Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | ASIA EQUITY EXCHANGE GROUP, INC. | ||
Entity Central Index Key | 1,590,565 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | true | ||
Amendment Description | Asia Equity Exchange Group, Inc. (the “Company”) is filing this Amendment No. 1 (this “Form 10-K/A”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2017 (the “Form 10-K”), for the purpose of correcting an inappropriate accounting policy adopted for Goodwill arising from reverse acquisition of a public shell company. The acquisition of AEEGCL and its subsidiaries by the Company in 2016 should be accounted for as a reverse acquisition under which no goodwill shall be recorded and it shall be charged as capital deficiency. In connection with the restatement of our consolidated financial statements described herein, management re-evaluated the Company’s internal controls over financial reporting. It was determined that a weakness existed due to management’s inability to identify the accounting implications and to follow internal controls over financial reporting relating to the rules of ASC 805, Business Combinations In relating to this weakness, management will implement and provide enhanced education of the Company’s financial reporting staff on ASC 805 and ensure the Company complies with all aspects of the accounting standards. For convenience of the readers, this amended filing sets forth the original filing in its entirety. The following items have been amended principally as a result of, and to reflect, the restatement: Part I, Item 1 - Financial Statements (unaudited) Part I, Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4 - Controls and Procedures In accordance with applicable SEC rules, this Amended Filing includes new certifications as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) from our Chief Executive Officer and Chief Financial Officer dated as of the date of filing of this Amended Filing. The remaining items contained within this amended report consist of all other items originally contained in the Form 10-K and are included for the convenience of the reader. The sections of the Form Form 10-K which were not amended are unchanged and continue in full force and effect as originally filed. This amended report speaks as of the date of the original filing and has not been updated to reflect events occurring subsequent to the original filing other than those associated with the restatement of our financial statements. | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 44,000,000 | ||
Entity Common Stock, Shares Outstanding | 1,146,000,000 | ||
Trading Symbol | AEEX | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Current Assets | |||
Cash and cash equivalents | $ 55,360 | ||
Prepaid expenses | 5,554 | 5,833 | 5,833 |
Other receivable | 669 | ||
Rental deposit | 34,708 | ||
Total current assets | 96,291 | 5,833 | 5,833 |
Fixed assets, net of accumulated depreciation | 34,220 | ||
Intangible assets, net of amortization | 6,013 | ||
Goodwill | |||
Other non-current assets | 3,604 | ||
TOTAL ASSETS | 140,128 | 5,833 | 5,833 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 171,795 | 856 | 1,056 |
Note payable - related party | 423,686 | 14,608 | 14,408 |
Total current liabilities | 595,481 | 15,464 | 15,464 |
TOTAL LIABILITIES | 595,481 | 15,464 | 15,464 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' DEFICIT | |||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 1,146,000,000 shares issued and outstanding | 1,146,000 | 146,000 | 146,000 |
Capital deficiency | (1,213,634) | (23,713) | (23,713) |
Accumulated deficit | (387,719) | (131,918) | (131,918) |
Total Stockholders' Deficit | (455,353) | (9,631) | (9,631) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 140,128 | $ 5,833 | $ 5,833 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock shares authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 |
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | 1,146,000,000 |
Common stock shares outstanding | 1,146,000,000 | 1,146,000,000 | 1,146,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
REVENUE | $ 563,363 | ||
Cost of Sales | 362,081 | ||
Gross Profit | 201,282 | ||
OPERATING EXPENSES | |||
General and administrative | 405,348 | 24,246 | |
Professional fees | 4,884 | 49,478 | 20,189 |
Total other expenses | 2,399 | ||
Total Operating Expenses | 4,884 | 457,225 | 44,435 |
Net loss from operations | (4,884) | (255,943) | (44,435) |
Other Income | 153 | ||
Other expenses | 11 | ||
Provision for income taxes | |||
Net Loss | $ (4,884) | $ (255,801) | $ (44,435) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 146,000,000 | 1,146,000,000 | 146,000,000 |
Statement of Shareholders' Defi
Statement of Shareholders' Deficit - USD ($) | Common Stock [Member] | Capital Deficiency [Member] | Accumulated Deficit [Member] | Total |
Balance at Jul. 14, 2013 | ||||
Balance, shares at Jul. 14, 2013 | ||||
Founders' shares issued at $0.001 per share | $ 11,000 | 11,000 | ||
Founders' shares issued at $0.001 per share, shares | 11,000,000 | |||
Shares issued for services at $0.001 per share | $ 1,200 | 1,200 | ||
Shares issued for services at $0.001 per share, shares | 1,200,000 | |||
Net loss | (25,700) | (25,700) | ||
Balance at Sep. 30, 2013 | $ 122,000 | (109,800) | (25,700) | (35,000) |
Balance, shares at Sep. 30, 2013 | 122,000,000 | |||
Shares issued for cash at $0.025 per share | $ 24,000 | 36,000 | 60,000 | |
Shares issued for cash at $0.025 per share, shares | 24,000,000 | |||
Net loss | (53,172) | (53,172) | ||
Balance at Sep. 30, 2014 | $ 146,000 | (73,800) | (78,879) | (6,672) |
Balance, shares at Sep. 30, 2014 | 146,000,000 | |||
Write off loan to contributed capital | 50,087 | 50,087 | ||
Net loss | (48,162) | (48,162) | ||
Balance at Sep. 30, 2015 | $ 146,000 | (23,713) | (127,034) | (9,631) |
Balance, shares at Sep. 30, 2015 | 146,000,000 | |||
Net loss | (4,884) | (4,884) | ||
Balance at Dec. 31, 2015 | $ 146,000 | (23,713) | (131,918) | (9,631) |
Balance, shares at Dec. 31, 2015 | 146,000,000 | |||
Shares issued for cash at $0.001 per share for acquisition | $ 1,000,000 | (1,189,921) | (189,921) | |
Shares issued for cash at $0.001 per share for acquisition, shares | 1,000,000,000 | |||
Net loss | (255,801) | (255,801) | ||
Balance at Dec. 31, 2016 | $ 1,146,000 | $ (1,213,634) | $ (387,719) | $ (455,353) |
Balance, shares at Dec. 31, 2016 | 1,146,000,000 |
Statement of Shareholders' Def6
Statement of Shareholders' Deficit (Parenthetical) - $ / shares | Dec. 31, 2016 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Founders shares issued price per share | $ 0.001 | ||
Shares issued for services price per share | $ 0.001 | ||
Shares issued for cash price per share | $ 0.025 | ||
Shares issued for acquisition price per share | $ 0.001 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (4,884) | $ (255,801) | $ (44,435) |
Changes in operating activities: | |||
Depreciation and amortization | 11,481 | ||
Prepaid Expenses | (103,896) | 4,167 | |
Accounts payable and accrued liabilities | 4,884 | 342,043 | 856 |
Net cash used in operating activities | (6,173) | (39,412) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net Cash Provided by Investing Activities | 61,533 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Cash Provided by Financing Activities | 23,833 | ||
Net increase (decrease) in cash and cash equivalents | 55,360 | (15,579) | |
Cash and cash equivalents, beginning of period | 15,579 | ||
Cash and cash equivalents, end of period | 55,360 | ||
Supplemental Cash Flow Disclosure: | |||
Cash paid for interest | |||
Cash paid for income taxes | |||
Non-cash financing activities: | |||
Note payable related party forgiven to contributed capital | $ 50,087 | $ 50,087 | $ 50,087 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
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 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. 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 AEEGCL’s former shareholders own the majority of the Company’s voting stock. The Company’s 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 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. 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 OTC markets in countries and regions in Asia. AEEX also endeavors 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 listing on overseas capital markets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION AND ACCOUNTING FOR INVESTMENT IN AFFILIATE COMPANIES The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, which include Asian Equity Exchange Group Co., Ltd. (“AEEGCL”), AEEX (HK) INTERNATIONAL FINANCIAL SERVICES LIMITED (“AEEX (HK)”), and Asian & American consultant (Shenzhen) Co., Ltd. (“AACCL”) since April 2016. All significant intercompany accounts and transactions have been eliminated in consolidation. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company was loss making and has shareholder’s deficit of $455,353 as of December 31 , 2016. These conditions raise substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon generating profitable operations in the future and/or obtaining the necessary financing to meet its obligation and repay our liabilities arising from normal business operations when they become due. There can be no assurance that the Company will be successful in our plan or in attracting equity or alternative financing on acceptable terms, or if at all. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. 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. 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 December 31, 2016 and 2015, there was no dilutive security outstanding. 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 December 31, 2016 amounted to $55,048, 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. 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. 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. The Company had $55,360 and $0 in cash and cash equivalents as of December 31, 2016 and 2015, respectively. 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. Indefinite Lived Intangible Assets 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 Company tests its 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 the indefinite-lived intangible assets and the Company’s consolidated financial results. 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 . Commitments and Contingencies The Company follows ASC 450-20 , “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, 2016 and 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. 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 December 31, 2016 or December 31, 2015. 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: December 31, 2016 December 31, 2015 Average HKD : US$ exchange rate in the period 0.128840 0.129003 Spot HKD : US$ exchange rate as at the period end 0.128946 0.129019 Average RMB : US$ exchange rate in the period 0.150382 0.160332 Spot RMB : US$ exchange rate as at the period end 0.144155 0.153998 Share-based Expenses ASC 718 “Compensation-Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employee, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “Equity – Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-Employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. Net 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 loss 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 years ended December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Net loss (255,081 ) (44,435 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 146,000,000 Net loss per common share, basic and diluted (0.00 ) (0.00 ) Related Parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 6. 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 Company’s financial statements. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | NOTE 3 - 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 December 31, 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 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, to be 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. During the years ended December 31, 2016 and 2015, the Company has issued the following shares of common stock: Pursuant to its registration statement, the Company issued 1,000,000,000 shares of common stock at $0.001 per share for acquisition of AEEGCL. As of December 31, 2016 and 2015, the Company has 1,146,000,000 shares of common stock issued and outstanding. Reserve fund In accordance with the relevant laws and regulations in the PRC, the Company’s 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. |
Restatement - Goodwill
Restatement - Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Restatement - Goodwill | NOTE 4 – RESTATEMENT – GOODWILL The Company has determined its previously issued audited consolidated financial statements for the fiscal years ended December 31, 2016 contained an error with respect to ASC 805, Business Combinations. Specifically, the transaction is equivalent to the issuance of stock by the private company for the net monetary assets of the shell corporation, accompanied by a recapitalization. The accounting is identical to that resulting from a reverse acquisition, except that no goodwill should be recorded. The impact of such restatement is as below: As of December 31, 2016 As reported As restated ASSETS Goodwill $ 1,189,921 $ - STOCKHOLDERS’ DEFICIT Capital deficiency $ (23,713 ) $ (1,213,634 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS During the year ended September 30, 2015, the former CEO advanced the Company $12,500 for operating expenses, received payments of $3,276 and forgave the balance owing of $50,087. During the year ended September 30, 2015, the new CEO advanced the Company $9,719 for operating expenses.These advances have been formalized by non-interest bearing demand notes. During the year ended December 31, 2015, the new CEO advanced the Company $14,608 for operating expenses. During the transition period September 30, 2015, the new CEO advanced the Company $4889. During the year ended December 31, 2016, the new CEO advanced $21,977 to AEEX, $10,065 to AEEGCL, $258,671 to AEEX (HK) and $132,973 to AACCL for operating expenses. These advances have been formalized by non-interest bearing demand notes. During the year ended December 31, 2016, AEEX (HK) advanced AEEX $76,919 and AEEGCL $6,640 for operating expenses. These advances have been formalized by non-interest bearing demand notes. During the year ended December 31, 2016, AACCL advanced AEEX (HK) $116 for operating expenses. These advances have been formalized by non-interest bearing demand notes. |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | NOTE 6 – 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 fiscal year ended December 31, 2016 and 2015. 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 fiscal year ended December 31, 2016 and 2015 and and accordingly no provision for Hong Kong profits tax made in these periods PRC AACCL 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.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. As of September 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 fiscal year ended December 31,2016 and 2015, and no provision for interest and penalties is deemed necessary as of December 31,2016 and 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. December 31, 2016 Net loss Deferred tax assets AEEX $ (79410 ) $ 26999 AEEGCL (550 ) - AEEX (HK) 68487 -11300 AACCL (244328 ) 61082 Income tax credit for the period -255801 76781 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company has no known commitments or contingencies as of December 31, 2016. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these consolidated financial statements were issued, and concluded that no subsequent events required disclosure in the financial statements. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Accounting for Investment in Affiliate Companies | PRINCIPLES OF CONSOLIDATION AND ACCOUNTING FOR INVESTMENT IN AFFILIATE COMPANIES The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, which include Asian Equity Exchange Group Co., Ltd. (“AEEGCL”), AEEX (HK) INTERNATIONAL FINANCIAL SERVICES LIMITED (“AEEX (HK)”), and Asian & American consultant (Shenzhen) Co., Ltd. (“AACCL”) since April 2016. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company was loss making and has shareholder’s deficit of $455,353 as of December 31 , 2016. These conditions raise substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon generating profitable operations in the future and/or obtaining the necessary financing to meet its obligation and repay our liabilities arising from normal business operations when they become due. There can be no assurance that the Company will be successful in our plan or in attracting equity or alternative financing on acceptable terms, or if at all. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Use of Estimates | Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. |
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. |
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 December 31, 2016 and 2015, there was no dilutive security outstanding. |
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 December 31, 2016 amounted to $55,048, 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. |
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. |
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. The Company had $55,360 and $0 in cash and cash equivalents as of December 31, 2016 and 2015, respectively. |
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. |
Indefinite Lived Intangible Assets | Indefinite Lived Intangible Assets 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 Company tests its 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 the indefinite-lived intangible assets and the Company’s consolidated financial results. |
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 . |
Commitments and Contingencies | Commitments and Contingencies The Company follows ASC 450-20 , “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, 2016 and 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. |
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 December 31, 2016 or December 31, 2015. |
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: December 31, 2016 December 31, 2015 Average HKD : US$ exchange rate in the period 0.128840 0.129003 Spot HKD : US$ exchange rate as at the period end 0.128946 0.129019 Average RMB : US$ exchange rate in the period 0.150382 0.160332 Spot RMB : US$ exchange rate as at the period end 0.144155 0.153998 |
Share-based Expenses | Share-based Expenses ASC 718 “Compensation-Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employee, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “Equity – Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-Employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. |
Net Loss Per Share of Common Stock | Net 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 loss 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 years ended December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Net loss (255,081 ) (44,435 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 146,000,000 Net loss per common share, basic and diluted (0.00 ) (0.00 ) |
Related Parties | Related Parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 6. |
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 Company’s financial statements. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
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: December 31, 2016 December 31, 2015 Average HKD : US$ exchange rate in the period 0.128840 0.129003 Spot HKD : US$ exchange rate as at the period end 0.128946 0.129019 Average RMB : US$ exchange rate in the period 0.150382 0.160332 Spot RMB : US$ exchange rate as at the period end 0.144155 0.153998 |
Schedule of Earnings Per Share | The following table sets forth the computation of basic earnings per share, for the years ended December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Net loss (255,081 ) (44,435 ) Weighted average common shares issued and outstanding (basic and diluted) 1,146,000,000 146,000,000 Net loss per common share, basic and diluted (0.00 ) (0.00 ) |
Restatement - Goodwill (Tables)
Restatement - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The impact of such restatement is as below: As of December 31, 2016 As reported As restated ASSETS Goodwill $ 1,189,921 $ - STOCKHOLDERS’ DEFICIT Capital deficiency $ (23,713 ) $ (1,213,634 ) |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Provision for Income Tax | There is no statute of limitations in the case of tax evasion. December 31, 2016 Net loss Deferred tax assets AEEX $ (79410 ) $ 26999 AEEGCL (550 ) - AEEX (HK) 68487 -11300 AACCL (244328 ) 61082 Income tax credit for the period -255801 76781 |
Organization and Description 20
Organization and Description of Business (Details Narrative) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Sep. 30, 2015 |
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | 1,146,000,000 | |
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 | 146,000,000 | |||
Common stock shares outstanding after closing | 1,146,000,000 | |||
Ownership percentage | 87.30% |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||||||
Dec. 31, 2016USD ($)Segment$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Jul. 14, 2013USD ($) | |
Stockholders' deficit | $ 455,353 | $ 9,631 | $ 9,631 | $ 6,672 | $ 35,000 | ||
Dilutive security outstanding | $ / shares | |||||||
Cash in banks | $ 55,048 | ||||||
Number of reportable segment | Segment | 1 | ||||||
Cash and cash equivalents | $ 55,360 | $ 15,579 | |||||
Commitments and contingencies | |||||||
Computer Software [Member] | |||||||
Intangible assets estimated useful lives | 5 years |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 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 Accoun23
Summary of Significant Accounting Policies - Schedule of Translation Rate (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Average HKD [Member] | ||
Foreign currency translation rate | 0.128840 | 0.129003 |
Spot HKD [Member] | ||
Foreign currency translation rate | 0.128946 | 0.129019 |
Average RMB [Member] | ||
Foreign currency translation rate | 0.150382 | 0.160332 |
Spot RMB [Member] | ||
Foreign currency translation rate | 0.144155 | 0.153998 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||||
Net loss | $ (4,884) | $ (25,700) | $ (255,801) | $ (44,435) | $ (48,162) | $ (53,172) |
Weighted average common shares issued and outstanding (basic and diluted) | 146,000,000 | 1,146,000,000 | 146,000,000 | |||
Net loss per common share, basic and diluted | $ 0 | $ 0 | $ 0 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | Jul. 08, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2013 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preferred share par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common stock shares authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | ||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common stock voting rights | Each common share entitles the holder to one vote, in 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 | 1,146,000,000 | ||
Shares issued price per share | $ 0.001 | ||||
Common stock shares issued | 1,146,000,000 | 1,146,000,000 | 1,146,000,000 | ||
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. | ||||
AEEGCL [Member] | |||||
Stock issued during period acquisition | 1,000,000,000 | ||||
Shares issued price per share | $ 0.001 | ||||
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 |
Restatement - Goodwill - Schedu
Restatement - Goodwill - Schedule of Goodwill (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Goodwill | |||
Capital deficiency | (1,213,634) | $ (23,713) | $ (23,713) |
As Reported [Member] | |||
Goodwill | 1,189,921 | ||
Capital deficiency | $ (23,713) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Operating expenses | $ 4,884 | $ 457,225 | $ 44,435 | ||
Debt forgave the balance owing | $ 50,087 | 50,087 | 50,087 | ||
Non Interest Bearing [Member] | AEEX [Member] | |||||
Operating expenses | 76,919 | ||||
Non Interest Bearing [Member] | AEEGCL [Member] | |||||
Operating expenses | 6,640 | ||||
Non Interest Bearing [Member] | AEEX (HK) [Member] | |||||
Operating expenses | 116 | ||||
CEO [Member] | |||||
Operating expenses | $ 12,500 | $ 14,608 | $ 4,889 | ||
Payments from related party | 3,276 | ||||
Debt forgave the balance owing | 50,087 | ||||
CEO [Member] | Non Interest Bearing [Member] | |||||
Operating expenses | $ 9,719 | ||||
CEO [Member] | Non Interest Bearing [Member] | AEEX [Member] | |||||
Operating expenses | 21,977 | ||||
CEO [Member] | Non Interest Bearing [Member] | AEEGCL [Member] | |||||
Operating expenses | 10,065 | ||||
CEO [Member] | Non Interest Bearing [Member] | AEEX (HK) [Member] | |||||
Operating expenses | 258,671 | ||||
CEO [Member] | Non Interest Bearing [Member] | AACCL [Member] | |||||
Operating expenses | $ 132,973 |
Provision for Income Taxes (Det
Provision for Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for income tax | |||
Provision for interest and penalties | |||
PRC Enterprise [Member] | |||
Federal tax and state statutory tax rate percentage | 25.00% | ||
United States [Member] | |||
Federal tax and state statutory tax rate percentage | 34.00% | 0.00% | |
Hong Kong [Member] | |||
Federal tax and state statutory tax rate percentage | 16.50% | 16.50% |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Loss Before Provision for Income Tax (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net loss | $ (4,884) | $ (25,700) | $ (255,801) | $ (44,435) | $ (48,162) | $ (53,172) |
Deferred tax assets | 76,781 | |||||
AEEX [Member] | ||||||
Net loss | (79,410) | |||||
Deferred tax assets | 26,999 | |||||
AEEGCL [Member] | ||||||
Net loss | (550) | |||||
Deferred tax assets | ||||||
AEEX (HK) [Member] | ||||||
Net loss | 68,487 | |||||
Deferred tax assets | (11,300) | |||||
AACCL [Member] | ||||||
Net loss | (244,328) | |||||
Deferred tax assets | $ 61,082 |