Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 10, 2017 | |
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, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 114,600,000 | |
Trading Symbol | AEEX | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 370,670 | $ 55,360 |
Prepaid expenses | 9,167 | 5,554 |
Account receivable | ||
Other receivable | 54,663 | 669 |
Rental deposit | 35,541 | 34,708 |
Total current assets | 470,041 | 96,291 |
Fixed assets, net of accumulated depreciation | 10,635 | 34,220 |
Intangible assets, net of amortization | 5,659 | 6,013 |
Goodwill | 1,189,921 | 1,189,921 |
Other non-current assets | 2,306 | 3,604 |
TOTAL ASSETS | 1,678,563 | 1,330,049 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 14,793 | 171,795 |
Income Taxes Payable | 23,741 | |
Other payables | 131,633 | |
Amount due to a director | 452,543 | 423,686 |
TOTAL LIABILITIES | 622,709 | 595,481 |
STOCKHOLDERS’ (DEFICIT) EQUITY | ||
Preferred stock, 1,000,000 shares authorized; par value $0.001, none issued and outstanding | ||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 1,146,000,000 shares issued and outstanding | 1,146,000 | 1,146,000 |
Capital deficiency | (23,713) | (23,713) |
Accumulated deficit | (62,378) | (387,719) |
Foreign currency translation adjustment | (4,056) | |
Total Stockholders’ (Deficit) Equity | 1,055,853 | 734,568 |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ 1,678,563 | $ 1,330,049 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
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 | 300,000,000 | 3,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 1,146,000,000 | 1,146,000,000 |
Common stock, shares outstanding | 1,146,000,000 | 1,146,000,000 |
Condensed Statements of Operati
Condensed Statements of Operation and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
REVENUE | $ 290,928 | $ 649,890 | ||
Cost of Sales | ||||
Net Revenue | 290,928 | 649,890 | ||
OPERATING EXPENSES | ||||
General and administrative | 145,778 | 167,699 | 259,097 | 354,318 |
Professional fees | 31,109 | 41,993 | ||
Total other expenses | 2,320 | 3,327 | ||
Total Operating Expenses | 179,207 | 167,699 | 304,417 | 354,318 |
Income tax credit | 4,114 | |||
Net profit from operations | 111,721 | (167,699) | 345,473 | (350,204) |
Other Income (expenses) | ||||
Loss on abandonment of fixed assets | (11,634) | (11,634) | ||
Foreign currency translation adjustment | (3,524) | (2,030) | ||
Total other income (expense) | (11,634) | (3,524) | (11,634) | (2,030) |
Loss before provision for income taxes | 100,087 | (171,223) | 333,839 | (352,234) |
Provision for income taxes | 3,942 | 3,942 | ||
Net Profit (net loss) | $ 96,145 | $ (171,223) | $ 329,897 | $ (352,234) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 1,146,000,000 | 1,128,351,648 | 1,146,000,000 | 1,064,175,824 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Profit | $ 329,896 | $ (350,204) |
Changes in operating activities: | ||
Depreciation and amortization | 6,141 | 5,693 |
Loss on disposal of equipment | 11,633 | |
Prepaid Expenses | (57,384) | (27,034) |
Accounts payable and accrued liabilities | 27,229 | (9,725) |
Advances from a director | 408,484 | |
Other items | (4,556) | |
Net Cash Generated From Operating Activities | 312,960 | 27,214 |
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) | |
Net receipt from liquidation of fixed assets | 6,406 | |
Net Cash Generated From Investing Activities | 6,406 | (88,373) |
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 | (4,056) | (383) |
Net increase (decrease) in cash and cash equivalents | 315,310 | 14,753 |
Cash and cash equivalents, beginning of period | 55,360 | 22,655 |
Cash and cash equivalents, end of period | 370,670 | 37,408 |
Supplemental Cash Flow Disclosure: | ||
Cash paid for interest | ||
Cash paid for income taxes | 1,561 | |
Non-cash financing activities: | ||
Note payable related party forgiven to contributed capital |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 -ORGANIZATION AND DESCRIPTION OF BUSINESS 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 People’s 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 Company’s fiscal year ends on December 31. The Company’s 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 Asian 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 former owners of AEEGCL. The closing of the Acquisition took place on April 12, 2016. As a result, AEEGCL became a wholly-owned subsidiary of the Company and the business of AEEGCL became current business of the Company. The Company had a total of 146,000,000 shares of common stock outstanding immediately prior to the closing of the Acquisition. After the closing of the Acquisition, the Company had a total of 1,146,000,000 shares of common stock outstanding, with the former owners of AEEGCL owning 87.3% of the total issued and outstanding shares of the Company’s common stock. AEEGCL was incorporated under the laws of Samoa on May 29, 2015. It offers an international equity assistance and information service platform designed to provide listing assistance services, equity investment financing information and public relationship services to enterprises in Asia, mainly in China. AEEGCL owns 100% of AEEX (HK) International Financial 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 Asian & American Consultant (Shenzhen) Co., Ltd. (formerly known as Yinfu Guotai Investment Consultant (Shenzhen) Co., Ltd., “AACCL”), a corporation incorporated in the People’s Republic of China (the “PRC”) on April 15, 2015. Both AEEX HK and AACCL 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 Company’s 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 of the Acquisition. The Company aims to build and complement the multi-layer capital market system in Asia, and create a unique and authoritative intercontinental equity information platform which will effectively complement in business functions, service means and financing channels with over the counter markets in countries and regions in Asia. AEEX also endeavours to build a system of global cooperation to provide listed enterprises with equity financing means through domestic and overseas channels, and to offer nurturing pre-listing tutoring, incubating and supporting services for their listings on overseas capital markets. Reverse Stock Split On July 21, 2017, the Board of Directors of Asia Equity Exchange Group, Inc. approved a reverse stock split of the Company’s common stock, per value $0.001 per share (the “Common Stock”), at a ratio of 1-for-10 (the “Reverse Stock Split”) as of July 31, 2017 (the “Effective Date”). Before the Effective Date, the Company was authorized to issue 3,000,000,000 shares of Common Stock and had 1,146,000,000 shares of Common Stock issued and outstanding. Simultaneously with the Reverse Stock Split, the Company decreased its authorized Common Stock to 300,000,000 shares. As a result of the Reverse Stock Split, the Company currently has 114,600,000 shares of Common Stock issued and outstanding (subject to adjustment due to the effect of rounding fractional shares into whole shares). The Reverse Stock Split does not have any effect on the stated par value of the Common Stock. The Reverse Stock Split does not affect the Company’s authorized preferred stock. There are no outstanding shares of the Company’s preferred stock. After the Reverse Stock Split, the Company’s authorized preferred Stock of 1,000,000 shares will remain unchanged. Immediately after the Reverse Stock Split, each stockholder’s percentage ownership interest in the Company and proportional voting power remains virtually unchanged except for minor changes and adjustments resulting from rounding fractional shares into whole shares. The rights and privileges of the holders of shares of Common Stock are substantially unaffected by the Reverse Stock Split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
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, 2017 and for the six month periods ended June 30, 2017 and 2016 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, 2016. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company’s interim condensed consolidated financial position as of June 30, 2017, its interim condensed consolidated results of operations and cash flows for the three and six month periods ended June 30, 2017 and 2016, 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. Goodwill and Indefinite Lived Intangible Assets Goodwill was generated through the acquisitions made by the Company. As the total consideration paid exceeded the value of the net assets acquired, the Company record goodwill for each of the completed acquisitions. At the date of acquisition, the Company performed a valuation to determine the value of the intangible assets, along with the allocation of assets and liabilities acquired. The goodwill is attributable to synergies and economies of scale provided to the Company by the acquired to the Company by the acquired entity. The Company tests its goodwill and indefinite-lived intangible assets for impairment at least annually (as of December 31) and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of its segments; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of goodwill, the indefinite-lived intangible assets and the Company’s consolidated financial results. 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,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on the three levels of inputs, of which the first two are considered observable and the last is considered unobservable, is used to measure fair value: 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 active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar as 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, 2017 or December 31, 2016. 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,” (“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. As of June 30, 2017 and December 31, 2016, there was no dilutive security outstanding. 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 company’s 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 Company’s 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 AACCL are USD, Hong Kong Dollar (HKD) and Renminbi (RMB),respectively. The translation rates are as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Average HKD : US$ exchange rate in the period 0.128318 0.1289 0.882050 0.1287 Spot HKD : US$ exchange rate as at the period end 0.128115 0.1289 0.128115 0.1289 Average RMB : US$ exchange rate in the period 0.146130 0.1531 0.145764 0.153 Spot RMB : US$ exchange rate as at the period end 0.147615 0.1505 0.147615 0.1505 9 Economic and Political Risk The Company’s 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 PRC’s economy may influence the Company’s business, financial condition, and results of operations. The Company’s 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 Company’s 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 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, 2017 amounted to $370,670, 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 Profit (Loss) Per Share of Common Stock 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 earnings (loss) per share is computed by dividing net profit by the weighted average number of shares of common stock outstanding during the period. The following table sets forth the computation of basic earnings per share, for the period ended June 30, 2017 and 2016: Three months ended Six months ended June 30, 2017 June 30,2016 June 30, 2017 June 30, 2016 Net profit (net loss) $ 96,144 $ (167,699 ) $ 329,896 $ (350,204 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 1,128,351,648 1,146,000,000 1,064,175,824 Net profit (loss) per common share, basic and diluted $ 0.00 $ (0.00 ) $ 0.00 $ (0.00 ) 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 450-20 , “Loss Contingencies Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements. |
Prepayments
Prepayments | 6 Months Ended |
Jun. 30, 2017 | |
Prepayments | |
Prepayments | NOTE 3 – PREPAYMENTS The amounts of $9,167 and $5,554 as at June 30, 2017 and December 31, 2016, respectively, were paid to the OTC Markets for their annual services. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS June 30, 2017 December 31, 2016 Computer software $ 7,189 $ 7,020 Accumulated amortization (1,529 ) (1,008 ) $ 5,659 $ 6,013 |
Plant and Equipment
Plant and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | NOTE 5 – PLANT AND EQUIPMENT June 30, 2017 December 31, 2016 Office equipment $ 19,153 $ 18,799 Motor vehicle $ 0 $ 28,110 19,153 46,909 Accumulated depreciation (8,519 ) (12,689 ) $ 10,635 $ 34,220 |
Income Taxes Liabilities
Income Taxes Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Liabilities | NOTE 6 – INCOME TAXES LIABILITIES June 30, 2017 December 31, 2016 Value added tax payable $ 17,757 $ 839 Personal Income Tax payable $ - $ 6 Urban construction and maintenance tax $ 1,243 $ 127 Education surcharge $ 533 $ 80 Local education surcharge $ 355 $ 53 Income tax payable $ 3,853 $ (87 ) Total 23,741 1,017 |
Other Payable
Other Payable | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Payable | NOTE 7 – OTHER PAYABLE June 30, 2017 December 31, 2016 Salaries and wages accrued to employees $ 14,793 $ 8,100 Accrued charges to third parties $ 131,377 $ 166,643 Other payables $ 256 $ (3,965 ) 146,426 170,778 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 – RELATED PARTY TRANSACTIONS Mr. Jun Liu (“Mr. Liu”), the Company’s President and Chief Executive Officer, advanced the Company $ 452,543 as of June 30, 2017 compared with $423,686 as of December 31, 2016. The amount due to Mr. Liu is unsecured, interest free and has no fixed terms of repayment. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
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, 2017, the Company does not have any issued shares of preferred stock and has not designated any shares for issuance. Common Stock As of the date of this Report on Form 10-Q, the Company has authorized 300,000,000 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 our amended Articles of Incorporation. The amended Articles of Incorporation were filed with the state of Nevada on July 22, 2015. Accordingly, the Company’s outstanding number of shares of common stock increased from 14,600,000 to 146,000,000. 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. 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 Company’s common stock. As of June 30, 2017, the Company had 1,146,000,000 shares of common stock issued and outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES The Company has no known commitments or contingencies as of June 30, 2017. 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 Company’s financial position or results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 - SUBSEQUENT EVENTS Resignation of Tao Peng On July 14, 2017, Mr. Tao Peng notified Asia Equity Exchange Group, Inc. (the “Company”) of his resignation from the board of directors and the position as Chief Technical Officer of the Company effective immediately. Mr. Peng’s decision to resign did not result from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Appointment of Yue Ming as a member of the board of directors On July 14, 2017, the Board appointed Ms. Yue Ming to fill the vacancy of the board of directors created by the resignation of Mr. Tao Peng, effective immediately. The biographical information of Ms. Ming was set forth in the Company’s Current Report of Form 8-K, filed on March 24, 2017 and is set forth again below. Ms. Ming, age 30, has more than 8 years corporate finance and accounting experience. She has served as our Chief Financial Officer since March 24, 2017. From January 20, 2017 to March 23, 2017, she acted as the Company’s Treasurer. From December 1, 2014 to March 23, 2017, she acted as the Company’s internal accountant. Prior to joining the Company, Ms. Ming was employed for more than 4 years by Shenzhen Yamuna Science and Technology Co., Ltd., an international trade company, most recently as finance manager from April 12, 2010 to November 30, 2014. Ms. Ming started her accounting career at Shenzhen Hui Tian Accounting Firm on July 1, 2009 after she graduated from Central China Normal University where she majored in international trade. There is no family relationship that exists between Ms. Ming and any directors or executive officers of the Company. In addition, there are no arrangements or understandings between Ms. Ming and any other persons pursuant to which she was selected as a director of the Board and there are no transactions between the Company and Ms. Ming that would require disclosure under Item 404(a) of Regulation S-K. Reverse Stock Split On July 21, 2017, the Board of Directors of Asia Equity Exchange Group, Inc. Approved a reverse stock split of the Company’s common stock, per value $0.001 per share , at a ratio of 1-for-10 (the “Reverse Stock Split”) as of July 31, 2017 (the “Effective Date”). Before the Effective Date, the Company was authorized to issue 3,000,000,000 shares of Common Stock and had 1,146,000,000 billion shares issued and outstanding. As a result of the Reverse Stock Split, the Company is authorized to issue 300,000,000 shares of Common Stock and 114,600,000 shares of Common Stock outstanding approximately (subject to adjustment due to the effect of rounding fractional shares into whole shares). The Reverse Stock Split will not have any effect on the stated par value of the Common Stock.The Reverse Stock Split does not affect the Company’s authorized preferred stock. There are not outstanding shares of the Company’s preferred stock. After the Reverse Stock Split, the Company’s authorized preferred Stock of 1,000,000 shares will remain unchanged. Immediately after the Reverse Stock Split, each stockholder’s percentage ownership interest in the Company and proportional voting power will remain virtually unchanged except for minor changes and adjustments that will result from rounding fractional shares into whole shares. The rights and privileges of the holders of shares of Common Stock will be substantially unaffected by the Reverse Stock Split. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
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, 2017 and for the six month periods ended June 30, 2017 and 2016 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, 2016. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company’s interim condensed consolidated financial position as of June 30, 2017, its interim condensed consolidated results of operations and cash flows for the three and six month periods ended June 30, 2017 and 2016, 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. |
Goodwill and Indefinite Lived Intangible Assets | Goodwill and Indefinite Lived Intangible Assets Goodwill was generated through the acquisitions made by the Company. As the total consideration paid exceeded the value of the net assets acquired, the Company record goodwill for each of the completed acquisitions. At the date of acquisition, the Company performed a valuation to determine the value of the intangible assets, along with the allocation of assets and liabilities acquired. The goodwill is attributable to synergies and economies of scale provided to the Company by the acquired to the Company by the acquired entity. The Company tests its goodwill and indefinite-lived intangible assets for impairment at least annually (as of December 31) and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of its segments; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of goodwill, the indefinite-lived intangible assets and the Company’s consolidated financial results. |
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,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on the three levels of inputs, of which the first two are considered observable and the last is considered unobservable, is used to measure fair value: 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 active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar as 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, 2017 or December 31, 2016. |
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,” (“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. As of June 30, 2017 and December 31, 2016, there was no dilutive security outstanding. |
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 company’s 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 Company’s 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 AACCL are USD, Hong Kong Dollar (HKD) and Renminbi (RMB),respectively. The translation rates are as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Average HKD : US$ exchange rate in the period 0.128318 0.1289 0.882050 0.1287 Spot HKD : US$ exchange rate as at the period end 0.128115 0.1289 0.128115 0.1289 Average RMB : US$ exchange rate in the period 0.146130 0.1531 0.145764 0.153 Spot RMB : US$ exchange rate as at the period end 0.147615 0.1505 0.147615 0.1505 |
Economic and Political Risk | Economic and Political Risk The Company’s 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 PRC’s economy may influence the Company’s business, financial condition, and results of operations. The Company’s 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 Company’s 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 | Concentrations 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, 2017 amounted to $370,670, 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 Profit (Loss) Per Share of Common Stock | Net Profit (Loss) Per Share of Common Stock 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 earnings (loss) per share is computed by dividing net profit by the weighted average number of shares of common stock outstanding during the period. The following table sets forth the computation of basic earnings per share, for the period ended June 30, 2017 and 2016: Three months ended Six months ended June 30, 2017 June 30,2016 June 30, 2017 June 30, 2016 Net profit (net loss) $ 96,144 $ (167,699 ) $ 329,896 $ (350,204 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 1,128,351,648 1,146,000,000 1,064,175,824 Net profit (loss) per common share, basic and diluted $ 0.00 $ (0.00 ) $ 0.00 $ (0.00 ) |
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 450-20 , “Loss Contingencies |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment Useful Lives | 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 |
Schedule of Translation Rate | The translation rates are as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Average HKD : US$ exchange rate in the period 0.128318 0.1289 0.882050 0.1287 Spot HKD : US$ exchange rate as at the period end 0.128115 0.1289 0.128115 0.1289 Average RMB : US$ exchange rate in the period 0.146130 0.1531 0.145764 0.153 Spot RMB : US$ exchange rate as at the period end 0.147615 0.1505 0.147615 0.1505 |
Schedule of Earnings per Share | The following table sets forth the computation of basic earnings per share, for the period ended June 30, 2017 and 2016: Three months ended Six months ended June 30, 2017 June 30,2016 June 30, 2017 June 30, 2016 Net profit (net loss) $ 96,144 $ (167,699 ) $ 329,896 $ (350,204 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 1,128,351,648 1,146,000,000 1,064,175,824 Net profit (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, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | June 30, 2017 December 31, 2016 Computer software $ 7,189 $ 7,020 Accumulated amortization (1,529 ) (1,008 ) $ 5,659 $ 6,013 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Plant and Equipment | June 30, 2017 December 31, 2016 Office equipment $ 19,153 $ 18,799 Motor vehicle $ 0 $ 28,110 19,153 46,909 Accumulated depreciation (8,519 ) (12,689 ) $ 10,635 $ 34,220 |
Income Taxes Liabilities (Table
Income Taxes Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Taxes Payables | June 30, 2017 December 31, 2016 Value added tax payable $ 17,757 $ 839 Personal Income Tax payable $ - $ 6 Urban construction and maintenance tax $ 1,243 $ 127 Education surcharge $ 533 $ 80 Local education surcharge $ 355 $ 53 Income tax payable $ 3,853 $ (87 ) Total 23,741 1,017 |
Other Payable (Tables)
Other Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Payable | June 30, 2017 December 31, 2016 Salaries and wages accrued to employees $ 14,793 $ 8,100 Accrued charges to third parties $ 131,377 $ 166,643 Other payables $ 256 $ (3,965 ) 146,426 170,778 |
Organization and Description 23
Organization and Description of Business (Details Narrative) - $ / shares | Jul. 08, 2015 | Jun. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2015 |
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | ||
Common stock par value | $ 0.001 | $ 0.001 | ||
Common stock shares authorized | 300,000,000 | 3,000,000,000 | ||
Common stock shares outstanding | 1,146,000,000 | 1,146,000,000 | ||
Preferred stock, shares outstanding | ||||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | ||
July 21 2017 [Member] | ||||
Common stock shares issued | 1,146,000,000 | |||
Common stock shares authorized | 3,000,000,000 | |||
Common stock shares outstanding | 1,146,000,000 | |||
Reverse Stock Split [Member] | ||||
Preferred stock, shares outstanding | ||||
Preferred stock shares authorized | 1,000,000 | |||
Reverse Stock Split [Member] | July 21 2017 [Member] | ||||
Common stock shares issued | 114,600,000 | |||
Common stock ratio | 1-for-10 | |||
Common stock shares authorized | 300,000,000 | |||
Common stock shares outstanding | 114,600,000 | |||
Board of Directors [Member] | ||||
Common stock ratio | ten for one (10:1) forward stock split | |||
Board of Directors [Member] | Reverse Stock Split [Member] | July 21 2017 [Member] | ||||
Common stock par value | $ 0.001 | |||
AEEGCL [Member] | ||||
Ownership percentage | 100.00% | |||
AEEX (HK) [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 acquisition | 146,000,000 | |||
Common stock shares outstanding after closing acquisition | 1,146,000,000 | |||
Ownership percentage | 87.30% |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details Narrative) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Segment$ / shares | Dec. 31, 2016$ / shares | |
Dilutive security outstanding | $ / shares | ||
Cash in banks | $ | $ 370,670 | |
Number of reportable segment | Segment | 1 | |
Computer Software [Member] | ||
Intangible assets estimated useful lives | 5 years |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) | 6 Months Ended |
Jun. 30, 2017 | |
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 Accoun26
Summary of Significant Accounting Policies - Schedule of Translation Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Average HKD [Member] | ||||
Foreign currency translation rate | .128318 | 0.1289 | 0.882050 | 0.1287 |
Spot HKD [Member] | ||||
Foreign currency translation rate | 0.128115 | 0.1289 | 0.128115 | 0.1289 |
Average RMB [Member] | ||||
Foreign currency translation rate | 0.146130 | 0.1531 | 0.145764 | 0.153 |
Spot RMB [Member] | ||||
Foreign currency translation rate | 0.147615 | 0.1505 | 0.147615 | 0.1505 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Schedule of Earnings per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accounting Policies [Abstract] | ||||
Net profit (net loss) | $ 96,145 | $ (171,223) | $ 329,897 | $ (352,234) |
Weighted average common shares issued and outstanding (basic and diluted) | 1,146,000,000 | 1,128,351,648 | 1,146,000,000 | 1,064,175,824 |
Net profit (loss) per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Prepayments (Details Narrative)
Prepayments (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Prepayments | ||
Prepaid expenses | $ 9,167 | $ 5,554 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Computer software | $ 7,189 | $ 7,020 |
Accumulated amortization | (1,529) | (1,008) |
Intangible assets, net of amortization | $ 5,659 | $ 6,013 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Plant and Equipment (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Plant and equipment, gross | $ 19,153 | $ 46,909 |
Accumulated depreciation | (8,519) | (12,689) |
Plant and equipment, net | 10,635 | 34,220 |
Office Equipment [Member] | ||
Plant and equipment, gross | 19,153 | 18,799 |
Motor Vehicles [Member] | ||
Plant and equipment, gross | $ 0 | $ 28,110 |
Income Taxes Liabilities - Sche
Income Taxes Liabilities - Schedule of Income Taxes Payables (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Income Taxes Payable | $ 23,741 | |
Value Added Tax Payable [Member] | ||
Income Taxes Payable | 17,757 | 839 |
Personal Income Tax Payable [Member] | ||
Income Taxes Payable | 6 | |
Urban Construction and Maintenance Tax [Member] | ||
Income Taxes Payable | 1,243 | 127 |
Education Surcharge [Member] | ||
Income Taxes Payable | 533 | 80 |
Local Education Surcharge [Member] | ||
Income Taxes Payable | 355 | 53 |
Income Tax Payable [Member] | ||
Income Taxes Payable | $ 3,853 | $ (87) |
Other Payable - Schedule of Oth
Other Payable - Schedule of Other Payable (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Salaries and wages accrued to employees | $ 14,793 | $ 8,100 |
Accrued charges to third parties | 131,377 | 166,643 |
Other payables | 256 | (3,965) |
Total | $ 146,426 | $ 170,778 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | ||
Due to related party | $ 452,543 | $ 423,686 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | Jul. 08, 2015 | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |
Preferred share par value | $ 0.001 | $ 0.001 | |
Common stock shares authorized | 300,000,000 | 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. | ||
Common stock shares outstanding | 1,146,000,000 | 1,146,000,000 | |
Common stock outstanding immediately prior closing | 146,000,000 | ||
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | |
AEEGCL [Member] | |||
Ownership percentage | 100.00% | ||
Stock issued during period acquisition | 1,000,000,000 | ||
Stockholders [Member] | AEEGCL [Member] | |||
Ownership percentage | 87.30% | ||
Minimum [Member] | |||
Common stock shares outstanding | 14,600,000 | ||
Maximum [Member] | |||
Common stock shares outstanding | 146,000,000 | ||
Board of Directors [Member] | |||
Reserve stock split | ten for one (10:1) forward stock split |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | Jul. 21, 2017 | Jul. 08, 2015 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock par value | $ 0.001 | $ 0.001 | ||
Common stock shares authorized | 300,000,000 | 3,000,000,000 | ||
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | ||
Common stock shares outstanding | 1,146,000,000 | 1,146,000,000 | ||
Preferred stock, shares outstanding | ||||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | ||
Reverse Stock Split [Member] | ||||
Preferred stock, shares outstanding | ||||
Preferred stock shares authorized | 1,000,000 | |||
Board of Directors [Member] | ||||
Common stock ratio | ten for one (10:1) forward stock split | |||
Subsequent Event [Member] | ||||
Common stock shares authorized | 300,000,000 | |||
Common stock shares issued | 1,146,000,000 | |||
Common stock shares outstanding | 1,146,000,000 | |||
Subsequent Event [Member] | Reverse Stock Split [Member] | ||||
Common stock shares authorized | 300,000,000 | |||
Common stock shares outstanding | 114,600,000 | |||
Preferred stock, shares outstanding | ||||
Preferred stock shares authorized | 1,000,000 | |||
Subsequent Event [Member] | Board of Directors [Member] | Reverse Stock Split [Member] | ||||
Common stock par value | $ 0.001 | |||
Common stock ratio | 1-for-10 |