| 33. | SHARE CAPITAL AND SHARE PREMIUM |
The details of the Group’s share capital are as follows:
| Number of shares | Share capital | Share premium | |||||||||||
| Shares outstanding as December 31, 2016 | 1,767,821 | $ | 177 | $ | 6,056,240 | ||||||||
| Issuance of shares | 218,478 | 21 | 629,930 | ||||||||||
| Shares outstanding as December 31, 2017 | 1,986,299 | $ | 198 | $ | 6,686,170 | ||||||||
| Number of shares | Share capital | Share premium | |||||||||||
| Authorized Common shares of US$0.0001 as at December 31, 2017 | 150,000,000 | $ | 15,000 | $ | - | ||||||||
| Issue and fully paid common shares of US$0.0001 as at December 31, 2016, retroactively adjusted | 1,767,821 | $ | 177 | $ | 6,056,240 | ||||||||
| Issue and fully paid common shares of US$0.0001 as at December 31, 2017 | 1,986,299 | $ | 198 | $ | 6,686,170 | ||||||||
Preferred Stock
The Company is authorized to issue 5,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined by the Company’s board of directors. No preferred shares are currently issued or outstanding.
Common Stock
The Company is authorized to issue 150,000,000 shares of common stock with a par value of $0.0001 per share.
On March 29, 2016, the Company granted 1,100,000 of common stock to its executive officers and directors as compensation of their past services. The shares were vested immediately. The fair value of the award was calculated on the date of grant using the quoted price of the Company’s common stock. Total expense recognized in connection with this share-based payment amounted to $429,000.
On January 20, 2017, the Company granted and issued 57,600 shares to its employees.
On February 6, 2017, the 1-15 reverse stock split took effect and, as a result, the number of issued and outstanding shares of the Company’s Common Stock is reduced from 26,517,329 shares to approximately 1,767,821 shares. The accompanying financial statements have been retroactively adjusted to reflect the effects of the reverse stock split.
On July 10, 2017, the Company granted, and subsequently issued, 215,000 shares to its directors. The shares are for services rendered in 2017. The shares are vested immediately upon granting.
On February 10, 2018, the Company granted, and subsequently issued, 285,000 shares to its directors. The shares are for services rendered in 2018. The shares are vested immediately upon granting.