Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 18, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ASIA EQUITY EXCHANGE GROUP, INC. | |
Entity Central Index Key | 1,590,565 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,146,000,000 | |
Trading Symbol | AEEX | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Condensed Balance Sheets
Condensed Balance Sheets - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 37,408 | $ 22,655 |
Prepayments | 18,267 | 23,298 |
Amount due from a related party | 4,847 | |
Amount due from a director | 14,284 | |
Total current assets | 60,522 | 60,237 |
RENTAL DEPOSIT | 36,228 | |
INTANGIBLE ASSETS | 6,783 | |
PROPERTY AND EQUIPMENT | 41,701 | 18,202 |
TOTAL ASSETS | 145,234 | 78,439 |
CURRENT LIABILITIES | ||
Income taxes payable | 5,675 | |
Other payables | 18,426 | 69,466 |
Amount due to a related party | 76,295 | |
Amount due to a director | 414,592 | |
Total current liabilities | 509,313 | 75,141 |
STOCKHOLDERS' (DEFICIT) EQUITY | ||
Preferred stock, 1,000,000 shares authorized, par value of $0.001, none issued and outstanding | ||
Common stock, 3,000,000,000 shares authorized, par value $0.001, 1,146,000,000 and 1,000,000,000 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | 1,146,000 | 1,000,000 |
Subscription receivable | (73,800) | |
Additional paid-in capital | 50,087 | |
Accumulated deficit | (1,486,229) | (994,720) |
Reserve fund | 2,538 | |
Accumulated other comprehensive loss | (2,675) | (1,982) |
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY | (364,079) | 3,298 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 145,234 | $ 78,439 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - Asia Equity Exchange Group Co LTD [Member] - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares issued | 1,146,000,000 | 1,000,000,000 |
Common stock shares outstanding | 1,146,000,000 | 1,000,000,000 |
Condensed Statements of Operati
Condensed Statements of Operation and Comprehensive Loss (Unaudited) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue | ||||
Operating Expenses | ||||
General and administrative | 167,699 | 12,655 | 354,318 | 12,655 |
Loss before income taxes | (167,699) | (12,655) | (354,318) | (12,655) |
Income tax credit | 4,114 | |||
Net loss | (167,699) | (12,655) | (350,204) | (12,655) |
Other comprehensive loss, net of tax - Foreign currency translation adjustment | (3,524) | (39) | (2,030) | (39) |
Total comprehensive loss for the period | $ (171,223) | $ (12,694) | $ (352,234) | $ (12,694) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding- basic and diluted | 1,128,351,648 | 1,000,000,000 | 1,064,175,824 | 1,000,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (350,204) | $ (12,655) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 5,139 | 534 |
Amortization | 554 | |
Changes in operating assets and liabilities: | ||
Prepayments | (27,034) | (8,677) |
Other payables | (4,050) | 38,194 |
Income taxes payable | (5,675) | |
Advances from a director | 408,484 | |
Net cash generated from operating activities | 27,214 | 17,396 |
Cash flows from investing activities | ||
Advances to a related party | (4,847) | |
Purchases of intangible asset | (7,328) | |
Purchases of property and equipment | (76,198) | (16,624) |
Net cash used in investing activities | (88,373) | (16,624) |
Cash flows from financing activities | ||
Advances from a related party | 76,295 | |
Net cash generated from financing activities | 76,295 | |
Effect of foreign exchange rate | (383) | (38) |
Net increase in cash and cash equivalents | 14,753 | 734 |
Cash and cash equivalents at the beginning of period | 22,655 | |
Cash and cash equivalents at the end of period | 37,408 | 734 |
Supplemental Cash Flow disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes | $ 1,561 |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Organization and Principal Activities | NOTE 1 ORGANIZATION AND PRINCIPAL ACTIVITIES Asia Equity Exchange Group, Inc. (the Company or AEEX) is a Nevada corporation incorporated on July 15, 2013, under the name I In The Sky, Inc. (SYYF). The Company filed a name change to AEEX with the state of Nevada on July 22, 2015. It is based in Hong Kong, the Peoples Republic of China. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Companys fiscal year ends on December 31. The Companys original business plan was to manufacture and market low cost GPS tracking devices and software to businesses and families. However this business was not successful and the Company had no revenues generated from its business until April 12, 2016 when it completed the reverse acquisition of Asia Equity Exchange Group Company Limited (AEEGCL). On November 30, 2015, the Company executed a Sale and Purchase Agreement (the Purchase Agreement) to acquire 100% of the shares and assets of AEEGCL (the Acquisition). Pursuant to the Purchase Agreement, the Company issued one billion (1,000,000,000) shares of common stock to the owners of AEEGCL. The Company had a total of 146,000,000 shares of common stock outstanding immediately prior to Closing. After the Closing, the Company had a total of 1,146,000,000 shares of common stock outstanding, with the AEEGCL Stockholders owning 87.3% of the total issued and outstanding shares of the Companys common stock. The Closing of the transactions contemplated by the Purchase Agreement took place on April 12, 2016 (Closing). As a result, AEEGCL became a wholly-owned subsidiary of the Company and AEEGCLs former shareholders own the majority of the Companys voting stock. The Companys previous business plan was terminated and the Company is currently engaged in the business of AEEGCL. AEEGCL is a company incorporated under the laws of Samoa on May 29, 2015. It offers an international equity assistance and information service platform designed to provide member registration services, equity investment financing information to enterprises in Asia, mainly in China. AEEGCL owns 100% of AEEX (HK) International Finance Service Limited (formerly known as Yinfu International Enterprise Limited, AEEX HK), a Hong Kong corporation incorporated on December 22, 2014. AEEX HK owns 100% of Yinfu Guotai Investment Consultant (Shenzhen) Co. Ltd. (Yinfu), a corporation incorporated in the Peoples Republic of China (the PRC) on April 15, 2015. Both AEEX HK and Yinfu are engaged in the provision of investment and corporate management consultancy services. The acquisition of AEEGCL and its subsidiaries by the Company was accounted for as a reverse merger because on a post-merger basis, the former shareholders of AEEGCL held a majority of the outstanding common stock of the Company on a voting and fully-diluted basis. As a result, AEEGCL is deemed to be the acquirer for accounting purposes. Accordingly, the consolidated financial statement data presented are those of AEEGCL, recorded at the historical basis of AEEGCL, for all periods prior to the Companys acquisition of AEEGCL on April 12, 2016, and the financial statements of the historical operations of the consolidated companies from the effective date of the Closing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The interim condensed consolidated financial information as of June 30, 2016 and for the three and six month periods ended June 30, 2016 and 2015 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in consolidated financial statements prepared in accordance with U.S. GAAP have not been included. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements of AEEGCL for the period ended December 31, 2015, which are included in the Current Report on Form 8-K filed with the SEC on March 31, 2016. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Companys interim condensed consolidated financial position as of June 30, 2016, its interim condensed consolidated results of operations and cash flows for the three and six month periods ended June 30, 2016 and 2015, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. Use of Estimates The preparation of 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 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. Cash and Cash Equivalents Cash and cash equivalents include 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. Intangible assets Intangible assets consist of computer software and are recorded at cost. Amortization is calculated using the straight line method over the estimated useful life of the computer software, which is 5 years. 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. The useful lives are as follows: 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. 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 presented, the Company did not impair any 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. 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, balances with directors and related parties, other receivables and other payables approximate their fair value due to the short maturities of these financial instruments. The Company did not have financial assets or liabilities that are measured at fair value on a recurring basis as of June 30, 2016 or December 31, 2015. Revenue recognition The Company recognizes 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. Earnings per share The Company has adopted ASC Topic 260, Earnings per Share, 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. Segment reporting ASC Topic 280, Segment Reporting, requires use of the management approach model for segment reporting. The management approach model is based on the way a companys management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Management determined that the Companys operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business segment: the operations of an equity information service platform designed to provide equity investment financing information to all enterprises in Asia. Foreign currency translation The accompanying consolidated financial statements are presented in United States Dollar (USD). The functional currency of the Company is USD. The functional currency of AEEGCL, AEEX HK and Yinfu are USD, Hong Kong Dollar (HKD) and Renminbi (RMB), respectively. Capital accounts are translated into USD from HKD 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Average HKD : US$ exchange rate in the period 0.1289 0.1290 0.1287 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1531 0.1612 0.1530 0.1608 Spot RMB : US$ exchange rate as at the period end 0.1505 0.1613 0.1505 0.1613 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 June 30, 2016 amounted to $37,408, 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. Net loss per share of common stock The Company has adopted ASC Topic 260, Earnings per Share, Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Net loss $ (167,699 ) $ (12,655 ) $ (350,204 ) $ (12,655 ) Weighted average common shares outstanding (basic and diluted) 1,128,351,648 1,000,000,000 1,064,175,824 1,000,000,000 Net loss per common share, basic and diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. Advertising costs The Company follows ASC 720, Advertising Costs, Related parties The Company follows ASC 850, Related Party Disclosures, Commitments and contingencies The Company follows ASC 45020 , Loss Contingencies Recent accounting pronouncements Management has considered all recent accounting pronouncements issued, and believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Going Concern | NOTE 3 GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. For the six months ended June 30, 2016, the Company has a net loss of $350,204, and an accumulated deficit of $1,486,229 and a net deficit of $364,079 as of June 30, 2016. The Company plans to fund the operations through equity financing arrangements, which may be insufficient to fund the Companys capital expenditures, working capital and other cash requirements. Also, there can be no assurance that the Company will be successful in obtaining financing. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty related to the Companys ability to continue as a going concern. |
Prepayments
Prepayments | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Prepayments | NOTE 4 PREPAYMENTS The amounts of $18,267 and $23,298 as at June 30, 2016 and December 31, 2015, respectively, primarily included prepayments to a third party for consultancy services of $ 17,392 and $23,298, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Intangible Assets | NOTE 5 INTANGIBLE ASSETS June 30, 2016 December 31, 2015 Computer software $ 7,328 $ - Accumulated amortization (545 ) - $ 6,783 $ - Amortization expense for the three and six months ended June 30, 2016 amounted to $293 and $554, respectively. |
Plant and Equipment
Plant and Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Plant and Equipment | NOTE 6 PLANT AND EQUIPMENT June 30, 2016 December 31, 2015 Office equipment $ 20,819 $ 20,409 Motor vehicle 28,096 - 48,915 20,409 Accumulated depreciation (7,214 ) (2,207 ) $ 41,701 $ 18,202 Depreciation expense for the three and six months ended June 30, 2016 amounted to $4,232 and $5,139, respectively. Depreciation expense for the three and six months ended June 30, 2015 amounted to $534 and $534, respectively. |
Other Payables
Other Payables | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Other Payables | NOTE 7 OTHER PAYABLES June 30, 2016 December 31, 2015 Accrued charges to third parties $ 6,061 $ 16,346 Payables to suppliers of plant and equipment - 47,241 Salaries and wages accrued to employees 7,224 5,879 Other payables 5,141 - $ 18,426 $ 69,466 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Related Party Transactions | NOTE 8 RELATED PARTY TRANSACTIONS The amount due from a related party of $4,847 as of June 30, 2016 represented a temporary advance to a related company. Mr. Liu Jun, the Companys President and Chief Executive Officer (Mr. Liu) is a supervisor of this related company. The amount is unsecured, interest free and has no fixed terms of repayment. The amount due from a director of $14,284 as of December 31, 2015 represented a temporary advance to Mr. Liu. The amount was unsecured, interest free and fully repaid in 2016. The amount due to a related party of $76,295 as of June 30, 2016 represented advances from a related company. The beneficial holder of a 17.45% equity interest in the Company is a supervisor of this related company. The amount is unsecured, interest free and has no fixed terms of repayment. The amount due to a director of $414,592 as of June 30, 2016 represented advances from Mr. Liu. The amount is unsecured, interest free and has no fixed terms of repayment. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Equity | NOTE 9 EQUITY Preferred Stock The Company has authorized 1,000,000 preferred shares with a par value of $0.001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. As of June 30, 2016, the Company does not have any issued shares of preferred stock and has not designated any shares for issuance. Common Stock The Company has authorized 3,000,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. On July 8, 2015, the Board of Directors authorized a ten for one (10:1) forward stock split, which was effectuated upon the filing of the Companys amended Articles of Incorporation. The amended Articles of Incorporation were filed with the state of Nevada on July 22, 2015. All relevant information relating to numbers of shares and per share information have been retrospectively adjusted to reflect the forward stock split for all periods presented. Reserve fund In accordance with the relevant laws and regulations in the PRC, the Companys subsidiary in the PRC is required to transfer 10% 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. |
Provision for Income Taxes
Provision for Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Provision for Income Taxes | NOTE 10 PROVISION FOR INCOME TAXES United States The Company is incorporated in the State of Nevada and is subject to the U.S. federal tax and state statutory tax rates up to 34% and 0%, respectively. No provision for income taxes in the United States has been made as the Company had no taxable income for the three and six months ended June 30, 2015 and 2016. Hong Kong AEEX HK is subject to Hong Kong profits tax at a rate of 16.5%, and did not have any assessable profits arising in or derived from Hong Kong for the three and six months ended June 30, 2015 and 2016 and accordingly no provision for Hong Kong profits tax was made in these periods. PRC Yinfu is a PRC operating company and is subject to PRC Enterprise Income Tax. Pursuant to the PRC New Enterprise Income Tax Law, Enterprise Income Tax is generally imposed at a statutory rate of 25%. The Company provides for income taxes under ASC 740, Income Taxes. As of June 30, 2016 and December 31, 2015, the Company had no material unrecognized tax benefits which would favorably affect the effective income tax rates in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three and six months ended June 30, 2016 and 2015, and no provision for interest and penalties is deemed necessary as of June 30, 2016 and December 31, 2015. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The provision for income taxes differs from the amounts, which would be provided by applying the statutory income tax rate of 34% to the loss before provision for income taxes for the following reasons: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Loss for the period $ (167,699 ) $ (12,655 ) $ (354,318 ) $ (12,655 ) Income tax at the statutory tax rate of 34% (57,017 ) (4,303 ) (120,468 ) (4,303 ) Effect of different tax jurisdictions 14,783 1,145 38,627 1,145 Non-deductible expenses 4,503 - 18,186 - Change in valuation allowance 37,731 3,158 63,655 3,158 Over provision in prior years - - 4,114 - Income tax credit for the period $ - $ - $ 4,114 $ - |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Commitments and Contingencies | NOTE 11 COMMITMENTS AND CONTINGENCIES The Company has entered into a lease agreement for office in Shenzhen, the PRC, with a 3 year term, commencing on April 10, 2016 and expiring on April 9, 2019. The monthly rental was RMB126,586 for the first year, with a 6% increase for the second year, and a further 7% increase for the third year. In 2016, the Company also paid rental expenses for the staff quarters in Hong Kong. Total rental expense for the three and six months ended June 30, 2016 was $56,841 and $63,955, respectively. The rental expense is recorded on a straight-line basis over the term of the lease. The total minimum future lease payments are as follows: 12 months ending June 30, Amount 2017 $ 229,945 2018 242,362 2019 197,091 2020 - 2021 - Thereafter - Total $ 669,398 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Subsequent Events | NOTE 12 SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these consolidated financial statements were issued (August 22, 2016), and concluded that no subsequent events required disclosure in the financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) - Asia Equity Exchange Group Co LTD [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation | Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The interim condensed consolidated financial information as of June 30, 2016 and for the three and six month periods ended June 30, 2016 and 2015 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in consolidated financial statements prepared in accordance with U.S. GAAP have not been included. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements of AEEGCL for the period ended December 31, 2015, which are included in the Current Report on Form 8-K filed with the SEC on March 31, 2016. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Companys interim condensed consolidated financial position as of June 30, 2016, its interim condensed consolidated results of operations and cash flows for the three and six month periods ended June 30, 2016 and 2015, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of 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 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include 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. |
Intangible Assets | Intangible assets Intangible assets consist of computer software and are recorded at cost. Amortization is calculated using the straight line method over the estimated useful life of the computer software, which is 5 years. |
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. The useful lives are as follows: 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. |
Impairment of Long-lived Assets | 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 presented, the Company did not impair any 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. |
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, balances with directors and related parties, other receivables and other payables approximate their fair value due to the short maturities of these financial instruments. The Company did not have financial assets or liabilities that are measured at fair value on a recurring basis as of June 30, 2016 or December 31, 2015. |
Revenue Recognition | Revenue recognition The Company recognizes 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. |
Earnings Per Share | Earnings per share The Company has adopted ASC Topic 260, Earnings per Share, |
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. |
Segment Reporting | Segment reporting ASC Topic 280, Segment Reporting, requires use of the management approach model for segment reporting. The management approach model is based on the way a companys management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Management determined that the Companys operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business segment: the operations of an equity information service platform designed to provide equity investment financing information to all enterprises in Asia. |
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 USD. The functional currency of AEEGCL, AEEX HK and Yinfu are USD, Hong Kong Dollar (HKD) and Renminbi (RMB), respectively. Capital accounts are translated into USD from HKD 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Average HKD : US$ exchange rate in the period 0.1289 0.1290 0.1287 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1531 0.1612 0.1530 0.1608 Spot RMB : US$ exchange rate as at the period end 0.1505 0.1613 0.1505 0.1613 |
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 June 30, 2016 amounted to $37,408, 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. |
Net Loss Per Share of Common Stock | Net loss per share of common stock The Company has adopted ASC Topic 260, Earnings per Share, Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Net loss $ (167,699 ) $ (12,655 ) $ (350,204 ) $ (12,655 ) Weighted average common shares outstanding (basic and diluted) 1,128,351,648 1,000,000,000 1,064,175,824 1,000,000,000 Net loss per common share, basic and diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
Advertising Costs | Advertising costs The Company follows ASC 720, Advertising Costs, |
Related Parties | Related parties The Company follows ASC 850, Related Party Disclosures, |
Commitments and Contingencies | Commitments and contingencies The Company follows ASC 45020 , Loss Contingencies |
Recent Accounting Pronouncements | Recent accounting pronouncements Management has considered all recent accounting pronouncements issued, and believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) - Asia Equity Exchange Group Co LTD [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Property, Plant and Equipment Useful Lives | The useful lives are as follows: Office equipment 5 years Motor vehicles 5 years |
Schedule of Translation Rate | The translation rates are as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Average HKD : US$ exchange rate in the period 0.1289 0.1290 0.1287 0.1290 Spot HKD : US$ exchange rate as at the period end 0.1289 0.1290 0.1289 0.1290 Average RMB : US$ exchange rate in the period 0.1531 0.1612 0.1530 0.1608 Spot RMB : US$ exchange rate as at the period end 0.1505 0.1613 0.1505 0.1613 |
Schedule of Earnings per Share | In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Net loss $ (167,699 ) $ (12,655 ) $ (350,204 ) $ (12,655 ) Weighted average common shares outstanding (basic and diluted) 1,128,351,648 1,000,000,000 1,064,175,824 1,000,000,000 Net loss per common share, basic and diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Schedule of Intangible Assets | June 30, 2016 December 31, 2015 Computer software $ 7,328 $ - Accumulated amortization (545 ) - $ 6,783 $ - |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Schedule of Property and Equipment | June 30, 2016 December 31, 2015 Office equipment $ 20,819 $ 20,409 Motor vehicle 28,096 - 48,915 20,409 Accumulated depreciation (7,214 ) (2,207 ) $ 41,701 $ 18,202 |
Other Payables (Tables)
Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Schedule of Other Payables | June 30, 2016 December 31, 2015 Accrued charges to third parties $ 6,061 $ 16,346 Payables to suppliers of plant and equipment - 47,241 Salaries and wages accrued to employees 7,224 5,879 Other payables 5,141 - $ 18,426 $ 69,466 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asia Equity Exchange Group Co LTD [Member] | |
Schedule of Loss Before Provision for Income Tax | The provision for income taxes differs from the amounts, which would be provided by applying the statutory income tax rate of 34% to the loss before provision for income taxes for the following reasons: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Loss for the period $ (167,699 ) $ (12,655 ) $ (354,318 ) $ (12,655 ) Income tax at the statutory tax rate of 34% (57,017 ) (4,303 ) (120,468 ) (4,303 ) Effect of different tax jurisdictions 14,783 1,145 38,627 1,145 Non-deductible expenses 4,503 - 18,186 - Change in valuation allowance 37,731 3,158 63,655 3,158 Over provision in prior years - - 4,114 - Income tax credit for the period $ - $ - $ 4,114 $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asia Equity Exchange Group Co LTD [Member] | |
Schedule of Total Minimum Future Lease Payments | The total minimum future lease payments are as follows: 12 months ending June 30, Amount 2017 $ 229,945 2018 242,362 2019 197,091 2020 - 2021 - Thereafter - Total $ 669,398 |
Organization and Principal Ac25
Organization and Principal Activities (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] - shares | Jun. 30, 2016 | Dec. 31, 2015 | Nov. 30, 2015 |
Common stock shares issued | 1,146,000,000 | 1,000,000,000 | |
AEEX (HK) International Finance Service Limited [Member] | |||
Ownership percentage | 100.00% | ||
Yinfu Guotai Investment Consultant [Member] | |||
Ownership percentage | 100.00% | ||
Sale and Purchase Agreement [Member] | |||
Shares acquisition percentage | 100.00% | ||
Common stock shares issued | 1,000,000,000 | ||
Common stock shares outstanding prior to closing | 146,000,000 | ||
Common stock shares outstanding after closing | 1,146,000,000 | ||
Ownership percentage | 87.30% |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] | 6 Months Ended |
Jun. 30, 2016USD ($)Segment | |
Number of operating segment | Segment | 1 |
Cash in banks | $ | $ 37,408 |
Computer Software [Member] | |
Intangible assets estimated useful lives | 5 years |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) - Asia Equity Exchange Group Co LTD [Member] | 6 Months Ended |
Jun. 30, 2016 | |
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) - Asia Equity Exchange Group Co LTD [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Average HKD [Member] | ||||
Foreign currency translation rate | 0.1289 | 0.1290 | 0.1287 | 0.1290 |
Spot HKD [Member] | ||||
Foreign currency translation rate | 0.1289 | 0.1290 | 0.1289 | 0.1290 |
Average RMB [Member] | ||||
Foreign currency translation rate | 0.1531 | 0.1612 | 0.1530 | 0.1608 |
Spot RMB [Member] | ||||
Foreign currency translation rate | 0.1505 | 0.1613 | 0.1505 | 0.1613 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Earnings per Share (Details) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net loss | $ (167,699) | $ (12,655) | $ (350,204) | $ (12,655) |
Weighted average common shares outstanding (basic and diluted) | 1,128,351,648 | 1,000,000,000 | 1,064,175,824 | 1,000,000,000 |
Net loss per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Net Loss | $ 167,699 | $ 12,655 | $ 350,204 | $ 12,655 | |
Accumulaed deficit | 1,486,229 | 1,486,229 | $ 994,720 | ||
Total stockholders' (deficit) equity | $ 364,079 | $ 364,079 | $ (3,298) |
Prepayments (Details Narrative)
Prepayments (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Prepayments | $ 18,267 | $ 23,298 |
Third Party [Member] | ||
Prepayments | $ 17,392 | $ 23,298 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Asia Equity Exchange Group Co LTD [Member] | |||
Amortization expense | $ 293 | $ 554 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Computer software | $ 7,328 | |
Accumulated amortization | (545) | |
Balance as at the period end | $ 6,783 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Asia Equity Exchange Group Co LTD [Member] | ||||
Depreciation | $ 4,232 | $ 534 | $ 5,139 | $ 534 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property and Equipment (Details) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Property and equipment Gross | $ 48,915 | $ 20,409 |
Accumulated depreciation | (7,214) | (2,207) |
Property and equipment, Net | 41,701 | 18,202 |
Office Equipment [Member] | ||
Property and equipment Gross | 20,819 | 20,409 |
Motor Vehicles [Member] | ||
Property and equipment Gross | $ 28,096 |
Other Payables - Schedule of Ot
Other Payables - Schedule of Other Payables (Details) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued charges to third parties | $ 6,061 | $ 16,346 |
Payables to suppliers of plant and equipment | 47,241 | |
Salaries and wages accrued to employees | 7,224 | 5,879 |
Other payables | 5,141 | |
Total | $ 18,426 | $ 69,466 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Due from related party | $ 4,847 | |
Due from director | 14,284 | |
Due to related party | 76,295 | |
Due to director | $ 414,592 | |
Suoervisor [Member] | ||
Percentage of equity interest | 17.45% |
Shareholder's Equity (Details N
Shareholder's Equity (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] - $ / shares | Jul. 08, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Common stock , shares authorized | 3,000,000,000 | 3,000,000,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock voting rights | Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. | ||
Reserve fund description | Companys subsidiary in the PRC is required to transfer 10% of their profits after tax to a reserve fund until the reserve fund reaches 50% of the registered capital of the subsidiary. | ||
Board of Directors [Member] | |||
Forward stock split | ten for one (10:1) |
Provision for Income Taxes (Det
Provision for Income Taxes (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Federal tax and state statutory tax rate percentage | 34.00% | |||
PRC Enterprise [Member] | ||||
Federal tax and state statutory tax rate percentage | 25.00% | |||
UNITED STATES [Member] | ||||
Federal tax and state statutory tax rate percentage | 34.00% | 34.00% | 0.00% | 0.00% |
HONG KONG [Member] | ||||
Federal tax and state statutory tax rate percentage | 16.50% | 16.50% | 16.50% | 16.50% |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Loss Before Provision for Income Tax (Details) - Asia Equity Exchange Group Co LTD [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loss for the period | $ (167,699) | $ (12,655) | $ (354,318) | $ (12,655) |
Income tax at the statutory tax rate of 34% | (57,017) | (4,303) | (120,468) | (4,303) |
Effect of different tax jurisdictions | 14,783 | 1,145 | 38,627 | 1,145 |
Non-deductible expenses | 4,503 | 18,186 | ||
Change in valuation allowance | 37,731 | 3,158 | 63,655 | 3,158 |
Over provision in prior years | 4,114 | |||
Income tax credit for the period | $ 4,114 |
Commitments and Contingencies41
Commitments and Contingencies (Details Narrative) - Asia Equity Exchange Group Co LTD [Member] | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016CNY (¥) | |
Lease term | 3 years | 3 years | |
Lease expiration date | Apr. 9, 2019 | Apr. 9, 2019 | |
Rental Expenses | $ | $ 56,841 | $ 63,955 | |
First Year [Member] | RMB [Member] | |||
Monthly rental | ¥ | ¥ 126,586 | ||
Second Year [Member] | |||
Percentage of monthly rental increase during period | 6.00% | 6.00% | |
Third Year [Member] | |||
Percentage of monthly rental increase during period | 7.00% | 7.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Total Minimum Future Lease Payments (Details) - Asia Equity Exchange Group Co LTD [Member] | Jun. 30, 2016USD ($) |
2,017 | $ 229,945 |
2,018 | 242,362 |
2,019 | 197,091 |
2,020 | |
2,021 | |
Thereafter | |
Total | $ 669,398 |