD 5,000,000 | |||||||
AIATW [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred Revenue, Noncurrent | 4,742,272 | ||||||||
Customer Refund Liability, Noncurrent | $ 502,532 | TWD 16,505,144 | |||||||
Deferred Revenue, Current | $ 1,966,814 |
PREFERRED STOCK (Details Textua
PREFERRED STOCK (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | |
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Equity, Fair Value Disclosure, Total | $ 200,000 | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Equity, Fair Value Adjustment | 25,000 | ||
Equity, Fair Value Disclosure, Total | $ 225,000 | ||
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 1,000,000 |
STATUTORY RESERVES (Details Tex
STATUTORY RESERVES (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Line Items] | |
Statutory Common Reserve, Contribution Percentage Of Net Income | 10.00% |
Statutory Common Reserve, Contribution Percentage On Net Profit | 10.00% |
Statutory Common Reserve Limitation Minimum Percentage On Registered Capital | 25.00% |
Statutory Common Reserve Limitation, Maximum Percentage On Registered Capital | 50.00% |
NON-CONTROLLING INTERESTS (Deta
NON-CONTROLLING INTERESTS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-Controlling Interests [Line Items] | |||
Noncontrolling Interest | $ 9,771,542 | $ 7,574,731 | $ 6,383,427 |
Adjustments/Net Income of Non-controlling Interest | 2,274,915 | 1,145,460 | 518,623 |
Discontinued | $ 0 | $ 45,844 | |
Law Enterprise [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 34.05% | 34.05% | |
Noncontrolling Interest | $ 17,386 | $ 199,699 | 882,327 |
Adjustments/Net Income of Non-controlling Interest | (182,313) | (682,628) | |
Discontinued | $ 0 | $ 0 | |
Law Broker [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 34.05% | 34.05% | |
Noncontrolling Interest | $ 9,621,159 | $ 7,197,128 | 5,471,140 |
Adjustments/Net Income of Non-controlling Interest | 2,424,031 | 1,725,988 | |
Discontinued | $ 0 | $ 0 | |
Law Agent [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 36.69% | ||
Noncontrolling Interest | $ 0 | 24,689 | |
Adjustments/Net Income of Non-controlling Interest | (1,033) | ||
Discontinued | $ (23,656) | ||
Risk Management [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 35.47% | ||
Noncontrolling Interest | $ 0 | (91,809) | |
Adjustments/Net Income of Non-controlling Interest | 22,309 | ||
Discontinued | $ 69,500 | ||
PFAL [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 49.00% | 49.00% | |
Noncontrolling Interest | $ 232,414 | $ 206,098 | 97,080 |
Adjustments/Net Income of Non-controlling Interest | 26,316 | 109,018 | |
Discontinued | $ 0 | $ 0 | |
MKI [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 49.00% | 49.00% | |
Noncontrolling Interest | $ (1,569) | $ (1,065) | 0 |
Adjustments/Net Income of Non-controlling Interest | (504) | (1,065) | |
Discontinued | $ 0 | $ 0 | |
PA Taiwan [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 49.00% | 49.00% | |
Noncontrolling Interest | $ (95,448) | $ (26,292) | 0 |
Adjustments/Net Income of Non-controlling Interest | (69,156) | (26,292) | |
Discontinued | $ 0 | $ 0 | |
PTC Nanjing [Member] | |||
Non-Controlling Interests [Line Items] | |||
Percentage of Non-controlling Interest | 49.00% | 49.00% | |
Noncontrolling Interest | $ (2,400) | $ (837) | $ 0 |
Adjustments/Net Income of Non-controlling Interest | (1,563) | (837) | |
Discontinued | $ 0 | $ 0 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | $ 2,207,581 | $ 1,553,650 | $ 1,633,393 |
Deferred | (87,983) | (34,424) | 39,447 |
Change in valuation allowance | 0 | 0 | 0 |
Total | 2,119,598 | 1,519,226 | 1,672,840 |
Federal [Member] | |||
Current | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 |
Change in valuation allowance | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
State [Member] | |||
Current | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 |
Change in valuation allowance | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Foreign [Member] | |||
Current | 2,207,581 | 1,553,650 | 1,633,393 |
Deferred | (87,983) | (34,424) | 39,447 |
Change in valuation allowance | 0 | 0 | 0 |
Total | $ 2,119,598 | $ 1,519,226 | $ 1,672,840 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Net operating loss carry-forward | $ 993,050 | $ 857,180 |
Others | 84,597 | 0 |
Total | 1,077,647 | 857,180 |
Valuation allowance | (993,050) | (857,180) |
Net deferred tax assets | 84,597 | 0 |
Deferred tax assets - noncurrent | 59,233 | 0 |
Deferred tax assets - current | 59,233 | 0 |
Deferred tax liability | ||
Other | 0 | (3,143) |
Deferred tax, net | $ 84,597 | $ (3,143) |
INCOME TAX (Details 2)
INCOME TAX (Details 2) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Income Tax [Line Items] | |||
US statutory rate | 34.00% | 34.00% | 34.00% |
Tax rate difference | (20.00%) | (22.00%) | (33.00%) |
Tax base difference | 1.00% | (1.00%) | 1.00% |
Income tax on undistributed earnings | 10.00% | 10.00% | 57.00% |
Loss in subsidiaries | 5.00% | 15.00% | 45.00% |
Write-off residual value of fixed assets | 0.00% | 0.00% | 1.00% |
Un-deductible and non-taxable items | 0.00% | 0.00% | (2.00%) |
Tax per financial statements | 30.00% | 36.00% | 103.00% |
INCOME TAX (Details Textual)
INCOME TAX (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2016TWD | Dec. 31, 2015USD ($) | Dec. 31, 2015TWD | Dec. 31, 2014USD ($) | Dec. 31, 2014TWD | |
Schedule of Income Tax [Line Items] | ||||||
Tax per financial statements | 30.00% | 30.00% | 36.00% | 36.00% | 103.00% | 103.00% |
Tax Basis Percentage On Revenue | 10.00% | 10.00% | ||||
Undistributed Earnings, Basic | $ 630,000 | TWD 20,330,131 | $ 427,000 | TWD 14,018,314 | $ 304,000 | TWD 9,200,945 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 59,233 | 0 | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 59,233 | 0 | ||||
Deferred Tax Liabilities, Net, Current | $ 0 | $ 3,143 | ||||
Hong Kong [Member] | ||||||
Schedule of Income Tax [Line Items] | ||||||
Tax per financial statements | 16.50% | 16.50% | ||||
PRC [Member] | ||||||
Schedule of Income Tax [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100.00% | 100.00% | 100.00% | 100.00% | ||
Subsidiary [Member] | ||||||
Schedule of Income Tax [Line Items] | ||||||
Tax per financial statements | 25.00% | 25.00% | ||||
Jiangsu Law [Member] | ||||||
Schedule of Income Tax [Line Items] | ||||||
Tax per financial statements | 25.00% | 25.00% | ||||
Taiwan [Member] | ||||||
Schedule of Income Tax [Line Items] | ||||||
Tax per financial statements | 17.00% | 17.00% | ||||
Additional Income Tax Rate On Undistributed Earnings | 10.00% | 10.00% | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 59,233 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Current | $ 25,364 | |||||
Deferred Tax Liabilities, Net, Current | $ 3,143 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Total | $ 400,001 | $ 945,932 | |
Mr.Mao [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 361,379 | 297,414 | |
Xude Investment [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 32,374 | 32,223 | |
Mr.Zhu [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 1,994 | 2,133 | |
Ms. Lee [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 0 | 826 | |
Yuli Broker [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 265 | 0 | |
Yuli Investment [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 265 | 0 | |
Multiple Capital Enterprises [Member] | |||
Related Party Transaction [Line Items] | |||
Total | [1] | 0 | 608,941 |
I Health Management [Member] | |||
Related Party Transaction [Line Items] | |||
Total | [2] | 3,724 | 0 |
Shareholders [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 0 | $ 4,395 | |
[1] | 24% of Multiple Capital Enterprise’s shares are owned by the Company’s management level. | ||
[2] | 25% of I Health Management Corp’s shares are owned by Multiple Capital Enterprise. |
RELATED PARTY TRANSACTIONS (D94
RELATED PARTY TRANSACTIONS (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Dec. 25, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016TWD | Dec. 31, 2016TWD | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||||
Due To Related Parties, Current | $ 400,001 | $ 945,932 | |||
Prime Technology Crop [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Receivable, Net | 6,660 | ||||
Multiple Capital Enterprise | |||||
Related Party Transaction [Line Items] | |||||
Line of Credit Facility, Interest Rate During Period | 1.50% | ||||
Line of Credit Facility, Periodic Payment, Interest | $ 598,905 | TWD 20,014,795 | |||
Short-term Non-bank Loans and Notes Payable | $ 608,941 | TWD 20,000,000 | |||
I Health Management Corp [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Leases, Income Statement, Minimum Lease Revenue | 5,200 | 167,515 | |||
Rental Income, Nonoperating | 5,200 | ||||
Advance Rent | 0 | ||||
Sponsor Fees | 388,031 | 1,250,000 | |||
Other Cost of Services | 25,130 | ||||
Due To Related Parties, Current | 3,724 | ||||
Yuli Broker [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Leases, Income Statement, Minimum Lease Revenue | 559 | 18,000 | |||
Rental Income, Nonoperating | 279 | ||||
Advance Rent | 279 | ||||
Yuli Investment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Leases, Income Statement, Minimum Lease Revenue | 559 | TWD 18,000 | |||
Rental Income, Nonoperating | 279 | ||||
Advance Rent | $ 279 |
COMMITMENTS (Details)
COMMITMENTS (Details) | Dec. 31, 2016USD ($) |
Other Commitments [Line Items] | |
Twelve months ended December 31, 2017 | $ 1,995,497 |
Twelve months ended December 31, 2018 | 1,351,149 |
Twelve months ended December 31, 2019 | 438,472 |
Twelve months ended December 31, 2020 | 29,231 |
Twelve months ended December 31, 2021 | 5,871 |
Thereafter | 0 |
Total | $ 3,820,220 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Commitments [Line Items] | |||
Operating Leases, Rent Expense | $ 2,132,950 | $ 1,735,521 | $ 1,668,571 |
DISCONTINUED OPERATION (Details
DISCONTINUED OPERATION (Details) - Law Management and Law Agent [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total Assets (including cash) | $ 0 | $ 224,140 | $ 334,512 |
Total Liabilities | 0 | 4,834 | 255,954 |
Revenue | 0 | 0 | 0 |
Net Income (Loss) | $ 0 | $ 60,070 | $ (3,270) |
EPS | $ 0 | $ 0 | $ 0 |
DISCONTINUED OPERATION (Detai98
DISCONTINUED OPERATION (Details Textual) - Risk Management and Law Agent [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 172,000 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 5,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues [Abstract] | |||
Revenues | $ 69,934,006 | $ 55,023,766 | $ 47,449,962 |
Operating Expenses [Abstract] | |||
Income (loss) from operations | 6,684,490 | 3,840,425 | 1,035,572 |
Depreciation, Depletion and Amortization, Nonproduction [Abstract] | |||
Depreciation and amortization expenses | 626,028 | 463,201 | 407,390 |
Investment Income, Net [Abstract] | |||
Interest income | 208,665 | 230,509 | 229,317 |
Interest Expense [Abstract] | |||
Interest expenses | 19,722 | 654 | 0 |
Income Tax Disclosure [Abstract] | |||
Income tax expense | 2,119,598 | 1,519,226 | 1,672,840 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | 5,019,583 | 2,701,125 | (42,726) |
Elimination adjustment [Member] | |||
Revenues [Abstract] | |||
Revenues | (61,058) | 0 | 0 |
Operating Expenses [Abstract] | |||
Income (loss) from operations | 132,432 | 42,884 | 17,738 |
Depreciation, Depletion and Amortization, Nonproduction [Abstract] | |||
Depreciation and amortization expenses | 0 | 0 | 0 |
Investment Income, Net [Abstract] | |||
Interest income | (30,116) | (9,066) | 0 |
Interest Expense [Abstract] | |||
Interest expenses | (30,116) | (9,066) | 0 |
Income Tax Disclosure [Abstract] | |||
Income tax expense | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | 7,220 | 6,187 | 0 |
Taiwan [Member] | |||
Revenues [Abstract] | |||
Revenues | 61,208,145 | 48,669,261 | 44,388,396 |
Operating Expenses [Abstract] | |||
Income (loss) from operations | 7,303,616 | 5,113,728 | 3,055,168 |
Depreciation, Depletion and Amortization, Nonproduction [Abstract] | |||
Depreciation and amortization expenses | 541,461 | 366,717 | 344,592 |
Investment Income, Net [Abstract] | |||
Interest income | 234,316 | 208,526 | 197,503 |
Interest Expense [Abstract] | |||
Interest expenses | 38,083 | 9,720 | 0 |
Income Tax Disclosure [Abstract] | |||
Income tax expense | 2,095,827 | 1,496,206 | 1,658,677 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | 5,803,240 | 4,003,828 | 1,935,308 |
PRC [Member] | |||
Revenues [Abstract] | |||
Revenues | 8,461,511 | 5,892,928 | 3,060,764 |
Operating Expenses [Abstract] | |||
Income (loss) from operations | (817,914) | (1,525,560) | (1,910,774) |
Depreciation, Depletion and Amortization, Nonproduction [Abstract] | |||
Depreciation and amortization expenses | 84,279 | 96,172 | 62,798 |
Investment Income, Net [Abstract] | |||
Interest income | 4,464 | 31,047 | 31,809 |
Interest Expense [Abstract] | |||
Interest expenses | 11,755 | 0 | 0 |
Income Tax Disclosure [Abstract] | |||
Income tax expense | 13,135 | 16,429 | 14,163 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | (844,778) | (1,531,555) | (1,851,410) |
Hong Kong [Member] | |||
Revenues [Abstract] | |||
Revenues | 325,408 | 461,577 | 802 |
Operating Expenses [Abstract] | |||
Income (loss) from operations | 66,356 | 209,373 | (126,560) |
Depreciation, Depletion and Amortization, Nonproduction [Abstract] | |||
Depreciation and amortization expenses | 288 | 312 | 0 |
Investment Income, Net [Abstract] | |||
Interest income | 1 | 2 | 5 |
Interest Expense [Abstract] | |||
Interest expenses | 0 | 0 | 0 |
Income Tax Disclosure [Abstract] | |||
Income tax expense | 10,636 | 6,591 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | $ 53,900 | $ 222,665 | $ (126,624) |
SEGMENT REPORTING (Details 1)
SEGMENT REPORTING (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Payments to Acquire Productive Assets [Abstract] | ||
Capital expenditures | $ (984,500) | $ (628,219) |
Assets, Noncurrent [Abstract] | ||
Long-lived assets | 5,794,161 | 5,514,902 |
Assets [Abstract] | ||
Reportable assets | 51,407,543 | 39,401,816 |
Elimination adjustment [Member] | ||
Assets, Noncurrent [Abstract] | ||
Long-lived assets | (30,227,792) | (30,606,217) |
Assets [Abstract] | ||
Reportable assets | (52,868,589) | (48,442,459) |
Taiwan [Member] | ||
Payments to Acquire Productive Assets [Abstract] | ||
Capital expenditures | (835,564) | (575,968) |
Assets, Noncurrent [Abstract] | ||
Long-lived assets | 26,947,718 | 27,127,174 |
Assets [Abstract] | ||
Reportable assets | 90,388,991 | 74,142,085 |
Prc [Member] | ||
Payments to Acquire Productive Assets [Abstract] | ||
Capital expenditures | (148,936) | (52,251) |
Assets, Noncurrent [Abstract] | ||
Long-lived assets | 8,803,587 | 8,873,008 |
Assets [Abstract] | ||
Reportable assets | 13,325,433 | 13,224,648 |
H K [Member] | ||
Payments to Acquire Productive Assets [Abstract] | ||
Capital expenditures | 0 | 0 |
Assets, Noncurrent [Abstract] | ||
Long-lived assets | 270,648 | 120,937 |
Assets [Abstract] | ||
Reportable assets | $ 561,708 | $ 477,542 |
LOAN TO SHAREHOLDERS (Details T
LOAN TO SHAREHOLDERS (Details Textual) | Jun. 09, 2013USD ($) | Oct. 20, 2013USD ($) | Oct. 20, 2013CNY (¥) | Apr. 27, 2013CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016TWD | Dec. 31, 2015USD ($) | Sep. 26, 2013USD ($) | Sep. 26, 2013CNY (¥) | Aug. 31, 2013USD ($) | Aug. 31, 2013CNY (¥) | Jun. 09, 2013CNY (¥) | Apr. 27, 2013USD ($) | Apr. 27, 2013CNY (¥) |
Loan To Shareholders [Line Items] | ||||||||||||||
Capital Units, Value | $ 8,000,000 | ¥ 50,000,000 | $ 8,000,000 | ¥ 50,000,000 | ||||||||||
Long-term Debt, Total | $ 5,315,327 | $ 6,594,530 | ||||||||||||
Regulatory Requirements Minimum Amount | $ 92,928 | TWD 3,000,000 | ||||||||||||
Investor Loan Agreements [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||
AHFL [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||
Able Capital Holding Co Ltd [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Long-term Debt, Total | $ 4,712,570 | ¥ 29,500,000 | ||||||||||||
Anhou [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Regulatory Requirements Minimum Amount | $ 1,600,000 | ¥ 10,000,000 | ||||||||||||
Increase Decrease In Registered Capital | $ 6,389,925 | ¥ 40,000,000 | ¥ 50,000,000 | |||||||||||
Loans Receivable, Net, Total | $ 6,389,925 | ¥ 40,000,000 | ||||||||||||
Ms Yue Jing [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Long-term Debt, Total | 1,198,111 | 7,500,000 | ||||||||||||
Ms Chunyan Lu [Member] | ||||||||||||||
Loan To Shareholders [Line Items] | ||||||||||||||
Long-term Debt, Total | $ 479,244 | ¥ 3,000,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) TWD in Millions | Mar. 12, 2017TWD |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Business Combination, Contingent Consideration, Liability | TWD 15 |