SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

China United Insurance Service, Inc. – ‘10-K’ for 12/31/18 – ‘R16’

On:  Monday, 4/1/19, at 1:52pm ET   ·   For:  12/31/18   ·   Accession #:  1144204-19-17322   ·   File #:  0-54884

Previous ‘10-K’:  ‘10-K/A’ on 1/24/19 for 12/31/17   ·   Next:  ‘10-K/A’ on 4/30/19 for 12/31/18   ·   Latest:  ‘10-K’ on 3/30/23 for 12/31/22   ·   3 References:   

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/01/19  China United Ins Service, Inc.    10-K       12/31/18  124:14M                                    Toppan Merrill/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    812K 
 2: EX-10.76    Material Contract                                   HTML     40K 
 3: EX-10.77    Material Contract                                   HTML     45K 
 4: EX-10.78    Material Contract                                   HTML     39K 
 5: EX-10.79    Material Contract                                   HTML     33K 
 6: EX-10.80    Material Contract                                   HTML     47K 
 7: EX-10.81    Material Contract                                   HTML     33K 
 8: EX-21       Subsidiaries List                                   HTML     31K 
 9: EX-31.1     Certification -- §302 - SOA'02                      HTML     35K 
10: EX-31.2     Certification -- §302 - SOA'02                      HTML     35K 
11: EX-32.1     Certification -- §906 - SOA'02                      HTML     32K 
12: EX-32.2     Certification -- §906 - SOA'02                      HTML     32K 
19: R1          Document and Entity Information                     HTML     66K 
20: R2          Consolidated Balance Sheets                         HTML    141K 
21: R3          Consolidated Balance Sheets [Parenthetical]         HTML     48K 
22: R4          Consolidated Statements of Operations and Other     HTML    125K 
                Comprehensive Income / (Loss)                                    
23: R5          Consolidated Statements of Changes in               HTML     55K 
                Stockholders' Equity                                             
24: R6          Consolidated Statements of Cash Flows               HTML    141K 
25: R7          Organization and Principal Activities               HTML     44K 
26: R8          Summary of Significant Accounting Policies          HTML    409K 
27: R9          Cash, Cash Equivalents and Restricted Cash and      HTML     83K 
                Cash Equivalents                                                 
28: R10         Time Deposits and Structured Deposits               HTML     67K 
29: R11         Other Current Assets                                HTML     76K 
30: R12         Property, Plant and Equipment, Net                  HTML     77K 
31: R13         Intangible Assets, Net                              HTML     76K 
32: R14         Long-Term Investments                               HTML    127K 
33: R15         Other Assets                                        HTML     61K 
34: R16         Short-Term Loans                                    HTML     86K 
35: R17         Income Tax Payable                                  HTML     68K 
36: R18         Commissions Payable to Sales Professionals          HTML     58K 
37: R19         Other Current Liabilities                           HTML     68K 
38: R20         Long-Term Loans                                     HTML     67K 
39: R21         Other Liabilities                                   HTML    187K 
40: R22         Preferred Stock                                     HTML     67K 
41: R23         Statutory Reserves                                  HTML     35K 
42: R24         Noncontrolling Interests                            HTML    204K 
43: R25         Income Tax                                          HTML    205K 
44: R26         Related Party Transactions                          HTML     86K 
45: R27         Commitments and Contingencies                       HTML     57K 
46: R28         Financial Risk Management and Fair Value of         HTML    246K 
                Financial Instruments                                            
47: R29         Segment Reporting                                   HTML     90K 
48: R30         Subsequent Events                                   HTML     37K 
49: R31         Summary of Significant Accounting Policies          HTML    488K 
                (Policies)                                                       
50: R32         Summary of Significant Accounting Policies          HTML    286K 
                (Tables)                                                         
51: R33         Cash, Cash Equivalents and Restricted Cash and      HTML     78K 
                Cash Equivalents (Tables)                                        
52: R34         Time Deposits and Structured Deposits (Tables)      HTML     57K 
53: R35         Other Current Assets (Tables)                       HTML     73K 
54: R36         Property, Plant and Equipment, Net (Tables)         HTML     76K 
55: R37         Intangible Assets, Net (Tables)                     HTML     77K 
56: R38         Long-Term Investments (Tables)                      HTML    126K 
57: R39         Other Assets (Tables)                               HTML     57K 
58: R40         Short-Term Loans (Tables)                           HTML     67K 
59: R41         Income Tax Payable (Tables)                         HTML     67K 
60: R42         Commissions Payable to Sales Professionals          HTML     56K 
                (Tables)                                                         
61: R43         Other Current Liabilities (Tables)                  HTML     66K 
62: R44         Long-Term Loans (Tables)                            HTML     66K 
63: R45         Other Liabilities (Tables)                          HTML    171K 
64: R46         Noncontrolling Interests (Tables)                   HTML    202K 
65: R47         Income Tax (Tables)                                 HTML    194K 
66: R48         Related Party Transactions (Tables)                 HTML     70K 
67: R49         Commitments and Contingencies (Tables)              HTML     52K 
68: R50         Financial Risk Management and Fair Value of         HTML    234K 
                Financial Instruments (Tables)                                   
69: R51         Segment Reporting (Tables)                          HTML     89K 
70: R52         Organization and Principal Activities (Details      HTML     42K 
                Textual)                                                         
71: R53         Summary of Significant Accounting Policies          HTML     40K 
                (Details)                                                        
72: R54         Summary of Significant Accounting Policies          HTML     58K 
                (Details 1)                                                      
73: R55         Summary of Significant Accounting Policies          HTML     43K 
                (Details 2)                                                      
74: R56         Summary of Significant Accounting Policies          HTML     45K 
                (Details 3)                                                      
75: R57         Summary of Significant Accounting Policies          HTML     50K 
                (Details 4)                                                      
76: R58         Summary of Significant Accounting Policies          HTML     85K 
                (Details Textual)                                                
77: R59         Cash, Cash Equivalents and Restricted Cash and      HTML     59K 
                Cash Equivalents (Details)                                       
78: R60         Cash, Cash Equivalents and Restricted Cash and      HTML     48K 
                Cash Equivalents (Details Textual)                               
79: R61         Time Deposits and Structured Deposits (Details)     HTML     39K 
80: R62         Time Deposits and Structured Deposits (Details      HTML     57K 
                Textual)                                                         
81: R63         Other Current Assets (Details)                      HTML     56K 
82: R64         Other Current Assets (Details Textual)              HTML     51K 
83: R65         Property, Plant and Equipment, Net (Details)        HTML     51K 
84: R66         Property, Plant and Equipment, Net (Details         HTML     33K 
                Textual)                                                         
85: R67         Intangible Assets, Net (Details)                    HTML     38K 
86: R68         Intangible Assets, Net (Details 1)                  HTML     46K 
87: R69         Intangible Assets, Net (Details Textual)            HTML     34K 
88: R70         Long-Term Investments (Details)                     HTML     39K 
89: R71         Long-Term Investments (Details 1)                   HTML     37K 
90: R72         Long-Term Investments (Details 2)                   HTML     40K 
91: R73         Long-Term Investments (Details Textual)             HTML     38K 
92: R74         Other Assets (Details)                              HTML     49K 
93: R75         Other Assets (Details Textual)                      HTML     42K 
94: R76         Short-Term Loans (Details)                          HTML     48K 
95: R77         Short-Term Loans (Details Textual)                  HTML    203K 
96: R78         Income Tax Payable (Details)                        HTML     48K 
97: R79         Commissions Payable to Sales Professionals          HTML     37K 
                (Details)                                                        
98: R80         Commissions Payable to Sales Professionals          HTML     34K 
                (Details Textual)                                                
99: R81         Other Current Liabilities (Details)                 HTML     49K 
100: R82         Long-Term Loans (Details)                           HTML     40K  
101: R83         Long-Term Loans (Details Textual)                   HTML     51K  
102: R84         Other Liabilities (Details)                         HTML     44K  
103: R85         Other Liabilities (Details 1)                       HTML     91K  
104: R86         Other Liabilities (Details Textual)                 HTML    114K  
105: R87         Preferred Stock (Details Textual)                   HTML     47K  
106: R88         Statutory Reserves (Details Textual)                HTML     40K  
107: R89         Noncontrolling Interests (Details)                  HTML     63K  
108: R90         Income Tax (Details)                                HTML     46K  
109: R91         Income Tax (Details 1)                              HTML     50K  
110: R92         Income Tax (Details 2)                              HTML     59K  
111: R93         Income Tax (Details Textual)                        HTML     78K  
112: R94         Related Party Transactions (Details)                HTML     49K  
113: R95         Related Party Transactions (Details Textual)        HTML     78K  
114: R96         Commitments and Contingencies (Details)             HTML     46K  
115: R97         Commitments and Contingencies (Details Textual)     HTML     33K  
116: R98         Financial Risk Management and Fair Value of         HTML     74K  
                Financial Instruments (Details)                                  
117: R99         Financial Risk Management and Fair Value of         HTML     46K  
                Financial Instruments (Details 1)                                
118: R100        Financial Risk Management and Fair Value of         HTML     33K  
                Financial Instruments (Details Textual)                          
119: R101        Segment Reporting (Details)                         HTML     58K  
120: R102        Segment Reporting (Details 1)                       HTML     53K  
121: R103        Subsequent Events (Details Textual)                 HTML     44K  
123: XML         IDEA XML File -- Filing Summary                      XML    225K  
122: EXCEL       IDEA Workbook of Financial Reports                  XLSX    133K  
13: EX-101.INS  XBRL Instance -- cuii-20181231                       XML   5.16M 
15: EX-101.CAL  XBRL Calculations -- cuii-20181231_cal               XML    204K 
16: EX-101.DEF  XBRL Definitions -- cuii-20181231_def                XML   1.11M 
17: EX-101.LAB  XBRL Labels -- cuii-20181231_lab                     XML   1.29M 
18: EX-101.PRE  XBRL Presentations -- cuii-20181231_pre              XML   1.30M 
14: EX-101.SCH  XBRL Schema -- cuii-20181231                         XSD    279K 
124: ZIP         XBRL Zipped Folder -- 0001144204-19-017322-xbrl      Zip    337K

‘R16’   —   Short-Term Loans

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.19.1
SHORT-TERM LOANS
 12 Months Ended
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
NOTE 10 – SHORT-TERM LOANS
 
The Company’s short-term loans consisted of the following as of December 31, 2018 and 2017:
 
 
 
 
 
 
 
Credit facility, O-Bank
 
$
3,600,000
 
 
$
1,400,000
 
Credit facility, FEIB
 
 
2,000,000
 
 
 
-
 
Credit facility, CTBC
 
 
1,000,000
 
 
 
950,000
 
Credit facility, KGI
 
 
1,600,000
 
 
 
-
 
Subtotal
 
 
8,200,000
 
 
 
2,350,000
 
Current portion of long-term loans (Note 14)
 
 
235,587
 
 
 
-
 
Total short-term loans
 
$
8,435,587
 
 
$
2,350,000
 
 
The Company entered into three credit agreements with several commercial banks as follows:
 
O-Bank Co., Ltd. (“O-Bank”): The Company entered into a line of credit agreement with O-Bank for a $1,500,000 revolving credit facility from June 22, 2017 to June 21, 2018. The line of credit was renewed on September 4, 2018 and matures on September 3, 2019, with a revolving credit limit raised to $4,000,000. Borrowings under the agreement bear interest at the
TAIFX3 rate plus a margin of 0.5%
. On December 11, 2017, the Company draw down a borrowing of $600,000 with interest at a rate of 2.35% per annum. On December 26, 2017, the Company borrowed $800,000 with interest at a rate of 2.70% per annum. These amounts were paid off in March of 2018. On March 12, 2018, the Company draw down borrowings of $1,400,000 with interest at rates of 2.53% per annum. These amounts were paid off in June of 2018. On June 12, 2018, the Company draw down borrowings of $1,400,000 with interest at rates of 2.89% per annum. These amounts were paid off in September of 2018. On September 12, 2018, the Company draw down borrowings of $1,400,000 with interest at rate of 2.89% per annum. The Company paid down $500,000 and $900,000 of these amounts in September and October of 2018, respectively. On October 11 and October 12, 2018, the Company draw down borrowings of $1,500,000 and $900,000, respectively, with interest at a rate of 2.90% per annum. These amounts were paid off in December of 2018. On December 7 and December 25, 2018, the Company draw down borrowings of $2,400,000 and $1,200,000, with interest at a rate of 3.60% and 3.75% per annum, respectively.
These amounts were paid off in January of 2019.
The credit facility is secured by a total amount of approximately $4,492,078 (NTD 137,300,000) of time deposits.
 
Far Eastern International Bank (“FEIB”): On September 21, 2017, the Company entered into a line of credit agreement with FEIB for a revolving credit facility of $2,000,000 from September 21, 2017 to September 21, 2018. The line of credit was renewed on October 26, 2018 and matures on September 21, 2019. Borrowings under the agreement bear interest at the higher of LIBOR or TAIFX3 rate plus a margin of 0.85%. On June 15 and June 22, 2018, the Company draw down borrowings of $1,000,000 and $500,000, respectively, with interest at a rate of 3.45% per annum. These amounts were paid off in July of 2018. On July 13 and July 20, 2018, the Company draw down $1,000,000 and $500,000 with interest at a rate of 3.38% and 3.39% per annum, respectfully. These amounts were paid off in August of 2018. On August 10 and August 17, 2018, the Company draw down $1,000,000 and $500,000 with interest at a rate of 3.37% and 3.38% per annum, respectfully. These amounts were paid off in September of 2018. On September 07, September 14 and September 21, 2018, the Company draw down $1,000,000, $500,000 and $500,000 with interest at a rate of 3.60%, 3.65% and 3.68% per annum, respectfully. These amounts were paid off in November of 2018. On November 13, 2018 the Company draw down a borrowing of $2,000,000 with interest at a rate of 3.40% per annum. The Company paid off the borrowing in December of 2018. On December 7, 2018, the Company draw down a borrowing of $2,000,000 with interest at a rate of 3.95% per annum.  The Company paid off the borrowing in January of 2019. 
The credit facility is secured by a total amount of approximately $2,434,163 (NTD 74,400,000) of time deposits.
 
CTBC Bank Co., Ltd. (“CTBC”): On November 17, 2017, the Company entered into a line of credit agreement with CTBC, pursuant to which the Company has a revolving credit facility of $1,000,000 from November 17, 2017 to July 31, 2018. This line of credit was renewed on September 12, 2018 and matures on August 31, 2019, with a revolving credit limit raised to $1,500,000. Borrowings under the agreement bear interest at the CTBC’s cost of fund plus a margin of
1
%. On December 28, 2017, the Company draw down a borrowing of $950,000 with interest at a rate of 3.30% per annum. Law Broker is the guarantor of the credit facility. On January 29, 2018, the Company paid off the entire principal and interest of the borrowing. On October 11, 2018, the Company draw down a borrowing of $1,000,000 with interest at a rate of 3.26% per annum. The amount was paid off in November of 2018. On November 9, 2018, the Company draw down $1,000,000 with interest at a rate of 3.26% per annum. The amount was paid off in December of 2018. In December of 2018, the Company draw down borrowings of $3,000,000 with interest at a rate of 3.26% per annum. The borrowings were paid off in December of 2018. On December 28, 2018, the Company draw down $1,000,000 with interest at a rate of 4.10% per annum. Law Broker is the guarantor of the credit facility. The Company paid down $750,000 and $250,000 of these amounts in January and February of 2019, respectively.
 
KGI Commercial Bank Co., Ltd. (“KGI”): On
, the Company was approved of entering into a line of credit agreement with KGI, pursuant to which the Company has a revolving credit facility of $
1,600,000
from
to
. Borrowings under the agreement bear interest at the LIBOR rate plus a margin of
0.9
%. On
, the Company draw down a borrowing of $
1,600,000
with interest at a rate of
3.41
% per annum.
The Company paid off the borrowing in January of
2019
.
The credit facility is secured by a total amount of approximately $
1,799,450
(NTD
55,000,000)
of time deposits.
 
Total interest expenses of short-term loans
incurred
were $105,536 and $1,531 for the years ended December 31, 2018 and December 31, 2017, respectively.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
10/26/19
9/21/19
9/3/19
8/31/19
Filed on:4/1/19
For Period end:12/31/1810-K/A,  NT 10-K
12/28/18
12/27/18
12/25/18
12/7/18
11/13/18
11/9/18
10/26/18
10/12/18
10/11/18
9/21/18
9/19/18
9/12/18
9/4/18
8/17/18
7/31/18
7/20/18
6/22/18
6/21/18
6/12/18
3/12/18
1/29/18
12/31/1710-K,  10-K/A
12/28/17
12/26/17
12/11/17
11/17/17
9/21/17
6/22/17
 List all Filings 

3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/30/23  China United Ins Service, Inc.    10-K       12/31/22  122:13M                                    Toppan Merrill/FA2
 4/08/22  China United Ins Service, Inc.    10-K       12/31/21  126:14M                                    Toppan Merrill/FA2
 3/25/21  China United Ins Service, Inc.    10-K       12/31/20  119:14M                                    Toppan Merrill/FA
↑Top
Filing Submission 0001144204-19-017322   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Wed., May 15, 4:16:52.1pm ET