Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016 | |
Document And Entity Information | |
Entity Registrant Name | ASIA EQUITY EXCHANGE GROUP, INC. |
Entity Central Index Key | 1,590,565 |
Document Type | 8-K |
Document Period End Date | Mar. 31, 2016 |
Amendment Flag | true |
Amendment Description | Amendment 2 |
Entity Filer Category | Smaller Reporting Company |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Stockholders' equity (deficit) | ||
Total stockholders’ equity (deficit) | $ (176,737) | $ 3,298 |
Asian Equity Exchange Group Co LTD [Member] | ||
Current assets | ||
Cash and cash equivalents | 68,305 | 22,655 |
Prepayments | 8,142 | 23,298 |
Amount due from a director | 14,284 | |
Total current assets | 76,447 | 60,237 |
Intangible assets, net of accumulated amortization | 4,962 | |
Property and equipment, net of accumulated depreciation | 44,959 | 18,202 |
Total assets | 126,368 | 78,439 |
Current Liabilities | ||
Income taxes payable | 2,336 | 5,675 |
Other payables | 105,370 | 69,466 |
Amount due to a director | 195,399 | |
Total current liabilities | 303,105 | 75,141 |
Stockholders' equity (deficit) | ||
Common stock: 1,000,000,000 shares authorized, par value $0.00001, 1,000,000,000 shares issued and outstanding as of March 31, 2016 (unaudited) and December 31, 2015 | 10,000 | 10,000 |
Subscription receivable | (10,000) | (10,000) |
Retained earnings (deficit) | (179,763) | 5,280 |
Reserve fund | 2,538 | |
Accumulated other comprehensive income (loss) | 488 | (1,982) |
Total stockholders’ equity (deficit) | (176,737) | 3,298 |
Total liabilities and stockholders’ equity (deficit) | $ 126,368 | $ 78,439 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - Asian Equity Exchange Group Co LTD [Member] - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock par value | $ 0.00001 | $ 0.00001 |
Common stock shares issued | 1,000,000,000 | 1,000,000,000 |
Common stock shares outstanding | 1,000,000,000 | 1,000,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Expenses | ||
Net income (loss) for the period | $ (182,505) | $ 5,280 |
Asian Equity Exchange Group Co LTD [Member] | ||
Revenue | 242,512 | |
Cost of sales | (908) | |
Gross profit | 241,604 | |
Expenses | ||
General and administrative | (186,619) | (231,462) |
Income (loss) from operations | (186,619) | 10,142 |
Other income (loss) | ||
Income (loss) before provision for income taxes | (186,619) | 10,142 |
Provision for income taxes | 4,114 | (4,862) |
Net income (loss) for the period | (182,505) | 5,280 |
Other comprehensive income (loss), net of tax | ||
Exchange differences on translating foreign operations | 2,470 | (1,982) |
Total comprehensive income (loss) for the period | $ (180,035) | $ 3,298 |
Basic and diluted income (loss) per common share | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 1,000,000,000 | 236,111,111 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Subscription Receivable [Member] | Retained Earnings (Deficit) [Member] | Reserve Fund [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at May. 28, 2015 | ||||||
Balance, shares at May. 28, 2015 | ||||||
Issue of common stock | $ 10,000 | (10,000) | ||||
Issue of common stock, shares | 1,000,000,000 | |||||
Net income loss | 5,280 | 5,280 | ||||
Other comprehensive loss | (1,982) | (1,982) | ||||
Balance at Dec. 31, 2015 | $ 10,000 | (10,000) | 5,280 | (1,982) | 3,298 | |
Balance, shares at Dec. 31, 2015 | 1,000,000,000 | |||||
Transfer between reserves | (2,538) | 2,538 | ||||
Net income loss | (182,505) | (182,505) | ||||
Other comprehensive loss | 2,470 | 2,470 | ||||
Balance at Mar. 31, 2016 | $ 10,000 | $ (10,000) | $ (179,763) | $ 2,538 | $ 488 | $ (176,737) |
Balance, shares at Mar. 31, 2016 | 1,000,000,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ (182,505) | $ 5,280 |
Asian Equity Exchange Group Co LTD [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | (182,505) | 5,280 |
Adjustment to reconcile net income to net cash generated from (used in) operations: | ||
Depreciation | 907 | 2,207 |
Amortization | 261 | |
Changes in operating assets and liabilities: | ||
Prepayments | 15,196 | (23,298) |
Other payables | 35,904 | 69,466 |
Net cash generated from (used in) operating activities | (134,351) | 58,517 |
Cash flows from investing activities | ||
Purchases of intangible asset | (5,223) | |
Purchases of property and equipment | (28,100) | (20,409) |
Net cash used in investing activities | (33,323) | (20,409) |
Cash flows from financing activities | ||
Payments received from (made to) a director | 14,284 | (14,284) |
Advances from a director | 195,399 | |
Net cash generated from (used in) financing activities | 209,683 | (14,284) |
Effect of foreign exchange rate | 3,641 | (1,169) |
Net change in cash and cash equivalents | 45,650 | 22,655 |
Cash and cash equivalents - beginning of period | 22,655 | |
Cash and cash equivalents - end of period | 68,305 | 22,655 |
Supplemental Cash Flow | ||
Cash paid for interest | ||
Cash paid for income taxes |
Organization and Principal Acti
Organization and Principal Activities | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Organization and Principal Activities | NOTE 1 ORGANIZATION AND PRINCIPAL ACTIVITIES Asian Equity Exchange Group Co., Ltd. (the Company) was incorporated under the laws of Samoa on May 29, 2015. The Company is principally engaged in operating an equity information service platform designed to provide equity investment financing information to all enterprises in the countries and regions of Asia. |
Reporting Entities
Reporting Entities | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Reporting Entities | NOTE 2 REPORTING ENTITIES Name of subsidiary Place of incorporation Percentage of interest Principal activities Yinfu International Enterprise Ltd. Hong Kong 100% directly Providing consultancy services in investment and corporate management Yinfu Guotai Investment Consultant (Shenzhen) Co., Ltd.* The Peoples Republic of China 100% indirectly Providing consultancy services in investment and corporate management * |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Summary of Significant Accounting Policies | NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The Company prepares its consolidated financial statements in accordance with rules and regulations of the Securities and Exchange Commission (SEC) and accounting principles generally accepted (GAAP) in the United States of America. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 date of the consolidated financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. The accompanying interim financial statements for the three months ended March 31, 2016, are unaudited. Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. We currently have no investments accounted for using the equity or cost methods of accounting. Business Combination The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 Business Combinations), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements be identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Companys adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. Cash and cash equivalents The Company considers cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Cash and cash equivalents were $68,305 and $22,655 at March 31, 2016 (unaudited) and December 31, 2015 respectively. Property, plant and equipment Property, plant and equipment are recorded at cost. Depreciation is calculated using the straight line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the term of the related lease or the estimated useful life of the asset. The useful lives are as follows: Leasehold improvements 20 years Office equipment 5 years Motor vehicles 5 years Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. When properties are disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reported in the period the transaction takes place. Intangible assets Intangible assets consist of computer software which are recorded at cost. Amortization is calculated using the straight line method over the estimated useful lives of the computer software, which is 5 years. Accounting for the impairment of long-lived assets The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the periods ended March 31, 2016 (unaudited) and December 31, 2015, the Company did not impair any property, plant and equipment. Income tax The Company accounts for income taxes under the provisions of ASC Topic 740 Accounting for Income Taxes. Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the period as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. Beginning January 1, 2008, the new Enterprise Income Tax (EIT) law replaced the existing laws for Domestic Enterprises (DEs) and Foreign Invested Enterprises (FIEs). The new standard EIT rate of 25% replaced the 33% rate currently applicable to both DEs and FIEs. Beginning January 1, 2008, the Peoples Republic of China (the PRC) unified the corporate income tax rule on foreign invested enterprises and domestic enterprises. The unified corporate income tax rate is 25%. EIT of $4,862 has been provided in the financial statements for the period ended December 31, 2015. The overprovision of EIT of $4,114 has been reversed in the financial statements for the quarter ended March 31, 2016 (unaudited). Fair value of financial instruments The Company follows ASC 820, Fair Value Measurements and Disclosures, Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of our financial instruments, including, cash and cash equivalents, other receivables and other payables approximate their fair value due to the short maturities of these financial instruments. We do not have other financial assets or liabilities that are measured at fair value on a recurring basis as of March 31, 2016 (unaudited) and December 31, 2015. Revenue recognition The Company will recognize revenue from the sale of products and services in accordance with ASC 605, Revenue Recognition. Revenue will be recognized only when all of the following criteria are met: persuasive evidence for an agreement exists, delivery has occurred or services have been provided, the price or fee is fixed or determinable, and collection is reasonably assured. The source of the Companys revenue for the period was from the provision of consultancy services on investment and corporate management to its customers in the PRC. Liao Ning Ying Jin Grand Ceremony Corporate Management Limited*, the major customer of the Company for the period ended December 31, 2015, represented 64% of the Companys total revenue for the period. The Company has earned no revenue in the period ended March 31, 2016 (unaudited). * (This company has no official English name. The name used is an English translation for identification purpose.) Earnings per share The Company has adopted ASC Topic 260, Earnings per Share, (EPS) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation gain, net of tax. Foreign currency translation The accompanying consolidated financial statements are presented in United States Dollar (USD). The functional currency of the Company is Hong Kong Dollar (HKD) and Renminbi (RMB). Capital accounts are translated into USD from the functional currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the period. The translation rates are as follows: Three months ended March 31, 2016 Period from May 29, 2015 (inception) to December 31, 2015 (Unaudited) Average HKD : US$ exchange rate in the period 0.1286 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1529 0.1591 Spot RMB : US$ exchange rate as at the period end 0.1550 0.1540 Economic and political risk The Companys major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRCs economy may influence the Companys business, financial condition, and results of operations. The Companys major operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Companys results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. Concentration of credit risk Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC Total cash in these banks as of March 31, 2016 (unaudited) and December 31, 2015 amounted to $68,305 and $22,655 respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware of any financial difficulties of its major customers. Recent accounting pronouncements The Company does not expect any of the following recent accounting pronouncements to have a material effect on the Companys financial position, results of operations, or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. ASU 2014-15 will explicitly require management to assess an entitys ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. Management is currently evaluating the impact of this pronouncement on our consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, (Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force.) In January 2015, FASB issued ASU No. 2015-01, Income StatementExtraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In April 2015, the FASB issued guidance related to a customers accounting for fees paid in a cloud computing arrangement. This standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, and early adoption is permitted. The Company has adopted this guidance on January 1, 2016. The adoption of this guidance is not expected to have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In August 2015, the FASB issued ASU No. 2015-14, Revenue From Contracts With Customers (Topic 606). The amendments in this ASU defer the effective date of ASU 2014-09. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are still evaluating the effect of the adoption of ASU 2014-09. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments. Changes to the accounting for measurement-period adjustments relate to business combinations. Currently, an acquiring entity is required to retrospectively adjust the balance sheet amounts of the acquiree recognized at the acquisition date with a corresponding adjustment to goodwill as a result of changes made to the balance sheet amounts of the acquiree. The measurement period is the period after the acquisition date during which the acquirer may adjust the balance sheet amounts recognized for a business combination (generally up to one year from the date of acquisition). The changes eliminate the requirement to make such retrospective adjustments, and, instead require the acquiring entity to record these adjustments in the reporting period they are determined. The new standard is effective for both public and private companies for periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, 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 ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Prepayments
Prepayments | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Prepayments | NOTE 4 PREPAYMENTS The prepayments of $8,142 and $23,298 as at March 31, 2016 (unaudited) and December 31, 2015, respectively were made to a third party for consultancy services. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Intangible Assets | NOTE 5 INTANGIBLE ASSETS March 31, 2016 December 31, 2015 (Unaudited) Computer software $ 5,223 $ - Accumulated amortization (261 ) - Balance as at the period end $ 4,962 $ - Amortization expense for the periods ended March 31, 2016 (unaudited) and December 31, 2015, amounted to $261 and $0, respectively. |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Plant and Equipment | NOTE 6 PLANT AND EQUIPMENT March 31, 2016 December 31, 2015 (Unaudited) Leasehold improvements $ 17,149 $ 17,149 Office equipment 3,260 3,260 Motor vehicle 28,100 - 48,509 20,409 Accumulated depreciation (3,114 ) (2,207 ) Foreign exchange adjustment (436 ) - $ 44,959 $ 18,202 Depreciation expense for the periods ended March 31, 2016 (unaudited) and December 31, 2015, amounted to $907 and $2,207, respectively. |
Other Payables
Other Payables | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Other Payables | NOTE 7 OTHER PAYABLES March 31, 2016 December 31, 2015 (Unaudited) Accrued charges to third parties service providers $ 46,379 $ 16,346 Payables to suppliers of property and equipment 47,241 47,241 Salaries and wages accrued to employees 11,750 5,879 $ 105,370 $ 69,466 Accrued charges to third parties service providers and payables to suppliers of property and equipment are unsecured, interest free and to be settled within one month. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Related Party Transactions | NOTE 8 RELATED PARTY TRANSACTIONS The amount due from a director of $14,284 as of December 31, 2015 represents a loan to Mr. Liu Jun, the Chief Executive Officer and Chief Financial Officer of Asia Equity Exchange Group, Inc. (AEEX) (resigned on November 10, 2015 and re-appointed on January 31, 2016) and the Chairman of the Board of Directors of the subsidiaries of the Company. The amount is unsecured, interest free and has no fixed terms of repayment and was fully repaid during the period ended March 31, 2016 (unaudited). During the period ended March 31, 2016 (unaudited), Mr. Liu Jun advanced the Company $195,399 for operating expenses. These advances have been formalized by non-interest bearing demand notes. As of March 31, 2016, the balance due to a director was $195,399. |
Shareholder's Equity
Shareholder's Equity | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Shareholder's Equity | NOTE 9 SHAREHOLDERS EQUITY There was 1,000,000,000 common stock issued and outstanding as of March 31, 2016 (unaudited) and December 31, 2015 with par value of $0.00001 per share. The subscription receivable of $10,000 represents the consideration for the common stock issued which was not received as of March 31, 2016 (unaudited) and December 31, 2015. |
Reserve Fund
Reserve Fund | 3 Months Ended |
Mar. 31, 2016 | |
Reserve Fund | |
Reserve Fund | NOTE 10 RESERVE FUND In accordance with the relevant laws and regulations in PRC, the Companys subsidiary in the PRC is required to transfer part of their profits after tax to a reserve fund until the reserve fund reaches 50% of the registered capital of the subsidiary. The reserve fund is non-distributable. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Commitments and Contingencies | NOTE 11 COMMITMENTS AND CONTINGENCIES From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there are no current matters that would have a material effect on the Companys financial position or results of operations. The Company has no commitments or contingencies as of March 31, 2016 (unaudited) and December 31, 2015. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Subsequent Events | NOTE 12 SUBSEQUENT EVENTS On November 30, 2015, AEEX executed a Sale and Purchase Agreement (the Agreement) to acquire 100% of the shares and assets of the Company. Pursuant to the Agreement, AEEX agreed to issue one billion (1,000,000,000) restricted common shares of AEEX to the owners of the Company (the share exchange). Execution of this agreement is the first stage of the planned acquisition. Closing was planned to take place on or before March 31, 2016. Closing is contingent upon the completion of an audit of the Company. All shares issued pursuant to the Agreement are held in escrow and deemed to be in the full control of AEEX until the closing. Upon the completion of this audit, the share exchange has been closed. As a result, the Company has become a wholly owned subsidiary of AEEX. For financial accounting purposes, the share exchange has been accounted for as a reverse acquisition by the Company, and resulted in a recapitalization, with the Company, being the accounting acquirer and AEEX, as the acquired entity. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) - Asian Equity Exchange Group Co LTD [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The Company prepares its consolidated financial statements in accordance with rules and regulations of the Securities and Exchange Commission (SEC) and accounting principles generally accepted (GAAP) in the United States of America. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 date of the consolidated financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. The accompanying interim financial statements for the three months ended March 31, 2016, are unaudited. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. We currently have no investments accounted for using the equity or cost methods of accounting. |
Business Combination | Business Combination The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 Business Combinations), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements be identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Companys adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Cash and cash equivalents were $68,305 and $22,655 at March 31, 2016 (unaudited) and December 31, 2015 respectively. |
Property, Plant and Equipment | Property, plant and equipment Property, plant and equipment are recorded at cost. Depreciation is calculated using the straight line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the term of the related lease or the estimated useful life of the asset. The useful lives are as follows: Leasehold improvements 20 years Office equipment 5 years Motor vehicles 5 years Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. When properties are disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reported in the period the transaction takes place. |
Intangible assets | Intangible assets Intangible assets consist of computer software which are recorded at cost. Amortization is calculated using the straight line method over the estimated useful lives of the computer software, which is 5 years. |
Accounting for the Impairment of Long-lived Assets | Accounting for the impairment of long-lived assets The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the periods ended March 31, 2016 (unaudited) and December 31, 2015, the Company did not impair any property, plant and equipment. |
Income Tax | Income tax The Company accounts for income taxes under the provisions of ASC Topic 740 Accounting for Income Taxes. Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the period as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. Beginning January 1, 2008, the new Enterprise Income Tax (EIT) law replaced the existing laws for Domestic Enterprises (DEs) and Foreign Invested Enterprises (FIEs). The new standard EIT rate of 25% replaced the 33% rate currently applicable to both DEs and FIEs. Beginning January 1, 2008, the Peoples Republic of China (the PRC) unified the corporate income tax rule on foreign invested enterprises and domestic enterprises. The unified corporate income tax rate is 25%. EIT of $4,862 has been provided in the financial statements for the period ended December 31, 2015. The overprovision of EIT of $4,114 has been reversed in the financial statements for the quarter ended March 31, 2016 (unaudited). |
Fair Value of Financial Instruments | Fair value of financial instruments The Company follows ASC 820, Fair Value Measurements and Disclosures, Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of our financial instruments, including, cash and cash equivalents, other receivables and other payables approximate their fair value due to the short maturities of these financial instruments. We do not have other financial assets or liabilities that are measured at fair value on a recurring basis as of March 31, 2016 (unaudited) and December 31, 2015. |
Revenue Recognition | Revenue recognition The Company will recognize revenue from the sale of products and services in accordance with ASC 605, Revenue Recognition. Revenue will be recognized only when all of the following criteria are met: persuasive evidence for an agreement exists, delivery has occurred or services have been provided, the price or fee is fixed or determinable, and collection is reasonably assured. The source of the Companys revenue for the period was from the provision of consultancy services on investment and corporate management to its customers in the PRC. Liao Ning Ying Jin Grand Ceremony Corporate Management Limited*, the major customer of the Company for the period ended December 31, 2015, represented 64% of the Companys total revenue for the period. The Company has earned no revenue in the period ended March 31, 2016 (unaudited). * (This company has no official English name. The name used is an English translation for identification purpose.) |
Earnings Per Share | Earnings per share The Company has adopted ASC Topic 260, Earnings per Share, (EPS) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. |
Comprehensive Income | Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation gain, net of tax. |
Foreign Currency Translation | Foreign currency translation The accompanying consolidated financial statements are presented in United States Dollar (USD). The functional currency of the Company is Hong Kong Dollar (HKD) and Renminbi (RMB). Capital accounts are translated into USD from the functional currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the period. The translation rates are as follows: Three months ended March 31, 2016 Period from May 29, 2015 (inception) to December 31, 2015 (Unaudited) Average HKD : US$ exchange rate in the period 0.1286 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1529 0.1591 Spot RMB : US$ exchange rate as at the period end 0.1550 0.1540 |
Economic and Political Risk | Economic and political risk The Companys major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRCs economy may influence the Companys business, financial condition, and results of operations. The Companys major operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Companys results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. |
Concentrations of Credit Risk | Concentration of credit risk Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC Total cash in these banks as of March 31, 2016 (unaudited) and December 31, 2015 amounted to $68,305 and $22,655 respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware of any financial difficulties of its major customers. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company does not expect any of the following recent accounting pronouncements to have a material effect on the Companys financial position, results of operations, or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. ASU 2014-15 will explicitly require management to assess an entitys ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. Management is currently evaluating the impact of this pronouncement on our consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, (Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force.) In January 2015, FASB issued ASU No. 2015-01, Income StatementExtraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In April 2015, the FASB issued guidance related to a customers accounting for fees paid in a cloud computing arrangement. This standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, and early adoption is permitted. The Company has adopted this guidance on January 1, 2016. The adoption of this guidance is not expected to have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In August 2015, the FASB issued ASU No. 2015-14, Revenue From Contracts With Customers (Topic 606). The amendments in this ASU defer the effective date of ASU 2014-09. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are still evaluating the effect of the adoption of ASU 2014-09. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments. Changes to the accounting for measurement-period adjustments relate to business combinations. Currently, an acquiring entity is required to retrospectively adjust the balance sheet amounts of the acquiree recognized at the acquisition date with a corresponding adjustment to goodwill as a result of changes made to the balance sheet amounts of the acquiree. The measurement period is the period after the acquisition date during which the acquirer may adjust the balance sheet amounts recognized for a business combination (generally up to one year from the date of acquisition). The changes eliminate the requirement to make such retrospective adjustments, and, instead require the acquiring entity to record these adjustments in the reporting period they are determined. The new standard is effective for both public and private companies for periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, 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 ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Reporting Entities (Tables)
Reporting Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Schedule of Reporting Entities | Name of subsidiary Place of incorporation Percentage of interest Principal activities Yinfu International Enterprise Ltd. Hong Kong 100% directly Providing consultancy services in investment and corporate management Yinfu Guotai Investment Consultant (Shenzhen) Co., Ltd.* The Peoples Republic of China 100% indirectly Providing consultancy services in investment and corporate management * |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) - Asian Equity Exchange Group Co LTD [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Property, Plant and Equipment Useful Lives | The useful lives are as follows: Leasehold improvements 20 years Office equipment 5 years Motor vehicles 5 years |
Schedule of Translation Rate | The translation rates are as follows: Three months ended March 31, 2016 Period from May 29, 2015 (inception) to December 31, 2015 (Unaudited) Average HKD : US$ exchange rate in the period 0.1286 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1529 0.1591 Spot RMB : US$ exchange rate as at the period end 0.1550 0.1540 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Schedule of Intangible Assets | March 31, 2016 December 31, 2015 (Unaudited) Computer software $ 5,223 $ - Accumulated amortization (261 ) - Balance as at the period end $ 4,962 $ - |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Schedule of Property and Equipment | March 31, 2016 December 31, 2015 (Unaudited) Leasehold improvements $ 17,149 $ 17,149 Office equipment 3,260 3,260 Motor vehicle 28,100 - 48,509 20,409 Accumulated depreciation (3,114 ) (2,207 ) Foreign exchange adjustment (436 ) - $ 44,959 $ 18,202 |
Other Payables (Tables)
Other Payables (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Schedule of Other Payables | March 31, 2016 December 31, 2015 (Unaudited) Accrued charges to third parties service providers $ 46,379 $ 16,346 Payables to suppliers of property and equipment 47,241 47,241 Salaries and wages accrued to employees 11,750 5,879 $ 105,370 $ 69,466 |
Reporting Entities - Schedule o
Reporting Entities - Schedule of Reporting Entities (Details) - Asian Equity Exchange Group Co LTD [Member] | 3 Months Ended | |
Mar. 31, 2016 | ||
Yinfu International Enterprise Ltd [Member] | ||
Name of subsidiary | Yinfu International Enterprise Ltd | |
Place of incorporation | Hong Kong | |
Percentage of interest | 100.00% | |
Principal activities | Providing consultancy services in investment and corporate management | |
Yinfu Guotai Investment Consultant [Member] | ||
Name of subsidiary | Yinfu Guotai Investment Consultant (Shenzhen) Co., Ltd. | [1] |
Place of incorporation | The Peoples Republic of China | |
Percentage of interest | 100.00% | |
Principal activities | Providing consultancy services in investment and corporate management | |
[1] | (This company has no official English name. The name used is an English translation for identification purpose.) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details Narrative) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 7 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | May 28, 2015 | |
Cash and cash equivalents | $ 68,305 | $ 22,655 | |
Impaired property, plant and equipment | $ 0 | $ 0 | |
Percentage of unified corporate income tax rate | 25.00% | ||
Dilutive securities outstanding | |||
Cash in banks | $ 68,305 | $ 22,655 | |
Enterprise Income Tax [Member] | |||
Percentage of income tax rate | 25.00% | ||
Income tax payable | $ 4,114 | $ 4,862 | |
Domestic Enterprises [Member] | |||
Percentage of income tax rate | 33.00% | ||
Foreign Invested Enterprises [Member] | |||
Percentage of income tax rate | 33.00% | ||
Liao Ning Ying Jin Grand Ceremony Corporate Management Limited [Member] | |||
Percentage of revenue | 64.00% | ||
Computer Software [Member] | |||
Estimated useful lives | 5 years |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) - Asian Equity Exchange Group Co LTD [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Leasehold Improvements [Member] | |
Property and equipment estimated useful life | 20 years |
Office Equipment [Member] | |
Property and equipment estimated useful life | 5 years |
Motor Vehicles [Member] | |
Property and equipment estimated useful life | 5 years |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Schedule of Translation Rate (Details) - Asian Equity Exchange Group Co LTD [Member] | Mar. 31, 2016 | Dec. 31, 2015 |
Average HKD [Member] | ||
Foreign currency translation rate | 0.1286 | 0.1290 |
Spot HKD [Member] | ||
Foreign currency translation rate | 0.1289 | 0.1290 |
Average RMB [Member] | ||
Foreign currency translation rate | 0.1529 | 0.1591 |
Spot RMB [Member] | ||
Foreign currency translation rate | 0.1550 | 0.1540 |
Prepayments (Details Narrative)
Prepayments (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Asian Equity Exchange Group Co LTD [Member] | ||
Prepayments | $ 8,142 | $ 23,298 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Asian Equity Exchange Group Co LTD [Member] | ||
Amortization expense | $ 261 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Computer software | $ 5,223 | |
Accumulated amortization | (261) | |
Balance as at the period end | $ 4,962 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Asian Equity Exchange Group Co LTD [Member] | ||
Depreciation | $ 907 | $ 2,207 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property and Equipment (Details) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property and equipment Gross | $ 48,509 | $ 20,409 |
Accumulated depreciation | (3,114) | (2,207) |
Foreign exchange adjustment | (436) | |
Property and equipment, Net | 44,959 | 18,202 |
Leasehold Improvements [Member] | ||
Property and equipment Gross | 17,149 | 17,149 |
Office Equipment [Member] | ||
Property and equipment Gross | 3,260 | 3,260 |
Motor Vehicles [Member] | ||
Property and equipment Gross | $ 28,100 |
Other Payables - Schedule of Ot
Other Payables - Schedule of Other Payables (Details) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued charges to third parties service providers | $ 46,379 | $ 16,346 |
Payables to suppliers of property and equipment | 47,241 | 47,241 |
Salaries and wages accrued to employees | 11,750 | 5,879 |
Other Payables | $ 105,370 | $ 69,466 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Due from a director | $ (14,284) | $ 14,284 |
Mr. Liu Jun [Member] | ||
Due from a director | 14,284 | |
Operating expenses | 195,399 | |
Due to related party | $ 195,399 |
Shareholder's Equity (Details N
Shareholder's Equity (Details Narrative) - Asian Equity Exchange Group Co LTD [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Common stock shares issued | 1,000,000,000 | 1,000,000,000 |
Common stock shares outstanding | 1,000,000,000 | 1,000,000,000 |
Common stock par value | $ 0.00001 | $ 0.00001 |
Subscription receivable | $ 10,000 | $ 10,000 |
Reserve Fund (Details Narrative
Reserve Fund (Details Narrative) | 3 Months Ended |
Mar. 31, 2016 | |
Asian Equity Exchange Group Co LTD [Member] | |
Reserve fund description | the Companys subsidiary in the PRC is required to transfer part of their profits after tax to a reserve fund until the reserve fund reaches 50% of the registered capital of the subsidiary. |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Asian Equity Exchange Group Co LTD [Member] | ||
Commitments or contingencies |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Asian Equity Exchange Group Co LTD [Member] - Sale and Purchase Agreement [Member] - Subsequent Event [Member] | Nov. 30, 2015shares |
Percentage of shares and assets acquired | 100.00% |
Number of restricted common stock shares issued during the period | 1,000,000,000 |