American Education Center (AMCT) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	AMERICAN EDUCATION CENTER, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,497,113
Entity Central Index Key	0001626556
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Current assets:
Cash	$ 922,567	$ 1,035,395
Accounts receivable, net of allowance for doubtful accounts of $3,068,759 and 2,605,348 at June 30, 2020 and 2019, respectively	1,733,435	2,874,125
Prepaid expenses	225,459	253,530
Total current assets	2,881,461	4,163,050
Noncurrent assets:
Fixed Asset, net	5,037	6,226
Deferred income taxes	861,307	557,615
Intangible asset, net	198,136	272,226
Operating lease right-of-use asset	1,983,406	2,149,710
Security deposits	282,215	285,041
Total noncurrent assets	3,330,101	3,270,818
Total assets of continuing operations	6,211,562	7,433,868
Assets of discontinued operations, net	0
TOTAL ASSETS	6,211,562	7,433,868
Current liabilities:
Accounts payable and accrued expenses	2,586,596	2,867,133
Taxes payable	0	60,511
Deferred revenue	95,059	215,500
Advances from clients	0	60
Short-term loan from related party	849,245	574,564
Short-term loan due within a year	0	98,433
Operating Lease, Liability, Current	363,035	331,670
Total current liabilities	3,893,935	4,147,871
Noncurrent liabilities:
Operating lease liability	1,876,381	2,067,504
Long-term loan	236,588
Total liabilities of continuing operations	6,006,904	6,215,375
Liabilities of discontinued operations	0
Total liabilities	6,006,904	6,215,375
Stockholders' equity:
450,000,000 shares authorized; 56,497,113 shares and 55,797,113 shares outstanding at June 30, 2020 and December 31, 2019 respectively	57,497	56,797
Additional paid-in capital	8,274,230	8,267,930
Treasury stock at cost, 1,000,000 shares at 0.66 per share	(660,000)	(660,000)
Subscription receivables	(592,305)	(592,305)
Retained earnings	(6,947,911)	(5,924,231)
Accumulated other comprehensive income	1,120	(4,678)
Total controlling interest	157,631	1,168,513
Noncontrolling Interest	47,027	49,980
Total stockholders' equity	204,658	1,218,493
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	6,211,562	7,433,868
Series B Preferred Stock
Stockholders' equity:
Preferred stock	25,000	25,000
Total stockholders' equity	25,000	25,000
Series A Preferred Stock
Stockholders' equity:
Preferred stock

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts Receivable (in dollars)	$ 3,068,759	$ 2,605,348
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares, Outstanding	56,497,113	55,797,113
Treasury stock at cost (shares)	1,000,000	1,000,000
Treasury stock at cost (in dollars per share)	$ 0.66	$ 0.66
Series A Preferred Stock
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series B Preferred Stock
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	25,000,000	0
Preferred Stock, Shares Outstanding	25,000,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Revenues	$ 161,984	$ 1,169,044	$ 276,182	$ 3,139,791
Cost of revenues	55,717	686,290	166,054	1,768,687
Gross profit	106,267	482,754	110,128	1,371,104
Operating expenses:
Selling and marketing	60,754	61,960	74,115	201,249
General and administrative	777,991	1,059,041	1,425,116	1,451,878
Total operating expenses	838,745	1,121,001	1,499,231	1,653,127
(Loss) from operations	(732,478)	(638,247)	(1,389,103)	(282,023)
Other income	3	95	317	1,297
(Loss) before provision for income taxes	(732,475)	(638,152)	(1,388,786)	(280,726)
Provision for income taxes (benefit)	(199,530)	366,076	(362,153)	366,076
Net (loss) from continuing operations including noncontrolling interest	(532,945)	(1,004,228)	(1,026,633)	(646,802)
Net income (loss) from discontinued operations, net of income taxes benefit		836,807	0	561,807
Net (loss) including noncontrolling interest	(532,945)	(167,421)	(1,026,633)	(84,995)
Less: Net (loss) attributable to noncontrolling interest	(1,470)	(1,470)	(2,953)	(2,940)
Net (loss) attributable to American Education Center	(531,475)	(165,951)	(1,026,680)	(82,055)
Net (loss) including noncontrolling interest	(532,945)	(167,421)	(1,026,633)	(84,995)
Other comprehensive (loss)
Foreign currency translation income (loss)	(1,434)	6	5,798	1,171
Comprehensive (loss) including noncontrolling interest	(534,379)	(167,415)	(1,026,835)	(83,824)
Less: Comprehensive (loss) attributable to noncontrolling interest	(1,470)	(1,470)	(2,953)	(2,940)
Comprehensive (loss) attributable to American Education Center	$ (532,909)	$ (165,945)	$ (1,017,882)	$ (80,884)
Income (loss) earnings per common share - basic and diluted
Income (loss) from continuing operations	$ (0.01)	$ (0.02)	$ (0.02)	$ (0.01)
(Loss) from discontinued operations	0	0.01	0	0.02
Net income (loss) earnings per common share - basic and diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ 0.01
Weighted average shares
Outstanding, basic and diluted	55,957,769	56,058,483	55,957,769	56,058,483

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended				4 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	May 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss)	$ (532,945)	$ (493,688)	$ (167,421)	$ 82,426		$ (1,026,633)	$ (84,995)
Loss from discontinued operation, net of income taxes			(836,807)		$ 366,667	0	(561,807)		$ 5,255,215
Adjustments to reconcile net (loss) including noncontrolling interest to net cash (Used in) operating activities:
Deferred tax provision (benefit)						(303,692)	285,608
Stock-based compensation expense						7,000	62,000
Provision for doubtful accounts						463,411	395,566	$ 1,557,201
Depreciation expense for fixed assets	556		0			1,103	0
Gain from disposal of the discontinued operation, net of income taxes						0	(561,807)
Amortization expense for learning platform						6,000	6,000
Amortization expense						68,090	68,090
Change in operating assets and liabilities:
in other assets and liabilities						6,657	13,625
in accounts receivable						676,860	(728,785)
in prepaid expenses						26,517	(124,186)
in security deposit						2,548	(18,249)
in accounts payable and accrued expenses						(278,483)	(192,277)
in taxes payable						(62,368)	62,482
in deferred revenue						(120,500)	42,425
in advances from clients						0	(23,526)
Net cash (used in) continuing operating activities						(533,490)	(798,029)
Net cash (used in) discontinued operating activities						0	0
Net cash (used in) operating activities						(533,490)	(798,029)
Cash flows from financing activities:
(Repayment) of short-term loan						(98,434)	0
Proceeds from SBA Loan						236,588	0
Loan from stockholder						283,082	580,867
Net cash provided by continuing financing activities						421,236	580,867
Net cash provided by discontinued financing activities						0	0
Net cash provided by financing activities						421,236	580,867
Effect of exchange rates changes on cash						(574)	1,171
Net change in cash						(112,828)	(215,991)
Cash at beginning of period		$ 1,035,395		$ 1,985,133	1,985,133	1,035,395	1,985,133	1,985,133
Cash at end of period	922,567		1,769,142			922,567	1,769,142	$ 1,035,395	1,985,133
Less cash of discontinued operations - end of period	0		0		$ 391	0	0		$ 391
Cash of continuing operations - end of period	$ 922,567		$ 1,769,142			922,567	1,769,142
Supplemental disclosure of cash flow information
Cash paid for income taxes						12,696	30,162
Cash paid for interest						$ 1,566	$ 10,918

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Series B Preferred Stock	Noncontrolling Interest [Member]	Common stock	Additional paid-in capital	Treasury Stock	Subscription Receivables [Member]	Retained earnings	Accumulated other comprehensive income	Total
Balance at Dec. 31, 2018	$ 25,000	$ 55,860	$ 56,597	$ 8,206,130		$ (719,911)	$ (5,714,688)	$ (13,865)	$ 1,895,123
Balance (in shares) at Dec. 31, 2018	25,000,000		56,597,113
Net (loss)		(1,470)					83,896		82,426
Foreign currency translation income								1,165	1,165
Balance at Mar. 31, 2019	$ 25,000	54,390	$ 56,597	8,206,130		(719,911)	(5,633,732)	(12,700)	1,978,714
Balance (in shares) at Mar. 31, 2019	25,000,000		56,597,113
Balance at Dec. 31, 2018	$ 25,000	55,860	$ 56,597	8,206,130		(719,911)	(5,714,688)	(13,865)	1,895,123
Balance (in shares) at Dec. 31, 2018	25,000,000		56,597,113
Net (loss)									(84,995)
Foreign currency translation income									1,171
Balance at Jun. 30, 2019	$ 25,000	52,920	$ 56,797	8,267,930	$ (660,000)	(575,929)	(4,734,202)	(12,694)	2,419,822
Balance (in shares) at Jun. 30, 2019	25,000,000		55,797,113		1,000,000
Balance at Mar. 31, 2019	$ 25,000	54,390	$ 56,597	8,206,130		(719,911)	(5,633,732)	(12,700)	1,978,714
Balance (in shares) at Mar. 31, 2019	25,000,000		56,597,113
Net (loss)		(1,470)					(165,951)		(167,421)
Foreign currency translation income								6	6
Realization upon disposal of subsidiary by reacquiring stock					$ (660,000)				402,541
Realization upon disposal of subsidiary by reacquiring stock							1,062,541
Realization upon disposal of subsidiary by reacquiring stock (in shares)			(1,000,000)		1,000,000
Issuance of common stock for services			$ 200	61,800					62,000
Issuance of common stock for services (in shares)			200,000
Issuance of common stock for cash						143,982			143,982
Balance at Jun. 30, 2019	$ 25,000	52,920	$ 56,797	8,267,930	$ (660,000)	(575,929)	(4,734,202)	(12,694)	2,419,822
Balance (in shares) at Jun. 30, 2019	25,000,000		55,797,113		1,000,000
Balance at Dec. 31, 2019	$ 25,000	49,980	$ 56,797	8,267,930	$ (660,000)	(592,305)	(5,924,231)	(4,678)	1,218,493
Balance (in shares) at Dec. 31, 2019	25,000,000		55,797,113		1,000,000
Net (loss)		(1,483)					(492,205)		(493,688)
Foreign currency translation income								7,232	7,232
Issuance of common stock for services			$ 700	6,300					7,000
Issuance of common stock for services (in shares)			700,000
Balance at Mar. 31, 2020	$ 25,000	48,497	$ 57,497	8,274,230	$ (660,000)	(592,305)	(6,416,436)	2,554	739,037
Balance (in shares) at Mar. 31, 2020	25,000,000		56,497,113		1,000,000
Balance at Dec. 31, 2019	$ 25,000	49,980	$ 56,797	8,267,930	$ (660,000)	(592,305)	(5,924,231)	(4,678)	1,218,493
Balance (in shares) at Dec. 31, 2019	25,000,000		55,797,113		1,000,000
Net (loss)									(1,026,633)
Foreign currency translation income									5,798
Balance at Jun. 30, 2020	$ 25,000	47,027	$ 57,497	8,274,230	$ (660,000)	(592,305)	(6,947,911)	1,120	204,658
Balance (in shares) at Jun. 30, 2020	25,000,000		56,497,113		1,000,000
Balance at Mar. 31, 2020	$ 25,000	48,497	$ 57,497	8,274,230	$ (660,000)	(592,305)	(6,416,436)	2,554	739,037
Balance (in shares) at Mar. 31, 2020	25,000,000		56,497,113		1,000,000
Net (loss)		(1,470)					(531,475)		(532,945)
Foreign currency translation income								(1,434)	(1,434)
Balance at Jun. 30, 2020	$ 25,000	$ 47,027	$ 57,497	$ 8,274,230	$ (660,000)	$ (592,305)	$ (6,947,911)	$ 1,120	$ 204,658
Balance (in shares) at Jun. 30, 2020	25,000,000		56,497,113		1,000,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2020
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS American Education Center, Inc. (“AEC New York”) is a New York corporation incorporated on November 8, 1999 and is licensed by the Department of the State of New York to engage in education related consulting services. On May 7, 2014, the President and then sole shareholder of AEC New York formed a new company, American Education Center, Inc. in the State of Nevada ("AEC Nevada"). On May 31, 2014, the President and the sole shareholder of AEC New York exchanged his 200 shares for 10,563,000 shares of AEC Nevada. The share exchange resulted in AEC New York becoming a wholly owned subsidiary of AEC Nevada (hereinafter the “Company”). On October 31, 2016, the Company completed an acquisition transaction through a share exchange with two stockholders, Rongxia Wang and Ye Tian, of AEC Southern Management Co., Ltd. (“AEC Southern UK”), a company formed in December 2015 pursuant to the laws of England and Wales. The Company acquired 100% of the outstanding shares of AEC Southern UK in exchange for 1,500,000 shares of its common stock valued at $210,000 (the “AEC Southern UK Share Exchange”). As a result of the AEC Southern UK Share Exchange, AEC Southern UK became a wholly owned subsidiary of the Company. AEC Southern UK held 100% of the equity interests in AEC Southern Management Limited, a Hong Kong company (“AEC Southern HK”) formed on December 29, 2015. AEC Southern HK then formed Qianhai Meijiao Education Consulting Management Co., Ltd. (“AEC Southern Shenzhen”) on March 29, 2016 pursuant to PRC laws, with a registered capital of RMB 5,000,000. Therefore, under PRC laws, AEC Southern Shenzhen was a foreign wholly owned subsidiary of AEC Southern UK. On July 13, 2018, pursuant to a Business Purchase Agreement (the “Purchase Agreement”), the Company acquired 51% of the issued and outstanding equity interests of American Institute of Financial Intelligence LLC (“AIFI”), a New Jersey limited liability company formed on May 10, 2017, in exchange for 100,000 shares of the Company common stock issued to the then sole shareholder of AIFI. As a result, AIFI became a 51% majority owned subsidiary of the Company. On October 23, 2018, AEC Nevada incorporated a subsidiary, AEC Management Ltd. (“AEC BVI”) in the British Virgin Islands, pursuant to the laws of British Virgin Islands. AEC BVI is a wholly owned subsidiary of AEC Nevada, and as of the date of this report, does not have significant business activities. On April 22, 2019, AEC Southern UK sold 100% of the equity interests of AEC Southern HK to AEC BVI and AEC Southern HK and its subsidiary became wholly-owned subsidiaries of AEC BVI. On May 1, 2019, the Company sold 100% of the equity interest in AEC Southern UK to three individuals who were Ye Tian, Rongxia Wang and Weishou Li, and received a consideration of 1,000,000 shares of outstanding shares of AEC Nevada. On May 22, 2020, AEC Southern HK formed Yiqilai (Shenzhen) Consulting Management Co., Ltd. ("AEC YQL") in Shenzhen, China on May 22, 2020 pursuant to PRC laws. AEC YQL is a wholly owned subsidiary of AEC Southern HK, and as of the date of this report, does not have significant business activities. As of June 30, 2020, the Company’s corporate structure is as follows: Headquartered in New York with operations in the People’s Republic of China (“PRC”), the Company covers two market segments through two subsidiaries: (1) AEC New York capitalizes on the rising demand of middle-class families in China for quality education and work experiences in the United States (“US”) and delivers customized high school and college placement and career advisory services to Chinese students wishing to study in the US. Its advisory services include language training, college admission advisory, on-campus advisory, internship and start-up advisory as well as student and family services. (2) AEC BVI delivers customized high school and college placement and career advisory services to Chinese students wishing to study in the U.S. Currently, the revenue of AEC Southern is all generated from AEC Southern Shenzhen.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of full-year results. Certain prior year balances have been reclassified to conform to the current year’s presentation; none of these reclassifications had an impact on reported financial position or cash flows for any of the periods presented. The information in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC. Cash Cash consists of all cash balances and liquid investments with an original maturity of three months or less are considered as cash equivalents. Accounts Receivable Accounts receivable are carried at net realizable value. The Company maintains an allowance for doubtful accounts, periodically evaluates its accounts receivable balances and makes general and/or specific allowances when there is doubt as to their collectability. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Accounts receivable are written off against the allowance only after exhaustive collection efforts. Foreign Currency Translation The Company’s functional currency is US dollars. The Company has three bank accounts located in the PRC and one located in Hong Kong. Translation adjustments arising from the use of different exchange rates, in the circumstance any subsidiary’s functional currency is not US dollars, from period to period are included as a separate component of accumulated other comprehensive income included in statements of changes in stockholders’ equity. Gain and losses from foreign currency transactions are included in the consolidated statements of operations and comprehensive income. Revenue Recognition The Company adopted ASU No. 2014-09, Topic 606 on January 1, 2018, using the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. AEC New York delivers customized high school and college placement, career advisory as well as student and family services. Fees related to such advisory services that are collected from individuals are generally paid to the Company in advance and they are recorded as deferred revenue. Revenues are recognized proportionally as services are rendered or upon completion. Fees related to our advisory services provided by AEC New York to corporate customers (such as staffing agencies and placement agencies) are generally collected after services are provided, and are recorded as accounts receivable. AEC Shenzhen delivers customized high school and college placement and career advisory services. Fees related to such advisory services are generally paid to the Company in advance and they are recorded as deferred revenue. Revenues are recognized proportionally as services are rendered or upon completion. For the six months ended June 30, 2020, approximately $104,000, or more than 38%, of the revenue was realized as accounts receivable and approximately $120,000 of the revenue was realized from services completed. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Estimated useful lives (years) Office furniture 5 Electronic equipment 3 Intangible Asset The Company’s finite-lived intangible asset consists of a customized online campus system that was acquired from a third party. The system is used to provide online training for career advisory services and corporate training and advisory services. The asset was recorded at cost on the acquisition date and is amortized on a straight-line basis over its economic useful life. The Company reviews its finite-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset to be held and used is measured by a comparison of the carrying amount of an asset to its undiscounted future net cash flows expected to be generated by the asset. If such asset is not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the asset exceeds its fair value. Fair value is generally determined using a discounted cash flow approach. S tock-Based Compensation The Company uses the fair value-based method for stock issued for services rendered and therefore all awards to employees and non-employees will be recorded at the market price on the date of the grant and expensed over the required period of services to be rendered. The fair value of stock options issued to third party consultants and to employees, officers and directors are recorded in accordance with the measurement and recognition criteria of FASB ASC 505‑50, “Equity-Based Payments to Non-Employees” and FASB ASC 718, “Compensation – Stock Based Compensation,” respectively. The options are valued using the Black-Scholes valuation model. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include but are not limited to the Company’s expected stock price volatility over the expected term of the awards, and actual and projected stock option and warrant exercise behaviors and forfeitures. Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes,” which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. ASC 740 also addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is “more likely than not” that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. At June 30, 2020 and December 31, 2019, the Company does not have a liability for any unrecognized tax benefits. The income tax laws of various jurisdictions in which the Company and its subsidiaries operate are summarized as follows: United States (“US”) On December 22, 2017, the U.S. Tax Cuts and Jobs Act (TCJA) was signed into law. The TCJA results in significant revisions to the U.S. corporate income tax system, including a reduction in the U.S. corporate income tax rate, implementation of a territorial system and a one-time deemed repatriation tax on untaxed foreign earnings. Generally, the impacts of the new legislation would be required to be recorded in the period of enactment. The Company is subject to Federal corporate income tax in the US at 21%. Provisions for income taxes for the United States have been made for the six months ended June 30, 2020. British Virgin Island (“BVI”) According to BVI corporate taxation, there is a zero-rated income tax regime for all BVI-domiciled corporate entities, and there is no concept of residence applicable to BVI corporate taxation. AEC BVI was incorporated in the BVI and is governed by the laws of the BVI. Hong Kong AEC Southern HK was formed in Hong Kong. Pursuant to the income tax laws of Hong Kong, the Company is not subject to tax on non-Hong Kong source income. The People’s Republic of China (“PRC”) AEC Southern Shenzhen was incorporated in the PRC. Pursuant to the income tax laws of China, the Company is not subject to tax on non-China source income. The Company is subject to corporate tax in China at 25% for the net taxable income. AEC Southern Shenzhen has no income tax for the six months ended June 30, 2020 due to the net operating loss for the period. The provisions of ASC 740‑10‑25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This ASC also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Fair Value Measurements FASB ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy: Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements. FASB ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. Non-derivative financial instruments include cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses, taxes payable, and loan from stockholders. As of June 30, 2020 and December 31, 2019, respectively, the carrying values of these financial instruments approximated their fair values due to their short-term nature. COVID-19 Outbreak In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for our services and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Earnings (Loss) per Share Earnings (loss) per share is calculated in accordance with FASB ASC 260, “Earnings Per Share.” Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on the assumption that all dilutive convertible shares and stock options are converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Options and warrants are only dilutive when the average market price of the underlying common stock exceeds the exercise price of the options or warrants because it is unlikely that they would be exercised if the exercise price were higher than the market price. Noncontrolling interest According to Financial Accounting Standards Board (FASB) Statement No. 160, the noncontrolling interest shall be reported in the consolidated statement of financial position within equity, separately from the parent’s equity. That amount shall be clearly identified and labeled, for example, as noncontrolling interest in subsidiaries. An entity with noncontrolling interests in more than one subsidiary may present those interests in aggregate in the consolidated financial statements。 Bargain Purchase According to Financial Accounting Standards Board (FASB) Accounting Standards, a barging purchase is defined as a business combination in which the total acquisition-date fair value of the identifiable net assets acquired exceeds the fair value of the consideration transferred plus any noncontrolling interest in the acquiree, and it requires the acquirer to recognize that excess in earnings as a gain attributable to the acquire. Contingent Consideration The Company recognizes the fair value of any contingent consideration that is transferred to the seller in a business combination on the date at which control of the acquiree is obtained. This value is generally determined through a probability-weighted analysis of the expected cash flows. Contingent consideration is classified as a liability or as equity on the basis of the definitions of an equity instrument and a financial liability. The contingent consideration is payable in cash and, accordingly, the Company classified its contingent consideration as a liability. It is not remeasured, and any gain or loss on settlement at an amount different from its carrying value will be recognized in net income in the period during which it is settled. Leases On January 1, 2019, the Company adopted Accounting Standards Update No. 2016‑02, Leases (Topic 842) (ASU 2016‑02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. The Company determined if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and short- and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. As of adoption of ASC 842 and as of January 1, 2019, the Company was not a party to finance lease arrangements. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Under the available practical expedient, the Company account for the lease and non-lease components as a single lease component. Adoption of the standard resulted in the recognition of $2,016,142 of ROU assets and $2,237,583 of lease liabilities for leases on our consolidated balance sheet at adoption on January 1, 2019 related to office space lease commitment on March 1, 2015. The difference between the ROU assets and lease liabilities was due to prepaid rent. For a new lease commitment on May 1, 2019, the company initially recognized $414,157 (RMB2,899,099) of ROU assets and lease liabilities of $399,048 (RMB2,793,341). The difference between the ROU assets and lease liabilities was due to prepaid rent and initial direct cost.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2020
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS	3. RECENTLY ISSUED ACCOUNTING STANDARDS In January 2017, the FASB issued accounting standard update which simplifies the test for goodwill impairment. To address concerns over the cost and complexity of the two-step goodwill impairment test, the amendments in this update remove the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the update in the fourth quarter of 2018. The adoption of the new standard did not have an impact on our consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance will be adopted using a retrospective approach and is effective for the Company on January 1, 2020. The Company has evaluated the effect of the adoption of this ASU and the standard did not have an impact on its consolidated financial statements and related disclosures from the adoption of the new guidance. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

ACCOUNTS RECEIVABLES

ACCOUNTS RECEIVABLES	6 Months Ended
	Jun. 30, 2020
ACCOUNTS RECEIVABLES
ACCOUNTS RECEIVABLES	4. ACCOUNTS RECEIVABLES Activity in the allowance for doubtful accounts was as followings: June 30, December 31, 2020 2019 Accounts receivable $ 4,802,194 $ 5,479,473 Allowance for bad debts (3,068,759) (2,605,348) Accounts receivable, net $ 1,733,435 $ 2,874,125 Balance, beginning of year $ 2,605,348 $ 1,189,147 Provision (net of recover) 463,411 1,557,201 Amounts written off, net of recoveries — (141,000) Balance, end of year $ 3,068,759 $ 2,605,348

FIXED ASSET, NET

FIXED ASSET, NET	6 Months Ended
	Jun. 30, 2020
FIXED ASSET, NET
FIXED ASSET, NET	5. FIXED ASSET, NET As of June 30, 2020 and December 31, 2019, fixed asset, net as follows: June 30, December 31, 2020 2019 Electronic equipment $ 6,103 $ 6,194 Office furniture 805 817 Less: accumulated depreciation (1,871) (785) Fixed asset - net $ 5,037 $ 6,226 For the three and six months ended June 30, 2020 and 2019, depreciation expense was $556 and $1,103, $0 and $0 respectively.

INTANGIBLE ASSET, NET

INTANGIBLE ASSET, NET	6 Months Ended
	Jun. 30, 2020
INTANGIBLE ASSET, NET
INTANGIBLE ASSET, NET	6. INTANGIBLE ASSET, NET The gross carrying amount and accumulated amortization of this asset as of June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Intangible asset: online campus system $ 612,814 $ 612,814 Intangible asset: learning platform 120,000 120,000 Less: accumulated amortization (534,678) (460,588) Intangible asset - net $ 198,136 $ 272,226 The Company’s customized online campus system is being amortized on a straight-line basis over four and a half years. For the three and six months ended June 30, 2020 and 2019, amortization expense was $34,045, $74,090 and $37,045, $74,090, respectively.The following table is the future amortization expense to be recognized: Year Ending December 31, 2020 74,091 2021 46,045 2022 12,000 2022 66,000 198,136

DEFERRED COMPENSATION

DEFERRED COMPENSATION	6 Months Ended
	Jun. 30, 2020
DEFERRED COMPENSATION
DEFERRED COMPENSATION	7. DEFERRED COMPENSATION On October 31, 2016, 1,500,000 shares of common stock of the Company were granted and issued to AEC Southern UK’s CEO who would provide service over a three-year period commencing November 1, 2016. The shares were valued using the market price of the Company’s common stock on the grant date of $0.14 per share. On the grant date, $210,000 was recognized as deferred compensation, which was expensed over the three-year period using the straight-line method. On December 31, 2017, the remaining balance of $198,333.33 deferred compensation was expensed due to the resignation of AEC Southern UK’s CEO. On December 31, 2016, the Company granted and issued 6,000,000 shares of common stock to AEC Southern UK’s Chairman who would provide services over a three-year period commencing November 1, 2016. The shares were valued using the market price of the Company’s common stock on the grant date of $0.55 per share. On the grant date, $3,300,000 was recognized as deferred compensation, which was expensed over a three-year period using the straight-line method. The Company decided not to cancel or retrieve the shares issued to the CEO of AEC Southern UK as compensation and recognized the remaining of the compensation as part of the loss from disposal during 2019.

SECURITY DEPOSITS

SECURITY DEPOSITS	6 Months Ended
	Jun. 30, 2020
SECURITY DEPOSITS
SECURITY DEPOSITS	8. SECURITY DEPOSITS The Company has security deposits with the landlord for its New York office and the office in Shenzhen, China of $282,215 and $285,041 as of June 30, 2020 and December 31, 2019 respectively. As of June 30, 2020, AEC New York has security deposits of $266,021 and AEC Shenzhen has security deposits of $16,194 (translation from RMB114,412).

CONCENTRATION OF CREDIT AND BUS

CONCENTRATION OF CREDIT AND BUSINESS RISK	6 Months Ended
	Jun. 30, 2020
CONCENTRATION OF CREDIT AND BUSINESS RISK
CONCENTRATION OF CREDIT AND BUSINESS RISK	9. CONCENTRATION OF CREDIT AND BUSINESS RISK The Company maintains its cash accounts at two commercial banks in the US, three commercial banks in the PRC and one commercial bank in Hong Kong. Funds held in US banks and insured by Federal Deposit Insurance Corporation up to $250,000 per depositor, per insured bank, for each account ownership category. Funds held in the PRC banks are covered by Deposit Insurance Ordinance (index: 000014349/2015‑00031) that insures RMB500,000 for the total of all depository accounts. Funds held in HK banks are insured by Hong Kong Deposit Protection Board covers up to HK$500,000 per bank for the total of all depository accounts. The Company performs ongoing evaluation of its financial institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Company. The following table represents major customers that individually accounted for more than 10% of the Company’s gross revenue for the six months ended June 30, 2020 and 2019: June 30, 2020 Gross Accounts Revenue Percentage Receivable Percentage Customer 1 $ 103,980 37.6 % $ 1,582,433 33.6 % June 30, 2019 Gross Accounts Revenue Percentage Receivable Percentage Customer 1 $ 1,611,820 51.3 % $ 1,534,441 32.1 % Customer 2 798,800 25.4 % 1,193,345 25.0 %

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2020
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	10. DISCONTINUED OPERATIONS On May 1, 2019, AEC Nevada sold 100% of the equity interest in AEC Southern UK to three individuals, Ye Tian, Rongxia Wang and Weishou Li, and received a consideration of 1,000,000 shares of outstanding shares of AEC Nevada which was valued at $660,000 and the debt owed to AEC Southern UK in the amount of $268,475 was forgiven by AEC Southern UK. The Company has classified the results of AEC Southern UK as discontinued operations in the unaudited consolidated statement of income for all periods presented. The Company decided not to cancel or retrieve the shares issued to the CEO of AEC UK as compensation and recognized the remaining of the compensation as part of the loss from disposal. Additionally, the related assets and liabilities associated with the discontinued operations in the prior year consolidated balance sheet are classified as discontinued operations. The Company recognized a gain of $561,808 from the disposition. Pursuant to ASC Topic 205‑20, Presentation of Financial Statements - Discontinued Operations, the results of operations for the year ended December 31, 2019 and year ended December 31, 2018 from discontinued operations have been classified to loss from discontinued operations line on the accompanying consolidated statements of operations and comprehensive loss presented herein. The assets and liabilities also have been classified as discontinued operations in the Company’s consolidated financial statements as of December 31, 2019 and 2018. The carrying amount of the major classes of assets and liabilities of discontinued operation as of May 1, 2019 and December 31, 2018 consist of the following: May 1, 2019 December 31, 2018 Assets of discontinued operation: Current assets: Cash and cash equivalents $ 391 $ 391 Accounts receivable 4,864,297 4,595,823 Allowance for doubtful account (4,595,823) (4,595,823) Deferred compensation — 916,668 Total assets of discontinued operation $ 268,865 $ 917,059 Liabilities of discontinued operation: $ — Current liabilities: Accounts payable $ 1,881,404 $ 1,881,404 Other payables — — Total liabilities of discontinued operation $ 1,881,404 $ 1,881,404 The summarized operating result of discontinued operation included in the Company’s consolidated statements of operation consist of the following: From From January 1 January 1 to to May 1, 2019 December 31, 2018 Revenues $ — $ — Cost of revenues — — Gross profit — — Operating expenses (366,667) (5,587,406) Other income (expenses), net — 4 Loss before income tax (366,667) (5,587,402) Income tax expense (benefit) — (332,187) Loss from discontinued operation (366,667) (5,255,215) Total loss from discontinued operations, net of income taxes $ (366,667) $ (5,255,215)

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	11. SEGMENT REPORTING Operating segments have been determined on the basis of reports reviewed by the Company's Chief Executive Officer (CEO) who is the chief operating decision maker of the Company. The CEO evaluates the business from a geographic perspective, assesses performance and allocates resources on this basis. The reportable segments are as follows: After the discontinued operations of AEC Southern UK, the Company has two operating segments: AEC New York and AEC BVI. · AEC New York delivers placement, career and other advisory services Its advisory services include language training, admission advisory, on-campus advisory, internship and start-up advisory as well as other advisory services. · AEC BVI delivers customized high school and college placement and career advisory services to Chinese students wishing to study in the U.S. Currently, the revenue of AEC BVI all generated from AEC Southern Shenzhen. The following table shows an analysis by segment of the assets and liabilities of continuing operations as of June 30, 2020 and December 31,2019: June 30, 2020 AEC New York AEC BVI Total Segment assets and liabilities: Segment assets Segment assets from continuing operations $ 5,533,648 $ 677,914 $ 6,211,562 Segment assets of discontinued operations — — — Segment assets $ 5,533,648 $ 677,914 $ 6,211,562 Segment liabilities Segment liabilities from continuing operations $ 4,799,969 $ 1,206,935 $ 6,006,904 Segment liabilities of discontinued operations — — — Segment liabilities $ 4,799,969 $ 1,206,935 $ 6,006,904 December 31, 2019 AEC New York AEC BVI Total Segment assets and liabilities: Segment assets Segment assets from continuing operations $ 6,661,058 $ 772,810 $ 7,433,868 Segment assets of discontinued operations — — — Segment assets $ 6,661,058 $ 772,810 $ 7,433,868 Segment liabilities Segment liabilities from continuing operations $ 5,249,953 $ 965,422 $ 6,215,375 Segment liabilities of discontinued operations — — — Segment liabilities $ 5,249,953 $ 965,422 $ 6,215,375 Revenues from external customers, and gross profit for each business are as follows: For the three months ended June 30, 2020 AEC New York AEC BVI Total Segment revenue: Placement advisory $ — $ 41,484 $ 41,484 Career advisory 120,500 — 120,500 Student & Family advisory — — — Other advisory — — — Total revenue from continued operations $ 120,500 $ 41,484 $ 161,984 Total revenue from discontinued operations — — — Gross profit $ 66,560 $ 39,707 $ 106,267 For the six months ended June 30, 2020 AEC New York AEC BVI Total Segment revenue: Placement advisory $ — $ 41,484 $ 41,484 Career advisory 234,191 — 234,191 Student & Family advisory — — — Other advisory 507 — 507 Total revenue from continued operations $ 234,698 $ 41,484 $ 276,182 Total revenue from discontinued operations — — — Gross profit $ 71,808 $ 38,320 $ 110,128 For the three months ended June 30, 2019 AEC New York AEC BVI Total Segment revenue: Placement advisory $ 305,000 $ (931) $ 304,069 Career advisory 861,975 — 861,975 Student & Family advisory — — — Other advisory 3,000 — 3,000 Total revenue from continued operations $ 1,169,975 $ (931) $ 1,169,044 Total revenue from discontinued operations — — — Gross profit $ 483,685 $ (931) $ 482,754 For the six months ended June 30, 2019 AEC New York AEC BVI Total Segment revenue: Placement advisory $ 798,800 $ 33,716 $ 832,516 Career advisory 1,817,275 — 1,817,275 Student & Family advisory 487,000 — 487,000 Other advisory 3,000 — 3,000 Total revenue from continued operations $ 3,106,075 $ 33,716 $ 3,139,791 Total revenue from discontinued operations — — — Gross profit $ 1,337,388 $ 33,716 $ 1,371,104

DEFERRED REVENUE

DEFERRED REVENUE	6 Months Ended
	Jun. 30, 2020
DEFERRED REVENUE
DEFERRED REVENUE	12. DEFERRED REVENUE The Company receives advance payments for services to be performed and recognizes revenue when services have been rendered. The deferred revenues as of June 30, 2020 and December 31, 2019 were $95,095 and $215,500, respectively.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	13. RELATED-PARTY TRANSACTIONS The Company’s CEO has a 34% interest in Columbia International College, Inc. (“CIC”). The Company prepaid CIC $48,000 for student consulting services of which is expected to be fully delivered and accounted for in 2020. The Company’s CEO has a 40% interest in Wall Street Innovation Center, Inc. (“WSIC”), a corporation incorporated in the state of New York that focuses on career and business development activities. In the course of delivering career advisory services, the Company has engaged WSIC to assist in certain career development activities. The Company prepaid WSIC $50,000 for business consulting services to be delivered and completed in 2020. The Company’s CEO received 12,500,000 shares of Series B Convertible Preferred Stock of the Company (“Series B Preferred Stock”), par value $0.001 per share as a reward for his dedicated services to the Company on November 26, 2018. The Company borrowed $283,082 (translated from RMB2,000,000) from a shareholder of the Company during the period ended June 30, 2020. The amounts due to this related party were $849,245 and $574,564 as of June 30, 2020 and December 31, 2019, respectively. The amounts are non-interest bearing, non-secure and due on demand.

LONG-TERM LOAN

LONG-TERM LOAN	6 Months Ended
	Jun. 30, 2020
LONG-TERM LOAN
LONG-TERM LOAN	14. LONG-TERM LOAN On December 1, 2014, an unrelated party loaned the Company $295,579, with interest at 10%. The Company repaid $150,000 on November 10, 2017. The loan was fully paid off as of June 30, 2020. Interest expenses for the three and six months ended June 30, 2020 and 2019 were $0, $776 and $3,639, 10,918 respectively. The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted on March 27, 2020 in the United States. On May 4, 2020, Company was informed by its lender, Bank of America, N.A (the “Bank”), that the Bank received approval from the U.S. Small Business Administration (“SBA”) to fund the Company’s request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”) created as part of the recently enacted CARES Act administered by the SBA. Per the terms of the PPP Loan, Company received total proceeds of $77,588 from the Bank. In accordance with the requirements of the CARES Act, the Company intends to use the proceeds from the PPP Loan primarily for payroll costs. The PPP Loan has a 1.00% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the Paycheck Protection Program as administered by the SBA under the CARES Act. The loan forgiveness amount will be reduced for any EIDL advance that the Company receives. The amount of loan forgiveness will be further reduced if the borrower terminates employees or reduces salaries during the eight-week period. Company currently believes that its use of the loan proceeds met the conditions for forgiveness of the loan. On April 24, 2020, AEC New York received an advance in the amount of $9,000 from the U.S. Small Business Administration (“SBA”) under the Economic Injury Disaster Loan (“EIDL”) program administered by the SBA, which program was expanded pursuant to the CARES Act. On June 1, 2020, Company received approval for a loan under the SBA’s EIDL program from SBA. Per the terms of the EIDL, Company received total proceeds of $150,000. The EIDL Loan has a 3.75% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the EIDL Program as administered by the SBA. Company intends to use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in 2020.

LEASE COMMITMENTS

LEASE COMMITMENTS	6 Months Ended
	Jun. 30, 2020
LEASE COMMITMENTS
LEASE COMMITMENTS	15. LEASE COMMITMENTS The Company currently has two operating leases for offices in different cities. In December 2014, the Company entered into a lease for 10,086 square feet of office space in New York, NY, with an unrelated party, expiring on July 31, 2025. The lease commenced on March 1, 2015 and the Company received two months of free rent. Due to free rent and escalating monthly rental payments, utilities, real estate taxes, insurance and other operating expenses, the lease is being recognized on a straight-line basis of $34,065 per month for financial statement purposes. We determined the present value of the future lease payments using a discount rate of 8.05%, our incremental borrowing rate based on SBA loan rate, resulting in an initial right-of-use asset of $2,016,142 and lease liability of $2,237,583 on the adoption date of January 1, 2019, which are being amortized ratably over the term of the lease. In May 2019, the Company entered into a lease of office space in Shenzhen, Guangdong, PRC with an unrelated party, expiring on April 30, 2024. The lease commenced on May 1, 2019. We determined the present value of the future lease payment using a discount rate of 8.16%, our incremental borrowing rate based on SBA loan borrowing rate, resulting in an initial right-of-use asset of $414,157 (RMB2,899,099) and lease liability of $399,048 (RMB2,793,341) on the commenced date of May 1, 2019, which are being amortized ratably over the term of the lease. As of June 30, 2020, the balance of net right-of-use asset was $1,983,406, and lease liability was $2,239,416 (including $363,035 for current portion and $1,876,381 for noncurrent portion). Future minimum lease commitments are as follows on June 30, 2020: Gross Lease Year Ending December 31, Payment 2020 262,998 2021 537,569 2022 and thereafter 1,918,349 $ 2,718,916 Less: Present value adjustment (479,796) Operating lease liability $ 2,239,416 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The total rent expense was approximately $129,110, $261,137 and $102,195, $225,078 for the three and six months ended June 30, 2020 and 2019, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
INCOME TAXES
INCOME TAXES	16. INCOME TAXES The component of deferred tax assets at June 30, 2020 and 2019 are as follows: June 30, December 31, 2020 2019 Net operating loss carryforwards $ 667,382 $ 471,404 Allowance for bad debt 724,572 558,397 Accelerated Depreciation — — Allowance for deferred tax asset (530,647) (472,186) Deferred tax asset, net $ 861,307 $ 557,615 The provision for income taxes and deferred income taxes for three and six months ended June 30, 2020 and 2019 are as follows: For the three months ended June 30, For the six months ended June 30, 2020 2019 2020 2019 Current: Federal $ — $ 44,667 $ — $ 44,667 State — 35,536 — 35,536 Foreign — 265 — 265 Total current — 80,468 — 80,468 Deferred: Federal (116,851) 164,322 (212,087) 164,322 State (82,679) 121,286 (150,066) 232,386 Foreign — — — — Total deferred (199,530) 285,608 (362,153) 285,608 Total $ (199,530) $ 366,076 $ (362,153) $ 366,076 The Company conducts business globally and, as a result, files income tax returns in the US federal jurisdiction, state and city, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including jurisdictions in the US. The Company is subject to income tax examinations of US federal, state, and city for 2019, 2018 and 2017 tax years. The Company, to its knowledge, is not currently under examination nor has it been notified by the authorities. A reconciliation of the provision for income taxes, with the amount computed by applying the statutory effective income tax rate for the three and six months ended June 30, 2020 and 2019 is as follows: For the three months ended For the six months ended June 30, June 30, 2020 2019 2020 2019 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 11.0 11.0 11.0 11.0 PRC statutory income tax rate 25.0 — 25.0 — Non-deductible/ non-taxable items — — — — Total 57 % 32 % 57 % 32 %

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	17. FINANCIAL INSTRUMENTS Fair values The Company’s financial instruments from continuing operations approximate include cash and cash equivalents and prepaid expenses and other current assets which approximate to fair value due to their short-term nature and include cash accounts. The Company’s borrowings approximate fair value as the rates of interest are similar to what they would receive from other financial institutions. The carrying amounts of these financial assets and liabilities are a reasonable estimate of their fair values because of their current nature. The Company’s financial instruments from discontinued operations include cash and cash equivalents, net accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities, advance from customers, and income tax payable. The carrying amounts of these financial instruments are a reasonable estimate of their fair values because of their current nature. The following table summarizes the carrying values of the Company’s financial assets and liabilities: June 30, December 31, 2020 2019 Cash and cash equivalents of continuing operations $ 922,567 $ 1,035,395 Accounts receivable, prepaid expenses and other current assets 1,958,894 3,127,655 Other assets of discontinued operations — — Other financial liabilities (i) 3,893,935 4,147,871 Liabilities of discontinued operations $ — $ — (i) The Company classifies its fair value measurements in accordance with the three-level fair value hierarchy as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices), and Level 3 – Inputs that are not based on observable market data. The financial assets and liabilities carried at fair value on a recurring basis at June 30, 2020 are as follows: Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents of continuing operations $ 922,567 $ — $ — $ 922,567 Cash and cash equivalents of discontinued operations — — — — Other financial assets of continuing operations — — — — Other financial assets of discontinued operations — — — — Total Financial assets $ 922,567 $ — $ — $ 922,567 Financial Liabilities Other liabilities of continuing operations $ 3,893,935 $ — $ — $ 3,893,935 Other liabilities of discontinued operations — — — — Total Financial Liabilities $ 3,893,935 $ — $ — $ 3,893,935 The financial assets and liabilities carried at fair value on a recurring basis at December 31, 2019 are as follows: Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents of continuing operations $ 1,035,395 $ — $ — $ 1,035,395 Cash and cash equivalents of discontinued operations — — — — Other financial assets of continuing operations — — — — Other financial assets of discontinued operations — — — — Total Financial Assets $ 1,035,395 $ — $ — $ 1,035,395 Financial Liabilities Other liabilities of continuing operations $ 4,147,871 $ — $ — $ 4,147,871 Other liabilities of discontinued operations — — — — Total Financial Liabilities $ 4,147,871 $ — $ — $ 4,147,871 Interest rate and credit risk Financial instruments that potentially subject the Company to concentrations of credit risks consist principally of cash and cash equivalents, and net accounts receivable. The Company minimizes the interest rate and credit risk of cash by placing deposits with financial institutions located in the United States and Mainland China. Management believes that there is no significant credit risk arising from the Company’s financial instruments. Financial assets past due The following table provides information regarding the aging of financial assets that are past due, but which are not impaired at June 30, 2020: Less than 90 days to Over Carrying 90 days 1 year 1 year Value Accounts receivable, net $ — $ 1,641,433 $ — $ 1,641,433 Other receivable $ 65,552 $ 26,450 $ — $ 92,002 Total accounts receivable, net $ 65,552 $ 1,667,883 $ — $ 1,733,435 The Company determines past due amounts by reference to terms agreed with individual clients. None of the net amounts outstanding have been challenged by the respective clients and the Company continues to conduct business with them on an ongoing basis and does not consider its current accounts receivable to be past due.

STOCK OPTIONS

STOCK OPTIONS	6 Months Ended
	Jun. 30, 2020
STOCK OPTIONS
STOCK OPTIONS	18. STOCK OPTIONS The Company did not grant any stock options during the six months ended June 30, 2020. The following is a summary of stock option activities: Weighted- Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value Outstanding at December 31, 2019 3,200,000 $ 0.89 1.44 years $ — Granted — — — — Exercised — — — — Cancelled and expired — — — — Forfeited — — — — Outstanding at June 30, 2020 3,200,000 $ 2.45 3.37 years $ — Vested and expected to vest at June 30, 2020 3,200,000 $ 0.89 1.20 years $ — Exercisable at June 30, 2020 3,200,000 $ 0.89 1.20 years $ — The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. There were no options exercised during the three months ended June 30, 2020 and 2019. The estimated fair value of these options was $0, therefore no compensation expense was booked for the periods ended June 30, 2020 and December 31, 2019.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Jun. 30, 2020
COMMON STOCK
COMMON STOCK	19. COMMON STOCK Certificate of Amendment to Increase Authorized Stock On November 6, 2018, the board of directors of the Company, with the written consent of a majority of the holders of the shares of the Company’s Common Stock issued and outstanding and the Company’s preferred stock issued and outstanding, voting together as a single class, authorized the Company to (i) increase the number of authorized shares of Common Stock from 180,000,000 to 450,000,000 and the number of authorized shares of preferred stock from 20,000,000 to 50,000,000 (the “Authorized Stock Increase”), and (ii) file a Certificate of Amendment with the Secretary of State of the State of Nevada to effect the Authorized Stock Increase. On November 8, 2018, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to affect the Authorized Stock Increase, which became effective upon filing. Stocks issued for business acquisition On July 10, 2018, the Company issued 100,000 shares of the Company’s common stock (the “Consideration Shares”) to FIFPAC, Inc, the 100% equity owner of AIFI, at a purchase price of $0.48 per share, in exchange for 51% equity ownership of the AIFI pursuant to the Purchase Agreement. Refer to Footnote 21 Business Acquisition. Stocks issued to employees and for services In July and August 2018, the Company entered into agreements pursuant to which it issued an aggregate of 448,000 shares of the Company’s common stock to 18 individuals who are either employees of the Company or have been service providers to the Company, for employment-based compensation or services provided, respectively. Subsequently, pursuant to such agreements, the Company issued an aggregate of 433,000 shares of the Company’s common stock to 10 out of the 18 individuals in the amount of $199,840 and 15,000 shares of the Company’s common stock for services rendered in the amount of $7,000, prior to December 31, 2018. In May 2019, the Company entered into agreements pursuant to which it issued an aggregate of 200,000 shares of the Company’s common stock in the amount of $62,000 to 4 individuals who have been service providers to the Company for services provided , prior to December 31, 2019. In January 2020, the Company entered into agreements pursuant to which it issued an aggregate of 700,000 shares of the Company's common stock to 2 individuals who are either employees of the Company or have been service providers to the Company, for employment-based compensation or services provided, respectively. Stocks issued for cash investment On November 26, 2018, the Company, entered into a Share Issuance Agreement (the “Share Issuance Agreement”) with China Cultural Finance Holdings Company Limited, a British Virgin Islands company and a shareholder of the Company (the “Holder”), whereby the Company agreed to issue 7,199,113 of shares of the Company’s common stock at $0.10 per share, to the Holder in exchange for an RMB5,000,000 investment (the “CCFH Investment”) in the Company’s subsidiary, AEC Southern Shenzhen. The transactions underlying the Share Issuance Agreement were closed on the same day and the shares of common stock were issued to the Holder (the “CCFH Share Issuance”). The Company received $127,606 (HKD 1,000,000) as of December 31, 2019.

SERIES B PREFERRED STOCK

SERIES B PREFERRED STOCK	6 Months Ended
	Jun. 30, 2020
SERIES B PREFERRED STOCK
Preferred Stock [Text Block]	20 . SERIES B PREFERRED STOCK Designation of Series B Convertible Preferred Stock On November 13, 2018, the Company filed with the Secretary of State of the State of Nevada a Certificate of Designation of Series B Convertible Preferred Stock (the “Certificate of Designation”), which became effective upon filing. The Certificate of Designation established and designated the Series B Convertible Preferred Stock (“Series B Preferred Stock”) and the rights, preferences, privileges, and limitations thereof, summarized in the following: The Company designated 25,000,000 shares as Series B Preferred Stock out of the 50,000,000 unissued shares of preferred stock of the Company, par value $0.001 per share. Series B Preferred Stock is senior in rights of payment, including dividend rights and liquidation preference, to the Company’s common stock but junior to Series A Preferred Stock with respect to liquidation preference. Holders of shares of Series B Preferred Stock are entitled to vote with shareholders of the Company’s common stock, voting together as a single class, except on matters that require a separate vote of the holders of Series B Preferred Stock. In any such vote, each share of Series B Preferred Stock is entitled to 20 votes per share. Each share of Series B Preferred Stock shall, upon the approval of the board of directors of the Company and without the payment of additional consideration by such holder thereof, be convertible into one fully paid and non-assessable share of the Company’s common stock at a conversion price of $1 per share. Manager Share Issuance On November 26, 2018, the Company entered into a Manager Share Issuance Agreement (the “Manager Share Issuance Agreement”) with Mr. Max P. Chen, the Chief Executive Officer, President, and Chairman of the Board of the Company (“Mr. Chen”), whereby the Company agreed to reward Mr. Chen for his dedicated services to the Company by issuing 12,500,000 shares of Series B Preferred Stock to him with resale restrictions. The transactions underlying the Manager Share Issuance Agreement closed on the same day and 12,500,000 shares of Series B Preferred Stock were issued to Mr. Chen. The Company recognized stock compensation expense of $1,250,000 for the year ended December 31, 2018. Stocks issued for exchange agreement On November 26, 2018, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with the Holder, whereby the Company agreed to issue 12,500,000 shares of Series B Convertible Preferred Stock of the Company (“Series B Preferred Stock”), par value $0.001 per share, and 7,500,000 shares of common stock with resale restrictions to the Holder in exchange for 500,000 shares of Series A Convertible Preferred Stock of the Company, par value $0.001 per share (the “Series A Preferred Stock”), held by the Holder. The transactions underlying the Exchange Agreement closed on the same day and 12,500,000 shares of Series B Preferred Stock and 7,500,000 shares of Common Stock were issued to the Holder. The Series A Preferred Stock were returned to the Company and cancelled.

BUSINESS ACQUISITION

BUSINESS ACQUISITION	6 Months Ended
	Jun. 30, 2020
BUSINESS ACQUISITION
BUSINESS ACQUISITION	21. BUSINESS ACQUISITION On July 10, 2018, the Company entered into the Purchase Agreement with the 100% owner of AIFI which closed on the same date. Pursuant to the Purchase Agreement, on July 10, 2018, the Company issued the Consideration Shares to the Seller, for a purchase price of $0.48 per share, in exchange for 51% equity ownership of AIFI. Pursuant to ASC 805, the Company recognized a gain of $13,200 on the effective date of July 10, 2018. According to the Purchase Agreement, the contingent consideration consisted of compensatory arrangement for services to be performed by the owner of the acquiree, and such amounts are to be determined in the future by both parties; therefore, the fair value cannot be determined at the acquisition date. The Company as an acquirer did not recognize a liability at the acquisition date. The following table summarizes the consideration paid and the amounts of net assets acquired as of the date of acquisition: Fair value of net asset acquired (AIFI’s net identified assets) $ 120,000 Less: Fair value of consideration transferred (FMV of AEC’s 100k shares issued) (48,000) Fair value of noncontrolling interest (120k x 49%) (58,800) $ (106,800) Gain on bargain purchase $ 13,200

COMMITMENTS & CONTINGENCY

COMMITMENTS & CONTINGENCY	6 Months Ended
	Jun. 30, 2020
COMMITMENTS & CONTINGENCY
COMMITMENTS & CONTINGENCY	22. COMMITMENTS & CONTINGENCY A contingency should be recognized at its acquisition date fair value if that value can be determined. (The guidance in Topic 820 is used to determine fair value). If the acquisition-date fair value of contingency cannot be determined, then an asset or liability is recognized for the contingency if it’s probable at the acquisition date that such asset or liability exists and if its amount is reasonable estimable. A contingency is not recognized for a contingency in the accounting for a business combination if: a) its fair value cannot be determined and b) the probable and reasonably estimate criteria are not met. Instead, the contingency is disclosed and accounted for subsequent to the acquisition date in accordance with Topic 450. Pursuant to the Purchase Agreement, the contingent consideration consisted of compensatory arrangement for services to be performed by the officers of the acquiree, and such amounts are to be determined in the future by both parties; therefore, the fair value cannot be determined at the acquisition date. The Company as an acquirer did not recognize a liability at the acquisition date.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2020
GOING CONCERN
GOING CONCERN	23. GOING CONCERN Substantial doubt about the Company’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Our current operating results indicate that substantial doubt exists related to the Company's ability to continue as a going concern. We believe that the new education platforms acquired may mitigate the substantial doubt raised by our current operating results and with additional funding from a shareholder of the Company will be sufficient to meet its anticipated needs for working capital and satisfying our estimated liquidity needs 12 months from the date of the financial statements. However, we cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2020
SUBSEQUENT EVENT
SUBSEQUENT EVENT	24. SUBSEQUENT EVENT The Company’s management has performed subsequent events procedures through the date the financial statements were available to be issued. There were no subsequent events requiring adjustment to or disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of full-year results. Certain prior year balances have been reclassified to conform to the current year’s presentation; none of these reclassifications had an impact on reported financial position or cash flows for any of the periods presented. The information in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC.
Cash	Cash Cash consists of all cash balances and liquid investments with an original maturity of three months or less are considered as cash equivalents.
Accounts Receivable	Accounts Receivable Accounts receivable are carried at net realizable value. The Company maintains an allowance for doubtful accounts, periodically evaluates its accounts receivable balances and makes general and/or specific allowances when there is doubt as to their collectability. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Accounts receivable are written off against the allowance only after exhaustive collection efforts.
Foreign Currency Translation	Foreign Currency Translation The Company’s functional currency is US dollars. The Company has three bank accounts located in the PRC and one located in Hong Kong. Translation adjustments arising from the use of different exchange rates, in the circumstance any subsidiary’s functional currency is not US dollars, from period to period are included as a separate component of accumulated other comprehensive income included in statements of changes in stockholders’ equity. Gain and losses from foreign currency transactions are included in the consolidated statements of operations and comprehensive income.
Revenue Recognition	Revenue Recognition The Company adopted ASU No. 2014-09, Topic 606 on January 1, 2018, using the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. AEC New York delivers customized high school and college placement, career advisory as well as student and family services. Fees related to such advisory services that are collected from individuals are generally paid to the Company in advance and they are recorded as deferred revenue. Revenues are recognized proportionally as services are rendered or upon completion. Fees related to our advisory services provided by AEC New York to corporate customers (such as staffing agencies and placement agencies) are generally collected after services are provided, and are recorded as accounts receivable. AEC Shenzhen delivers customized high school and college placement and career advisory services. Fees related to such advisory services are generally paid to the Company in advance and they are recorded as deferred revenue. Revenues are recognized proportionally as services are rendered or upon completion. For the six months ended June 30, 2020, approximately $104,000, or more than 38%, of the revenue was realized as accounts receivable and approximately $120,000 of the revenue was realized from services completed.
Property and equipment, net	Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Estimated useful lives (years) Office furniture 5 Electronic equipment 3
Intangible Asset	Intangible Asset The Company’s finite-lived intangible asset consists of a customized online campus system that was acquired from a third party. The system is used to provide online training for career advisory services and corporate training and advisory services. The asset was recorded at cost on the acquisition date and is amortized on a straight-line basis over its economic useful life. The Company reviews its finite-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset to be held and used is measured by a comparison of the carrying amount of an asset to its undiscounted future net cash flows expected to be generated by the asset. If such asset is not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the asset exceeds its fair value. Fair value is generally determined using a discounted cash flow approach.
Stock-Based Compensation	S tock-Based Compensation The Company uses the fair value-based method for stock issued for services rendered and therefore all awards to employees and non-employees will be recorded at the market price on the date of the grant and expensed over the required period of services to be rendered. The fair value of stock options issued to third party consultants and to employees, officers and directors are recorded in accordance with the measurement and recognition criteria of FASB ASC 505‑50, “Equity-Based Payments to Non-Employees” and FASB ASC 718, “Compensation – Stock Based Compensation,” respectively. The options are valued using the Black-Scholes valuation model. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include but are not limited to the Company’s expected stock price volatility over the expected term of the awards, and actual and projected stock option and warrant exercise behaviors and forfeitures.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes,” which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. ASC 740 also addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is “more likely than not” that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. At June 30, 2020 and December 31, 2019, the Company does not have a liability for any unrecognized tax benefits. The income tax laws of various jurisdictions in which the Company and its subsidiaries operate are summarized as follows: United States (“US”) On December 22, 2017, the U.S. Tax Cuts and Jobs Act (TCJA) was signed into law. The TCJA results in significant revisions to the U.S. corporate income tax system, including a reduction in the U.S. corporate income tax rate, implementation of a territorial system and a one-time deemed repatriation tax on untaxed foreign earnings. Generally, the impacts of the new legislation would be required to be recorded in the period of enactment. The Company is subject to Federal corporate income tax in the US at 21%. Provisions for income taxes for the United States have been made for the six months ended June 30, 2020. British Virgin Island (“BVI”) According to BVI corporate taxation, there is a zero-rated income tax regime for all BVI-domiciled corporate entities, and there is no concept of residence applicable to BVI corporate taxation. AEC BVI was incorporated in the BVI and is governed by the laws of the BVI. Hong Kong AEC Southern HK was formed in Hong Kong. Pursuant to the income tax laws of Hong Kong, the Company is not subject to tax on non-Hong Kong source income. The People’s Republic of China (“PRC”) AEC Southern Shenzhen was incorporated in the PRC. Pursuant to the income tax laws of China, the Company is not subject to tax on non-China source income. The Company is subject to corporate tax in China at 25% for the net taxable income. AEC Southern Shenzhen has no income tax for the six months ended June 30, 2020 due to the net operating loss for the period. The provisions of ASC 740‑10‑25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This ASC also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.
Fair Value Measurements	Fair Value Measurements FASB ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy: Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements. FASB ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. Non-derivative financial instruments include cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses, taxes payable, and loan from stockholders. As of June 30, 2020 and December 31, 2019, respectively, the carrying values of these financial instruments approximated their fair values due to their short-term nature. COVID-19 Outbreak In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for our services and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Earnings (Loss) per Share	Earnings (Loss) per Share Earnings (loss) per share is calculated in accordance with FASB ASC 260, “Earnings Per Share.” Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on the assumption that all dilutive convertible shares and stock options are converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Options and warrants are only dilutive when the average market price of the underlying common stock exceeds the exercise price of the options or warrants because it is unlikely that they would be exercised if the exercise price were higher than the market price.
Noncontrolling interest	Noncontrolling interest According to Financial Accounting Standards Board (FASB) Statement No. 160, the noncontrolling interest shall be reported in the consolidated statement of financial position within equity, separately from the parent’s equity. That amount shall be clearly identified and labeled, for example, as noncontrolling interest in subsidiaries. An entity with noncontrolling interests in more than one subsidiary may present those interests in aggregate in the consolidated financial statements。
Bargain Purchase	Bargain Purchase According to Financial Accounting Standards Board (FASB) Accounting Standards, a barging purchase is defined as a business combination in which the total acquisition-date fair value of the identifiable net assets acquired exceeds the fair value of the consideration transferred plus any noncontrolling interest in the acquiree, and it requires the acquirer to recognize that excess in earnings as a gain attributable to the acquire.
Contingent Consideration	Contingent Consideration The Company recognizes the fair value of any contingent consideration that is transferred to the seller in a business combination on the date at which control of the acquiree is obtained. This value is generally determined through a probability-weighted analysis of the expected cash flows. Contingent consideration is classified as a liability or as equity on the basis of the definitions of an equity instrument and a financial liability. The contingent consideration is payable in cash and, accordingly, the Company classified its contingent consideration as a liability. It is not remeasured, and any gain or loss on settlement at an amount different from its carrying value will be recognized in net income in the period during which it is settled.
Leases	Leases On January 1, 2019, the Company adopted Accounting Standards Update No. 2016‑02, Leases (Topic 842) (ASU 2016‑02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. The Company determined if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and short- and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. As of adoption of ASC 842 and as of January 1, 2019, the Company was not a party to finance lease arrangements. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Under the available practical expedient, the Company account for the lease and non-lease components as a single lease component. Adoption of the standard resulted in the recognition of $2,016,142 of ROU assets and $2,237,583 of lease liabilities for leases on our consolidated balance sheet at adoption on January 1, 2019 related to office space lease commitment on March 1, 2015. The difference between the ROU assets and lease liabilities was due to prepaid rent. For a new lease commitment on May 1, 2019, the company initially recognized $414,157 (RMB2,899,099) of ROU assets and lease liabilities of $399,048 (RMB2,793,341). The difference between the ROU assets and lease liabilities was due to prepaid rent and initial direct cost.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of property and equipment, net	Estimated useful lives (years) Office furniture 5 Electronic equipment 3

ACCOUNTS RECEIVABLES (Tables)

ACCOUNTS RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2020
ACCOUNTS RECEIVABLES
Schedule of accounts receivables	Activity in the allowance for doubtful accounts was as followings: June 30, December 31, 2020 2019 Accounts receivable $ 4,802,194 $ 5,479,473 Allowance for bad debts (3,068,759) (2,605,348) Accounts receivable, net $ 1,733,435 $ 2,874,125 Balance, beginning of year $ 2,605,348 $ 1,189,147 Provision (net of recover) 463,411 1,557,201 Amounts written off, net of recoveries — (141,000) Balance, end of year $ 3,068,759 $ 2,605,348

FIXED ASSETS, NET (Tables)

FIXED ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2020
FIXED ASSET, NET
Schedule of Fixed asset net	As of June 30, 2020 and December 31, 2019, fixed asset, net as follows: June 30, December 31, 2020 2019 Electronic equipment $ 6,103 $ 6,194 Office furniture 805 817 Less: accumulated depreciation (1,871) (785) Fixed asset - net $ 5,037 $ 6,226

INTANGIBLE ASSET, NET (Tables)

INTANGIBLE ASSET, NET (Tables)	6 Months Ended
	Jun. 30, 2020
INTANGIBLE ASSET, NET
Schedule of gross carrying amount and accumulated amortization	The gross carrying amount and accumulated amortization of this asset as of June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Intangible asset: online campus system $ 612,814 $ 612,814 Intangible asset: learning platform 120,000 120,000 Less: accumulated amortization (534,678) (460,588) Intangible asset - net $ 198,136 $ 272,226
Schedule of future amortization expense to be recognized	The following table is the future amortization expense to be recognized: Year Ending December 31, 2020 74,091 2021 46,045 2022 12,000 2022 66,000 198,136

CONCENTRATION OF CREDIT AND B_2

CONCENTRATION OF CREDIT AND BUSINESS RISK (Tables)	6 Months Ended
	Jun. 30, 2020
CONCENTRATION OF CREDIT AND BUSINESS RISK
Schedule of major customers that individually accounted for more than 10% of gross revenue	The following table represents major customers that individually accounted for more than 10% of the Company’s gross revenue for the six months ended June 30, 2020 and 2019: June 30, 2020 Gross Accounts Revenue Percentage Receivable Percentage Customer 1 $ 103,980 37.6 % $ 1,582,433 33.6 % June 30, 2019 Gross Accounts Revenue Percentage Receivable Percentage Customer 1 $ 1,611,820 51.3 % $ 1,534,441 32.1 % Customer 2 798,800 25.4 % 1,193,345 25.0 %

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2020
DISCONTINUED OPERATIONS
Schedule of amount of the major classes of assets and liabilities of discontinued operation	The carrying amount of the major classes of assets and liabilities of discontinued operation as of May 1, 2019 and December 31, 2018 consist of the following: May 1, 2019 December 31, 2018 Assets of discontinued operation: Current assets: Cash and cash equivalents $ 391 $ 391 Accounts receivable 4,864,297 4,595,823 Allowance for doubtful account (4,595,823) (4,595,823) Deferred compensation — 916,668 Total assets of discontinued operation $ 268,865 $ 917,059 Liabilities of discontinued operation: $ — Current liabilities: Accounts payable $ 1,881,404 $ 1,881,404 Other payables — — Total liabilities of discontinued operation $ 1,881,404 $ 1,881,404
Schedule of operating result discontinued operation included in consolidated statements of operation	The summarized operating result of discontinued operation included in the Company’s consolidated statements of operation consist of the following: From From January 1 January 1 to to May 1, 2019 December 31, 2018 Revenues $ — $ — Cost of revenues — — Gross profit — — Operating expenses (366,667) (5,587,406) Other income (expenses), net — 4 Loss before income tax (366,667) (5,587,402) Income tax expense (benefit) — (332,187) Loss from discontinued operation (366,667) (5,255,215) Total loss from discontinued operations, net of income taxes $ (366,667) $ (5,255,215)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2020
SEGMENT REPORTING
Schedule of segment reporting assets and liabilities	The following table shows an analysis by segment of the assets and liabilities of continuing operations as of June 30, 2020 and December 31,2019: June 30, 2020 AEC New York AEC BVI Total Segment assets and liabilities: Segment assets Segment assets from continuing operations $ 5,533,648 $ 677,914 $ 6,211,562 Segment assets of discontinued operations — — — Segment assets $ 5,533,648 $ 677,914 $ 6,211,562 Segment liabilities Segment liabilities from continuing operations $ 4,799,969 $ 1,206,935 $ 6,006,904 Segment liabilities of discontinued operations — — — Segment liabilities $ 4,799,969 $ 1,206,935 $ 6,006,904 December 31, 2019 AEC New York AEC BVI Total Segment assets and liabilities: Segment assets Segment assets from continuing operations $ 6,661,058 $ 772,810 $ 7,433,868 Segment assets of discontinued operations — — — Segment assets $ 6,661,058 $ 772,810 $ 7,433,868 Segment liabilities Segment liabilities from continuing operations $ 5,249,953 $ 965,422 $ 6,215,375 Segment liabilities of discontinued operations — — — Segment liabilities $ 5,249,953 $ 965,422 $ 6,215,375
Schedule of segment reporting revenue from external customers	Revenues from external customers, and gross profit for each business are as follows: For the three months ended June 30, 2020 AEC New York AEC BVI Total Segment revenue: Placement advisory $ — $ 41,484 $ 41,484 Career advisory 120,500 — 120,500 Student & Family advisory — — — Other advisory — — — Total revenue from continued operations $ 120,500 $ 41,484 $ 161,984 Total revenue from discontinued operations — — — Gross profit $ 66,560 $ 39,707 $ 106,267 For the six months ended June 30, 2020 AEC New York AEC BVI Total Segment revenue: Placement advisory $ — $ 41,484 $ 41,484 Career advisory 234,191 — 234,191 Student & Family advisory — — — Other advisory 507 — 507 Total revenue from continued operations $ 234,698 $ 41,484 $ 276,182 Total revenue from discontinued operations — — — Gross profit $ 71,808 $ 38,320 $ 110,128 For the three months ended June 30, 2019 AEC New York AEC BVI Total Segment revenue: Placement advisory $ 305,000 $ (931) $ 304,069 Career advisory 861,975 — 861,975 Student & Family advisory — — — Other advisory 3,000 — 3,000 Total revenue from continued operations $ 1,169,975 $ (931) $ 1,169,044 Total revenue from discontinued operations — — — Gross profit $ 483,685 $ (931) $ 482,754 For the six months ended June 30, 2019 AEC New York AEC BVI Total Segment revenue: Placement advisory $ 798,800 $ 33,716 $ 832,516 Career advisory 1,817,275 — 1,817,275 Student & Family advisory 487,000 — 487,000 Other advisory 3,000 — 3,000 Total revenue from continued operations $ 3,106,075 $ 33,716 $ 3,139,791 Total revenue from discontinued operations — — — Gross profit $ 1,337,388 $ 33,716 $ 1,371,104

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
LEASE COMMITMENTS
Schedule of future minimum lease commitments	Future minimum lease commitments are as follows on June 30, 2020: Gross Lease Year Ending December 31, Payment 2020 262,998 2021 537,569 2022 and thereafter 1,918,349 $ 2,718,916 Less: Present value adjustment (479,796) Operating lease liability $ 2,239,416

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2020
INCOME TAXES
Schedule of component of deferred tax assets	The component of deferred tax assets at June 30, 2020 and 2019 are as follows: June 30, December 31, 2020 2019 Net operating loss carryforwards $ 667,382 $ 471,404 Allowance for bad debt 724,572 558,397 Accelerated Depreciation — — Allowance for deferred tax asset (530,647) (472,186) Deferred tax asset, net $ 861,307 $ 557,615
Schedule of provision for income taxes and deferred income taxes	The provision for income taxes and deferred income taxes for three and six months ended June 30, 2020 and 2019 are as follows: For the three months ended June 30, For the six months ended June 30, 2020 2019 2020 2019 Current: Federal $ — $ 44,667 $ — $ 44,667 State — 35,536 — 35,536 Foreign — 265 — 265 Total current — 80,468 — 80,468 Deferred: Federal (116,851) 164,322 (212,087) 164,322 State (82,679) 121,286 (150,066) 232,386 Foreign — — — — Total deferred (199,530) 285,608 (362,153) 285,608 Total $ (199,530) $ 366,076 $ (362,153) $ 366,076
Schedule of reconciliation of the provision for income taxes	A reconciliation of the provision for income taxes, with the amount computed by applying the statutory effective income tax rate for the three and six months ended June 30, 2020 and 2019 is as follows: For the three months ended For the six months ended June 30, June 30, 2020 2019 2020 2019 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 11.0 11.0 11.0 11.0 PRC statutory income tax rate 25.0 — 25.0 — Non-deductible/ non-taxable items — — — — Total 57 % 32 % 57 % 32 %

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
FINANCIAL INSTRUMENTS
Schedule of carrying value financial assets and liabilities	June 30, December 31, 2020 2019 Cash and cash equivalents of continuing operations $ 922,567 $ 1,035,395 Accounts receivable, prepaid expenses and other current assets 1,958,894 3,127,655 Other assets of discontinued operations — — Other financial liabilities (i) 3,893,935 4,147,871 Liabilities of discontinued operations $ — $ — (i)
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The financial assets and liabilities carried at fair value on a recurring basis at June 30, 2020 are as follows: Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents of continuing operations $ 922,567 $ — $ — $ 922,567 Cash and cash equivalents of discontinued operations — — — — Other financial assets of continuing operations — — — — Other financial assets of discontinued operations — — — — Total Financial assets $ 922,567 $ — $ — $ 922,567 Financial Liabilities Other liabilities of continuing operations $ 3,893,935 $ — $ — $ 3,893,935 Other liabilities of discontinued operations — — — — Total Financial Liabilities $ 3,893,935 $ — $ — $ 3,893,935 The financial assets and liabilities carried at fair value on a recurring basis at December 31, 2019 are as follows: Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents of continuing operations $ 1,035,395 $ — $ — $ 1,035,395 Cash and cash equivalents of discontinued operations — — — — Other financial assets of continuing operations — — — — Other financial assets of discontinued operations — — — — Total Financial Assets $ 1,035,395 $ — $ — $ 1,035,395 Financial Liabilities Other liabilities of continuing operations $ 4,147,871 $ — $ — $ 4,147,871 Other liabilities of discontinued operations — — — — Total Financial Liabilities $ 4,147,871 $ — $ — $ 4,147,871
Schedule of financial assets past due	The following table provides information regarding the aging of financial assets that are past due, but which are not impaired at June 30, 2020: Less than 90 days to Over Carrying 90 days 1 year 1 year Value Accounts receivable, net $ — $ 1,641,433 $ — $ 1,641,433 Other receivable $ 65,552 $ 26,450 $ — $ 92,002 Total accounts receivable, net $ 65,552 $ 1,667,883 $ — $ 1,733,435

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	6 Months Ended
	Jun. 30, 2020
STOCK OPTIONS
Schedule of stock option activities	The following is a summary of stock option activities: Weighted- Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value Outstanding at December 31, 2019 3,200,000 $ 0.89 1.44 years $ — Granted — — — — Exercised — — — — Cancelled and expired — — — — Forfeited — — — — Outstanding at June 30, 2020 3,200,000 $ 2.45 3.37 years $ — Vested and expected to vest at June 30, 2020 3,200,000 $ 0.89 1.20 years $ — Exercisable at June 30, 2020 3,200,000 $ 0.89 1.20 years $ —

BUSINESS ACQUISITION (Tables)

BUSINESS ACQUISITION (Tables)	6 Months Ended
	Jun. 30, 2020
BUSINESS ACQUISITION
Schedule of consideration paid and the amounts of net assets acquired	The following table summarizes the consideration paid and the amounts of net assets acquired as of the date of acquisition: Fair value of net asset acquired (AIFI’s net identified assets) $ 120,000 Less: Fair value of consideration transferred (FMV of AEC’s 100k shares issued) (48,000) Fair value of noncontrolling interest (120k x 49%) (58,800) $ (106,800) Gain on bargain purchase $ 13,200

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)	May 01, 2019shares	Apr. 22, 2019	Jul. 10, 2018shares	Oct. 31, 2016USD ($)shares	May 31, 2014shares	Jun. 30, 2020USD ($)segment	Dec. 31, 2019USD ($)	Jul. 13, 2018shares	Mar. 29, 2016CNY (¥)
ORGANIZATION AND BUSINESS
Common Stock, Value, Issued | $						$ 57,497	$ 56,797
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			100	1,500,000
Equity Method Investment, Ownership Percentage								51.00%
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $				$ 210,000
Common Stock, Capital Shares Reserved for Future Issuance								100,000
Number of Marketing Segments | segment						2
Rongxia Wang [Member]
ORGANIZATION AND BUSINESS
Business Acquisition, Percentage of Voting Interests Acquired				100.00%
AEC New York
ORGANIZATION AND BUSINESS
Shares Exchanged By Shareholder					200
AEC Nevada [Member]
ORGANIZATION AND BUSINESS
Shares Exchanged By Shareholder					10,563,000
AEC Southern Management Co [Member]
ORGANIZATION AND BUSINESS
Business Acquisition, Percentage of Voting Interests Acquired				100.00%
Qianhai Education Consulting Management Co., Ltd [Member] | Capital Units [Member]
ORGANIZATION AND BUSINESS
Common Stock, Value, Issued | ¥									¥ 5,000,000
AEC Southern UK [Member]
ORGANIZATION AND BUSINESS
Temporary Equity, Shares Outstanding	1,000,000
Business Acquisition, Percentage of Voting Interests Sold	100.00%	100.00%
AEC Southern UK [Member] | AEC Nevada [Member]
ORGANIZATION AND BUSINESS
Temporary Equity, Shares Outstanding	1,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	May 31, 2019CNY (¥)	May 31, 2019USD ($)	Jan. 01, 2019USD ($)	Jul. 10, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Gross Revenue	$ 161,984	$ 1,169,044	$ 276,182	$ 3,139,791
Percentage			10.00%	10.00%
Operating Lease, Right-of-Use Asset	1,983,406		$ 1,983,406		$ 2,149,710	¥ 2,899,099	$ 414,157	$ 2,016,142
Operating Lease, Liability	2,239,416		$ 2,239,416			¥ 2,793,341	$ 399,048	$ 2,237,583
AEC Southern UK [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners									49.00%
UNITED STATES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Gross Revenue	120,500	$ 1,169,975	$ 234,698	$ 3,106,075
Gross Revenue [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gross Revenue			$ 104,000
Percentage			38.00%
Accounts Receivable [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts Receivable, Net	$ 120,000		$ 120,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	6 Months Ended
	Jun. 30, 2020
Office furniture
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Electronic equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

ACCOUNTS RECEIVABLES (Details)

ACCOUNTS RECEIVABLES (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
ACCOUNTS RECEIVABLES
Accounts receivable				$ 4,802,194	$ 5,479,473
Allowance for bad debts	$ (2,605,348)	$ (1,189,147)	$ (1,189,147)	(3,068,759)	(2,605,348)
Total accounts receivable				$ 1,733,435	$ 2,874,125
Activity in the allowance for doubtful accounts
Balance, beginning of year	2,605,348	1,189,147	1,189,147
Provision (net of recover)	463,411	$ 395,566	1,557,201
Amounts written off, net of recoveries	0		(141,000)
Balance, end of year	$ 3,068,759		$ 2,605,348

FIXED ASSETS, NET - Fixed Asset

FIXED ASSETS, NET - Fixed Assets, Net (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (1,871)	$ (785)
Fixed asset - net	5,037	6,226
Electronic equipment
Property, Plant and Equipment [Line Items]
Fixed asset - Gross	6,103	6,194
Office furniture
Property, Plant and Equipment [Line Items]
Fixed asset - Gross	$ 805	$ 817

FIXED ASSETS, NET - Additional

FIXED ASSETS, NET - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
FIXED ASSET, NET
Depreciation expense for fixed assets	$ 556	$ 0	$ 1,103	$ 0

INTANGIBLE ASSET, NET - Gross C

INTANGIBLE ASSET, NET - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Less: accumulated amortization	$ (534,678)	$ (460,588)
Intangible asset - net	198,136	272,226
Intangible asset: online campus system
Intangible asset	612,814	612,814
Intangible asset: learning platform
Intangible asset	$ 120,000	$ 120,000

INTANGIBLE ASSET, NET - Future

INTANGIBLE ASSET, NET - Future Amortization Expense (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
INTANGIBLE ASSET, NET
2020	$ 74,091
2021	46,045
2022	12,000
2022	66,000
Total	$ 198,136	$ 272,226

INTANGIBLE ASSET, NET - Additio

INTANGIBLE ASSET, NET - Additional Disclosure (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INTANGIBLE ASSET, NET
Amortization of Intangible Assets	$ 34,045	$ 37,045	$ 74,090	$ 74,090

DEFERRED COMPENSATION (Details)

DEFERRED COMPENSATION (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Share Price | $ / shares				$ 0.66	$ 0.66
AEC Southern Management Co., Ltd. [Member] | Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Shares Issued | shares	1,500,000
Share Price | $ / shares	$ 0.14
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | $		198,333.33
Deferred Compensation Arrangement with Individual, Recorded Liability | $	$ 210,000
AEC Southern Management Co., Ltd. [Member] | Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Shares Issued | shares			6,000,000
Share Price | $ / shares			$ 0.55
Deferred Compensation Equity | $			$ 3,300,000

SECURITY DEPOSITS (Details)

SECURITY DEPOSITS (Details)	Jun. 30, 2020CNY (¥)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
SECURITY DEPOSITS
Deposits Assets, Noncurrent		$ 282,215	$ 285,041
AEC New York
SECURITY DEPOSITS
Deposits Assets, Noncurrent		266,021
AEC Shenzhen
SECURITY DEPOSITS
Deposits Assets, Noncurrent	¥ 114,412	$ 16,194

CONCENTRATION OF CREDIT AND B_3

CONCENTRATION OF CREDIT AND BUSINESS RISK (Details)	6 Months Ended
	Jun. 30, 2020HKD ($)	Jun. 30, 2019	Jun. 30, 2020CNY (¥)	Jun. 30, 2020USD ($)
CONCENTRATION OF CREDIT AND BUSINESS RISK
Cash, FDIC Insured Amount				$ 250,000
Cash, Uninsured Amount	$ 500,000		¥ 500,000
Concentration Risk, Percentage	10.00%	10.00%

CONCENTRATION OF CREDIT AND B_4

CONCENTRATION OF CREDIT AND BUSINESS RISK - Customers Gross Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gross Revenue	$ 161,984	$ 1,169,044	$ 276,182	$ 3,139,791
Percentage			10.00%	10.00%
Gross Revenue [Member]
Gross Revenue			$ 104,000
Percentage			38.00%
Accounts Receivable [Member]
Total accounts receivable	120,000		$ 120,000
Customer 1 [Member] | Gross Revenue [Member]
Gross Revenue			$ 103,980	$ 1,611,820
Percentage			37.60%	51.30%
Customer 1 [Member] | Accounts Receivable [Member]
Total accounts receivable	$ 1,582,433	1,534,441	$ 1,582,433	$ 1,534,441
Percentage			33.60%	32.10%
Customer 2 [Member] | Gross Revenue [Member]
Gross Revenue				$ 798,800
Percentage				25.40%
Customer 2 [Member] | Accounts Receivable [Member]
Total accounts receivable		$ 1,193,345		$ 1,193,345
Percentage				25.00%

DISCONTINUED OPERATIONS - Class

DISCONTINUED OPERATIONS - Classes of Assets and Liabilities (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	May 01, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 0	$ 0	$ 391	$ 391
Accounts receivable			4,864,297	4,595,823
Allowance for doubtful account			(4,595,823)	(4,595,823)
Deferred compensation			0	916,668
Total assets of discontinued operation	0		268,865	917,059
Current liabilities:
Accounts payable			1,881,404	1,881,404
Other payables			0	0
Total liabilities of discontinued operation	$ 0		$ 1,881,404	$ 1,881,404

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summarized Operating Result (Details) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	May 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
DISCONTINUED OPERATIONS
Revenues	$ 0		$ 0	$ 0		$ 0
Cost of revenues			0			0
Gross profit			0			0
Operating expenses			(366,667)			(5,587,406)
Other income (expenses), net			0			4
Loss before income tax			(366,667)			(5,587,402)
Income tax expense (benefit)			0			(332,187)
Loss from discontinued operation		$ 836,807	(366,667)	$ 0	$ 561,807	(5,255,215)
Total loss from discontinued operations, net of income taxes			$ (366,667)			$ (5,255,215)

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Disclosure (Details) - AEC Southern UK [Member] - USD ($)	May 01, 2019	Apr. 22, 2019
Noncontrolling Interest, Description	AEC Nevada sold 100% of the equity interest in AEC Southern UK to three individuals, Ye Tian, Rongxia Wang and Weishou Li, and received a consideration of 1,000,000 shares of outstanding shares of AEC Nevada which was valued at $660,000 and the debt owed to AEC Southern UK in the amount of $268,475 was forgiven by AEC Southern UK.
Business Acquisition Percentage Of Voting Interests Sold	100.00%	100.00%
Temporary Equity, Shares Outstanding	1,000,000
Temporary Equity, Shares Outstanding Value	$ 660,000
Temporary Equity, Debt Owned	$ 268,475

SEGMENT REPORTING - Segment ass

SEGMENT REPORTING - Segment assets and liabilities of continuing and discontinued operations (Details) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	May 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2019
Segment revenue:
Total revenue	$ 161,984	$ 1,169,044		$ 276,182	$ 3,139,791
Total revenue from discontinued operations	0		$ 0	0		$ 0
Gross profit	106,267	482,754		110,128	1,371,104
SEGMENT REPORTING
Segment assets	6,211,562			6,211,562			$ 7,433,868
Segment liabilities	6,006,904			6,006,904			6,215,375
Continuing operations
SEGMENT REPORTING
Segment assets	6,211,562			6,211,562			7,433,868
Segment liabilities	6,006,904			6,006,904			6,215,375
UNITED STATES
Segment revenue:
Total revenue	120,500	1,169,975		234,698	3,106,075
Total revenue from discontinued operations	0			0
Gross profit	66,560	483,685		71,808	1,337,388
SEGMENT REPORTING
Segment assets	5,533,648			5,533,648			6,661,058
Segment liabilities	4,799,969			4,799,969			5,249,953
UNITED STATES | Continuing operations
SEGMENT REPORTING
Segment assets	5,533,648			5,533,648			6,661,058
Segment liabilities	4,799,969			4,799,969			5,249,953
BRITISH VIRGIN ISLAND
Segment revenue:
Total revenue	41,484	(931)		41,484	33,716
Total revenue from discontinued operations	0			0
Gross profit	39,707	(931)		38,320	33,716
SEGMENT REPORTING
Segment assets	677,914			677,914			772,810
Segment liabilities	1,206,935			1,206,935			965,422
BRITISH VIRGIN ISLAND | Continuing operations
SEGMENT REPORTING
Segment assets	677,914			677,914			772,810
Segment liabilities	1,206,935			1,206,935			$ 965,422
Placement advisory [Member]
Segment revenue:
Total revenue	41,484	304,069		41,484	832,516
Placement advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	0	305,000		0	798,800
Placement advisory [Member] | BRITISH VIRGIN ISLAND
Segment revenue:
Total revenue	41,484	(931)		41,484	33,716
Career advisory [Member]
Segment revenue:
Total revenue	120,500	861,975		234,191	1,817,275
Career advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	120,500	861,975		234,191	1,817,275
Career advisory [Member] | BRITISH VIRGIN ISLAND
Segment revenue:
Total revenue	0			0
Student & Family advisory [Member]
Segment revenue:
Total revenue	0			0	487,000
Student & Family advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	0			0	487,000
Student & Family advisory [Member] | BRITISH VIRGIN ISLAND
Segment revenue:
Total revenue	0			0
Other advisory [member]
Segment revenue:
Total revenue	0	3,000		507	3,000
Other advisory [member] | UNITED STATES
Segment revenue:
Total revenue	0	$ 3,000		507	$ 3,000
Other advisory [member] | BRITISH VIRGIN ISLAND
Segment revenue:
Total revenue	$ 0			$ 0

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	4 Months Ended	6 Months Ended		12 Months Ended
	May 01, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
SEGMENT REPORTING
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ 0	$ 561,807
Income Loss From Discontinued Operations	$ (366,667)			$ (5,255,215)
Number of Operating Segments | segment		2

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
DEFERRED REVENUE
Deferred Revenue, Current	$ 95,059	$ 215,500

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2020CNY (¥)	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)$ / sharesshares	Nov. 26, 2018$ / shares	Nov. 13, 2018$ / shares
RELATED-PARTY TRANSACTIONS
Prepaid Expense Current		$ 225,459		$ 253,530
Due to Related Parties, Current		$ 0		$ 98,433
Series B Preferred Stock
RELATED-PARTY TRANSACTIONS
Preferred Stock, Shares Issued | shares		25,000,000		0
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 0.001		$ 0.001		$ 0.001
Series B Preferred Stock | Chief Executive Officer [Member]
RELATED-PARTY TRANSACTIONS
Preferred Stock, Shares Issued | shares		12,500,000
Preferred Stock, Par or Stated Value Per Share | $ / shares					$ 0.001
Student Consulting [Member]
RELATED-PARTY TRANSACTIONS
Prepaid Expense Current		$ 48,000
Business Consulting Services [Member]
RELATED-PARTY TRANSACTIONS
Prepaid Expense Current		$ 50,000
Columbia International College, Inc [Member]
RELATED-PARTY TRANSACTIONS
Related Party Transaction, Rate	34.00%	34.00%
Wall Street Innovation Center, Inc [Member]
RELATED-PARTY TRANSACTIONS
Related Party Transaction, Rate	40.00%	40.00%
Stockholder [Member]
RELATED-PARTY TRANSACTIONS
Proceeds from Related Party Debt	¥ 2,000,000	$ 283,082	¥ 2,000,000
Due to Related Parties, Current		$ 849,245		$ 574,564

LONG-TERM LOAN (Details)

LONG-TERM LOAN (Details) - USD ($)	Apr. 24, 2020	Nov. 10, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 01, 2020	May 04, 2020	Dec. 01, 2014
LONG-TERM LOAN
Long-term Debt, Excluding Current Maturities			$ 236,588		$ 236,588				$ 295,579
Debt Instrument, Interest Rate, Effective Percentage									10.00%
Repayments of Long-term Debt		$ 150,000
Interest Expense, Debt			$ 0	$ 3,639	$ 776	$ 10,918
Paycheck Protection Program Loan
LONG-TERM LOAN
Loan amount approved and received								$ 77,588
Interest rate (in percentage)								1.00%
Economic Injury Disaster Loan
LONG-TERM LOAN
Loan amount approved and received							$ 150,000
Interest rate (in percentage)							3.75%
Economic Injury Disaster Loan | AEC New York
LONG-TERM LOAN
Loan proceeds received	$ 9,000

LEASE COMMITMENTS - Future Mini

LEASE COMMITMENTS - Future Minimum Lease Commitments (Details)	Jun. 30, 2020USD ($)	May 31, 2019CNY (¥)	May 31, 2019USD ($)	Jan. 01, 2019USD ($)
LEASE COMMITMENTS
2020	$ 262,998
2021	537,569
2022 and thereafter	1,918,349
Total	2,718,916
Less: Present value adjustment	(479,796)
Operating lease liability	$ 2,239,416	¥ 2,793,341	$ 399,048	$ 2,237,583

LEASE COMMITMENTS - Additional

LEASE COMMITMENTS - Additional Disclosure (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2014ft²	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	May 31, 2019CNY (¥)	May 31, 2019USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Straight Line Rent				$ 34,065
Area of Land | ft²	10,086
Operating Lease, Weighted Average Discount Rate, Percent		8.05%		8.05%			8.16%	8.16%
Operating Lease, Right-of-Use Asset		$ 1,983,406		$ 1,983,406		$ 2,149,710	¥ 2,899,099	$ 414,157	$ 2,016,142
Operating Lease, Liability		2,239,416		2,239,416			¥ 2,793,341	$ 399,048	2,237,583
Operating Lease, Liability, Current		363,035		363,035		331,670
Operating Lease, Liability, Noncurrent		1,876,381		1,876,381		$ 2,067,504
Operating Leases, Rent Expense		$ 129,110	$ 102,195	$ 261,137	$ 225,078
SBA Loan [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset									2,016,142
Operating Lease, Liability									$ 2,237,583
Unrelated Party [Member]
Lessee, Lease, Description [Line Items]
Lease Expiration Date	Jul. 31, 2025

INCOME TAXES - Component of Def

INCOME TAXES - Component of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
INCOME TAXES
Net operating loss carryforwards	$ 667,382	$ 471,404
Allowance for bad debt	724,572	558,397
Accelerated Depreciation	0	0
Allowance for deferred tax asset	(530,647)	(472,186)
Deferred tax asset, net	$ 861,307	$ 557,615

INCOME TAXES - Provision For In

INCOME TAXES - Provision For Income Taxes And Deferred Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal	$ 0	$ 44,667	$ 0	$ 44,667
State	0	35,536	0	35,536
Foreign	0	265	0	265
Total Current	0	80,468	0	80,468
Deferred:
Federal	(116,851)	164,322	(212,087)	164,322
State	(82,679)	121,286	(150,066)	232,386
Foreign	0	0	0	0
Total deferred	(199,530)	285,608	(362,153)	285,608
Income Tax Expense (Benefit)	$ (199,530)	$ 366,076	$ (362,153)	$ 366,076

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of The Provision For Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INCOME TAXES
Tax at federal statutory rate	21.00%	21.00%	21.00%	21.00%
State and local taxes, net of federal benefit	11.00%	11.00%	11.00%	11.00%
PRC statutory income tax rate	25.00%	0.00%	25.00%	0.00%
Non-deductible/ non-taxable items	0.00%	0.00%	0.00%	0.00%
Total	57.00%	32.00%	57.00%	32.00%

FINANCIAL INSTRUMENTS - Summari

FINANCIAL INSTRUMENTS - Summarizes Carrying values (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 922,567	$ 1,035,395
Liabilities	3,893,935	4,147,871
Continuing operations
Cash and cash equivalents	922,567	1,035,395
Accounts receivable, prepaid expenses and other current assets	1,958,894	3,127,655
Other financial liabilities	3,893,935	4,147,871
Discontinued operations
Other assets	0	0
Liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value on A Recurring Basis (Details) - Recurring basis - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure
Total Financial assets	$ 922,567	$ 1,035,395
Liabilities, Fair Value Disclosure
Total Financial Liabilities	3,893,935	4,147,871
Continuing operations
Assets, Fair Value Disclosure
Cash and cash equivalents	922,567	1,035,395
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	3,893,935	4,147,871
Discontinued operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	0	0
Level 1
Assets, Fair Value Disclosure
Total Financial assets	922,567	1,035,395
Liabilities, Fair Value Disclosure
Total Financial Liabilities	3,893,935	4,147,871
Level 1 | Continuing operations
Assets, Fair Value Disclosure
Cash and cash equivalents	922,567	1,035,395
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	3,893,935	4,147,871
Level 1 | Discontinued operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	0	0
Level 2
Assets, Fair Value Disclosure
Total Financial assets	0	0
Liabilities, Fair Value Disclosure
Total Financial Liabilities	0	0
Level 2 | Continuing operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	0	0
Level 2 | Discontinued operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	0	0
Level 3
Assets, Fair Value Disclosure
Total Financial assets	0	0
Liabilities, Fair Value Disclosure
Total Financial Liabilities	0	0
Level 3 | Continuing operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	0	0
Level 3 | Discontinued operations
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Other financial assets	0	0
Liabilities, Fair Value Disclosure
Other liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS - Financi

FINANCIAL INSTRUMENTS - Financial Assets Past Due (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
FINANCIAL INSTRUMENTS
Accounts receivable, net	$ 1,641,433
Other receivable	92,002
Total accounts receivable, net	1,733,435	$ 2,874,125
Net amounts outstanding	0
Less than 90 days
FINANCIAL INSTRUMENTS
Accounts receivable, net	0
Other receivable	65,552
Total accounts receivable, net	65,552
90 days to 1 year
FINANCIAL INSTRUMENTS
Accounts receivable, net	1,641,433
Other receivable	26,450
Total accounts receivable, net	1,667,883
Over 1 year
FINANCIAL INSTRUMENTS
Accounts receivable, net	0
Other receivable	0
Total accounts receivable, net	$ 0

STOCK OPTIONS (Details)

STOCK OPTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
STOCK OPTIONS
Shares, Outstanding at Beginning			3,200,000
Shares, Granted			0
Shares, Exercised	0	0	0
Shares, Cancelled and expired			0
Shares, Forfeited			0
Shares, Outstanding at Ending	3,200,000		3,200,000	3,200,000
Shares, Vested and expected to vest at June 30, 2020	3,200,000		3,200,000
Shares, Exercisable at June 30, 2020	3,200,000		3,200,000
Weighted Average Exercise, Outstanding at Beginning			$ 0.89
Weighted Average Exercise Price, Granted			0
Weighted Average Exercise Price, Exercised			0
Weighted Average Exercise Price, Cancelled and expired			0
Weighted Average Exercise Price, Forfeited			0
Weighted Average Exercise Price, Outstanding at Ending	$ 2.45		2.45	$ 0.89
Weighted Average Exercise Price, Vested and expected to vest at June 30, 2020	0.89		0.89
Weighted Average Exercise Price, Exercisable at June 30, 2020	$ 0.89		$ 0.89
Weighted- Average Remaining Contractual Life, Outstanding			3 years 4 months 13 days	1 year 5 months 9 days
Weighted- Average Remaining Contractual Life, Vested and expected to vest at June 30, 2020			1 year 2 months 12 days
Weighted- Average Remaining Contractual Life, Exercisable at June 30, 2020			1 year 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 0		$ 0	$ 0
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2020	0		0
Aggregate Intrinsic Value, Exercisable at June 30, 2020	$ 0		0
Estimated fair value of options			0	0
Compensation expense			$ 0	$ 0

COMMON STOCK (Details)

COMMON STOCK (Details)

Jul. 10, 2018$ / sharesshares

Jan. 31, 2020shares

May 31, 2019USD ($)shares

Aug. 31, 2018USD ($)shares

Jul. 31, 2018USD ($)shares

Aug. 31, 2018shares

Jun. 30, 2019USD ($)

Dec. 31, 2019HKD ($)

Dec. 31, 2019USD ($)$ / sharesshares

Jun. 30, 2020$ / sharesshares

Nov. 26, 2018CNY (¥)shares

Nov. 26, 2018$ / shares

Nov. 06, 2018shares

Jul. 13, 2018

Class of Stock [Line Items]

Equity Method Investment, Ownership Percentage

51.00%

Stock To Be Issued During Period Shares Issued for Services And Employees

700,000

15,000

433,000

448,000

Stock To Be Issued During Period Shares Issued for Services

200,000

Stock To Be Issued During Period Value Issued For Services | $

$ 62,000

Stock to be Issued During Period Value Issued for Services and Employees | $

$ 7,000

$ 199,840

Stock Issued During Period, Value, New Issues | $

$ 143,982

Common Stock, Shares Authorized

450,000,000

450,000,000

450,000,000

Preferred Stock, Shares Authorized

50,000,000

Treasury stock at cost (in dollars per share) | $ / shares

$ 0.66

$ 0.66

Previously Reported [Member]

Class of Stock [Line Items]

Common Stock, Shares Authorized

180,000,000

Preferred Stock, Shares Authorized

20,000,000

CCFH Investment [Member] | Share Issuance Agreement [Member]

Class of Stock [Line Items]

Equity Method Investments | ¥

¥ 5,000,000

Consideration received upon issuance of common stock

$ 1,000,000

$ 127,606

American Institute Of Financial Intelligence LLC [Member]

Class of Stock [Line Items]

Shares Issued, Price Per Share | $ / shares

$ 0.48

Business Acquisition, Percentage of Voting Interests Acquired

51.00%

Stock Issued During Period, Shares, Acquisitions

100,000

American Institute Of Financial Intelligence LLC [Member] | FIFPAC Inc [Member]

Class of Stock [Line Items]

Equity Method Investment, Ownership Percentage

100.00%

China Cultural Finance Holdings Company Limited [Member] | Share Issuance Agreement [Member]

Class of Stock [Line Items]

Number of shares agree to issue

7,199,113

Treasury stock at cost (in dollars per share) | $ / shares

$ 0.10

SERIES B PREFERRED STOCK (Detai

SERIES B PREFERRED STOCK (Details) - USD ($)	Nov. 26, 2018	Nov. 13, 2018	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued		50,000,000
Share-based Compensation			$ 0	$ 0
Mr Max P Chen [Member]
Class of Stock [Line Items]
Share-based Compensation					$ 1,250,000
Exchange Agreement [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued	7,500,000
Convertible Preferred Stock, Shares Reserved for Future Issuance	7,500,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Issued			25,000,000	0
Preferred Stock, Shares Subscribed but Unissued		25,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001	$ 0.001
Preferred Stock Convertible Conversion price		$ 1
Preferred Stock, Voting Rights		Holders of shares of Series B Preferred Stock are entitled to vote with shareholders of the Company's common stock, voting together as a single class, except on matters that require a separate vote of the holders of Series B Preferred Stock. In any such vote, each share of Series B Preferred Stock is entitled to 20 votes per share.
Series B Preferred Stock | Mr Max P Chen [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	12,500,000
Series B Preferred Stock | Exchange Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	12,500,000
Convertible Preferred Stock, Shares Reserved for Future Issuance	12,500,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Issued			0	0
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001	$ 0.001
Series A Preferred Stock | Exchange Agreement [Member]
Class of Stock [Line Items]
Convertible Preferred Stock Number of Shares Converted	500,000

BUSINESS ACQUISITION - Consider

BUSINESS ACQUISITION - Consideration Paid And The Amounts of Net Assets Acquired (Details) - USD ($)	Jul. 10, 2018	Oct. 31, 2016
BUSINESS ACQUISITION
Fair value of net asset acquired (AIFI's net identified assets)	$ 120,000
Fair value of consideration transferred (FMV of AEC's 100k shares issued)	(48,000)
Fair value of noncontrolling interest (120k x 49%)	(58,800)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest	(106,800)
Gain on bargain purchase	$ 13,200
Number of shares issued	100	1,500,000
AEC Southern UK [Member]
BUSINESS ACQUISITION
Percentage of noncontrolling interest	49.00%

BUSINESS ACQUISITION - Addition

BUSINESS ACQUISITION - Additional Disclosure (Details) - USD ($)	Jul. 10, 2018	Jul. 13, 2018
Equity Method Investment, Ownership Percentage		51.00%
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 13,200
American Institute Of Financial Intelligence LLC [Member]
Shares Issued, Price Per Share	$ 0.48
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 13,200
American Institute Of Financial Intelligence LLC [Member] | FIFPAC Inc [Member]
Equity Method Investment, Ownership Percentage	100.00%