Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Apr. 12, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERICAN EDUCATION CENTER, INC. | |
Entity Central Index Key | 1,626,556 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 30,000,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash (Note2) | $ 1,093,755 | $ 82,572 |
Accounts receivable (Note 2) | 1,114,280 | 0 |
Prepaid expenses | 96,000 | 0 |
Deferred income taxes | 0 | 131,672 |
Total current assets | 2,304,035 | 214,244 |
Noncurrent assets: | ||
Security deposits (Note 4) | 266,021 | 306,683 |
TOTAL ASSETS | 2,570,056 | 520,927 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,211,103 | 35,318 |
Deferred revenue (Note 5) | 553,624 | 112,029 |
Advances from clients (Note 6) | 63,679 | 0 |
Loan from stockholder (Note 7) | 88,551 | 88,551 |
Total current liabilities | 1,916,957 | 235,898 |
Noncurrent liabilities: | ||
Deferred rent | 104,195 | 24,326 |
Long-term loan (Note 8) | 295,579 | 295,579 |
Total liabilities | $ 2,316,731 | $ 555,803 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued | $ 0 | $ 0 |
Common stock, $0.001 par value; 180,000,000 shares authorized; 30,000,000 and 21,000,000 shares issued and outstanding, at December 31, 2015 and 2014, respectively | 30,000 | 21,000 |
Additional paid-in capital | 214,176 | 189,000 |
(Deficit) | 9,149 | (244,876) |
Total stockholders' equity (deficit) | 253,325 | (34,876) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 2,570,056 | $ 520,927 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares, Issued | 30,000,000 | 21,000,000 |
Common Stock, Shares, Outstanding | 30,000,000 | 21,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues (Note 2) | $ 9,012,181 | $ 2,370,599 |
Costs and expenses: | ||
Consulting services | 6,047,357 | 1,685,702 |
Application fees | 36,312 | 16,405 |
General and administrative | 2,341,232 | 658,970 |
Total costs and expenses | 8,424,901 | 2,361,077 |
Income from operations | 587,280 | 9,522 |
Other income | 1,366 | 50,000 |
Income before provision for income taxes | 588,646 | 59,522 |
Provision for income taxes | 334,621 | 29,039 |
Net income | $ 254,025 | $ 30,483 |
Earnings per share - basic and diluted | $ 0.01 | $ 0 |
Weighted average shares outstanding, basic and diluted | 22,425,000 | 13,172,250 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 254,025 | $ 30,483 |
Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: | ||
Shares issued for compensation | 0 | 14,550 |
Deferred income taxes | 131,672 | 27,036 |
Deferred rent expense | 79,869 | 24,326 |
Change in operating assets and liabilities: | ||
(Increase) in accounts receivable | (1,114,280) | 0 |
(Increase) in prepaid expense | (96,000) | 0 |
Decrease (increase) in security deposits | 40,662 | (306,683) |
Increase in accounts payable and accrued expenses | 1,175,785 | 8,875 |
Increase (decrease) in deferred revenue | 441,595 | (241,927) |
Increase in advances from clients | 63,679 | 0 |
Net cash provided by (used in) operating activities | 977,007 | (443,340) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 90,000 | 89,820 |
Proceeds from long-term loan | 0 | 295,579 |
Net cash provided by financing activities | 90,000 | 385,399 |
Net change in cash | 1,067,007 | (57,941) |
Cash, beginning of year | 82,572 | 140,513 |
Cash, end of year | 1,093,755 | 82,572 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | 0 | 1,953 |
Cash paid for interest | $ 25,550 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] |
Balance at Dec. 31, 2013 | $ (169,729) | $ 10,563 | $ 95,067 | $ (275,359) |
Balance (in shares) at Dec. 31, 2013 | 10,563,000 | |||
Shares issued for services | 14,550 | $ 1,455 | 13,095 | 0 |
Shares issued for services (in shares) | 1,455,000 | |||
Sale of common stock, at $0.01 per share | 89,820 | $ 8,982 | 80,838 | 0 |
Sale of common stock, at $0.01 per share (in shares) | 8,982,000 | |||
Net income | 30,483 | $ 0 | 0 | 30,483 |
Balance at Dec. 31, 2014 | (34,876) | $ 21,000 | 189,000 | (244,876) |
Balance (in shares) at Dec. 31, 2014 | 21,000,000 | |||
Sale of common stock, at $0.01 per share | 90,000 | $ 9,000 | 81,000 | 0 |
Sale of common stock, at $0.01 per share (in shares) | 9,000,000 | |||
Net income | 254,025 | $ 0 | 0 | 254,025 |
Balance at Dec. 31, 2015 | $ 253,325 | $ 30,000 | $ 270,000 | $ 9,149 |
Balance (in shares) at Dec. 31, 2015 | 30,000,000 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Shares Issued, Price Per Share | $ 0.01 | $ 0.01 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND BUSINESS American Education Center, Inc. (“AEC New York”) is a New York Corporation organized on November 8, 1999 and is licensed by the Education Department of the State of New York to engage in education related consulting services between the United States and China. On May 7, 2014, the President/sole shareholder of AEC New York formed a new company (“AEC Nevada”) in the State of Nevada with the same name. On May 31, 2014, the President/sole shareholder of AEC New York exchanged his 200 10,563,000 The Company’s primary goal is to build upon the concept of “one-stop comprehensive services” for international students, educators, and institutions. The Company has been devoted to international education exchanges, by providing educational and career enrichment opportunities for students, teachers, and educational institutions between China and the United States. The Company currently provides admission, visa, housing and other consulting services to Chinese students wishing to study in the United States. The Company also provides exchange and placement services for qualified United States educators to teach in China. The Company also provides localization consulting services which are for employees coming to the United States to work for multi-national companies with operations here. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As disclosed above, the exchange of shares of AEC New York for the shares of AEC Nevada, has been treated as a transaction between entities under common control, similar to a pooling of interest, whereby the assets and liabilities are recorded at their carrying values. Based upon this treatment, the equity section of AEC New York has been recast as if this transaction had occurred at the beginning of the earliest period being presented and accordingly, as if the 10,563,000 The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements are comprised of AEC Nevada and its wholly owned subsidiary, AEC New York. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company considers all liquid investments with an original maturity of three months or less to be cash equivalents. The Company carries its accounts receivable at cost less an allowance for doubtful accounts if required. On a periodic basis, management evaluates accounts receivable balances and establishes an allowance for doubtful accounts, based on history of past write-offs and collections, when necessary. As of December 31, 2015, the Company considers all accounts receivable to be fully collectible and, therefore, did not provide for an allowance for doubtful accounts. Revenue is recorded pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition The Company offers a limited refund policy to students who have received consulting services regarding their H1B visas. Services for H1B consulting are prepaid. The Company prepares the filing for the visas for $ 2,000 The Company maintains its cash accounts at a commercial bank. The Federal Deposit Insurance Corporation (“FDIC”) covers $ 250,000 During the year ended December 31, 2015, the Company had one customer that accounted for 27.9 57.0 The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes 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. As of December 31, 2015 and 2014, the Company does not have a liability for any unrecognized tax benefits. FASB ASC 820, Fair Value Measurement 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, loan from stockholder and advances from clients. As of December 31, 2015 and 2014, the carrying values of these financial instruments approximated their fair values due to their short term nature. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 is calculated in accordance with FASB ASC 260, Earnings Per Share |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. RECENTLY ISSUED ACCOUNTING STANDARDS In February 2016, the FASB issued ASU 2016-02, Leases In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This accounting standard update is not expected to have a material impact on the Company’s financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
SECURITY DEPOSITS
SECURITY DEPOSITS | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | 4. SECURITY DEPOSITS The Company has security deposits with the landlords of $ 266,021 |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 5. DEFERRED REVENUE The Company receives advance payments for services to be performed and recognizes deferred revenue when the services have be rendered. The deferred revenue at December 31, 2015 and 2014 was $ 403,624 112,029 |
ADVANCES FROM CLIENTS
ADVANCES FROM CLIENTS | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 6. ADVANCES FROM CLIENTS The services for H1B visas require prepayment to the Company which has been shown as advances from clients on the balance sheets. When the application for the visa is submitted, the Company recognizes $ 2,000 82,000 0 |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 7. RELATED-PARTY TRANSACTIONS The loan from stockholder represents an unsecured non-interest bearing loan, arising from expenses paid on behalf of the Company. The loan is due on demand. The Company leased office space under a month to month arrangement from a third party commencing October 2013 at a monthly rental of approximately $ 1,700 4,950 5,000 The Company has no receivable or payable with HMA as of December 31, 2015. The Company received revenue from HMA of $ 100,000 380,000 The Company’s President/Chairman/Chief Financial Officer/Secretary has a 34 |
LONG-TERM LOAN
LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 8. LONG-TERM LOAN On December 1, 2014, an unrelated thirty party loaned the Company $ 295,579 10 December 12, 2019 32,939 0 |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 9. LEASE COMMITMENTS In March 2014, the Company entered into to a lease for office space with an unrelated third party. This lease agreement requires a monthly rental of $ 13,554 May 31, 2016 40,662 29,558 July 31, 2025 3,000 1,500 November 30, 2016 20,000 199,500 60,000 541,000 128,000 Year Ending December 31, Amount 2016 $ 360,606 2017 369,621 2018 378,862 2019 388,333 2020 418,604 2021 and thereafter 2,105,734 Total $ 4,021,760 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income taxes 2015 2014 Deferred revenue $ - $ 50,233 Net operating loss carry forwards - 81,439 $ - $ 131,672 2015 2014 Current $ 202,949 $ 2,003 Deferred 131,672 27,036 Total $ 334,621 $ 29,039 The Company’s tax returns are subject to examination by the federal, state and city taxing authorities. The 2012, 2013 and 2014 tax years are open and subject to examination by the taxing authorities. The Company is not currently under examination nor have they been notified by the authorities. 2015 2014 Tax at federal statutory rate 34.0 % 34.0 % State and local taxes, net of federal benefit 10.8 10.8 Changes in tax reserves 12.1 0.0 Surtax exemption 0.0 4.0 Total 56.9 % 48.8 % |
ISSUANCE OF COMMON STOCK
ISSUANCE OF COMMON STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 11. ISSUANCE OF COMMON STOCK The Company currently has an effective Form S-1 for the sale of up to 9,000,000 0.01 9,000,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENTS The Company’s management has performed subsequent events procedures through April 12, 2016, which is the date the consolidated 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 ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting and Presentation As disclosed above, the exchange of shares of AEC New York for the shares of AEC Nevada, has been treated as a transaction between entities under common control, similar to a pooling of interest, whereby the assets and liabilities are recorded at their carrying values. Based upon this treatment, the equity section of AEC New York has been recast as if this transaction had occurred at the beginning of the earliest period being presented and accordingly, as if the 10,563,000 The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements are comprised of AEC Nevada and its wholly owned subsidiary, AEC New York. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all liquid investments with an original maturity of three months or less to be cash equivalents. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable The Company carries its accounts receivable at cost less an allowance for doubtful accounts if required. On a periodic basis, management evaluates accounts receivable balances and establishes an allowance for doubtful accounts, based on history of past write-offs and collections, when necessary. As of December 31, 2015, the Company considers all accounts receivable to be fully collectible and, therefore, did not provide for an allowance for doubtful accounts. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recorded pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition The Company offers a limited refund policy to students who have received consulting services regarding their H1B visas. Services for H1B consulting are prepaid. The Company prepares the filing for the visas for $ 2,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit and Business Risk The Company maintains its cash accounts at a commercial bank. The Federal Deposit Insurance Corporation (“FDIC”) covers $ 250,000 During the year ended December 31, 2015, the Company had one customer that accounted for 27.9 57.0 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes 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. As of December 31, 2015 and 2014, the Company does not have a liability for any unrecognized tax benefits. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Measurements FASB ASC 820, Fair Value Measurement 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, loan from stockholder and advances from clients. As of December 31, 2015 and 2014, the carrying values of these financial instruments approximated their fair values due to their short term nature. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 Per Share, Policy [Policy Text Block] | Earnings (Loss) per Share Earnings (loss) per share is calculated in accordance with FASB ASC 260, Earnings Per Share |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Future minimum lease commitments are as follows: Year Ending December 31, Amount 2016 $ 360,606 2017 369,621 2018 378,862 2019 388,333 2020 418,604 2021 and thereafter 2,105,734 Total $ 4,021,760 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets at December 31 are as follows: 2015 2014 Deferred revenue $ - $ 50,233 Net operating loss carry forwards - 81,439 $ - $ 131,672 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for the years ended December 31 consists of the following: 2015 2014 Current $ 202,949 $ 2,003 Deferred 131,672 27,036 Total $ 334,621 $ 29,039 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate for the years ended December 31 is as follows: 2015 2014 Tax at federal statutory rate 34.0 % 34.0 % State and local taxes, net of federal benefit 10.8 10.8 Changes in tax reserves 12.1 0.0 Surtax exemption 0.0 4.0 Total 56.9 % 48.8 % |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Textual) | 1 Months Ended |
May. 31, 2014shares | |
AEC New York [Member] | |
ORGANIZATION AND BUSINESS [Line Items] | |
Shares Exchanged By Shareholder | 200 |
AEC Nevada [Member] | |
ORGANIZATION AND BUSINESS [Line Items] | |
Shares Exchanged By Shareholder | 10,563,000 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended |
May. 31, 2014 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||
Visa Revenue | $ 2,000 | |
Cash, FDIC Insured Amount | 250,000 | |
Cash, Uninsured Amount | $ 2,000 | |
Sales Revenue Gross [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 27.90% | |
Accounts Receivable [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 57.00% | |
AEC Nevada [Member] | ||
Significant Accounting Policies [Line Items] | ||
Shares Exchanged By Shareholder | 10,563,000 |
SECURITY DEPOSITS (Details Text
SECURITY DEPOSITS (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Security Deposits [Line Items] | ||
Deposits Assets, Noncurrent | $ 266,021 | $ 306,683 |
DEFERRED REVENUE (Details Textu
DEFERRED REVENUE (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | $ 553,624 | $ 112,029 |
ADVANCES FROM CLIENTS (Details
ADVANCES FROM CLIENTS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Advances From Clients [Line Items] | ||
Visa Revenue | $ 2,000 | |
Advances From Clients Revenue Recognized | $ 82,000 | $ 0 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Textual) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |
Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Accounts Payable and Accrued Liabilities, Current, Total | $ 35,318 | $ 1,211,103 | $ 35,318 | |
Harvard Management Associates, Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating Leases, Rent Expense, Minimum Rentals | $ 1,700 | |||
Accounts Payable and Accrued Liabilities, Current, Total | 4,950 | 4,950 | ||
Operating Leases, Rent Expense | 5,000 | |||
Revenue from Related Parties | $ 100,000 | 380,000 | ||
Columbia International College, Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Rate | 34.00% | |||
Tuition Fees | $ 137,300 | |||
Operating Leases, Income Statement, Sublease Revenue | $ 50,000 | |||
Technology Services Costs | $ 196,000 | |||
Fees and Commissions | 80,000 | |||
Technology Services Revenue | 60,000 | |||
Due from Related Parties | $ 21,500 |
LONG-TERM LOAN (Details Textual
LONG-TERM LOAN (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 01, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities, Total | $ 295,579 | $ 295,579 | $ 295,579 |
Debt Instrument, Interest Rate, Effective Percentage | 10.00% | ||
Interest Expense, Debt | $ 32,939 | $ 0 | |
Debt Instrument, Maturity Date | Dec. 12, 2019 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 360,606 |
2,017 | 369,621 |
2,018 | 378,862 |
2,019 | 388,333 |
2,020 | 418,604 |
2021 and thereafter | 2,105,734 |
Total | $ 4,021,760 |
LEASE COMMITMENTS (Details Text
LEASE COMMITMENTS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 30, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 29, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||||||||
Lease Expiration Date | Mar. 31, 2017 | ||||||||
Scenario, Forecast [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 60,000 | $ 199,500 | |||||||
Sublease One [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Lease Expiration Date | Nov. 30, 2016 | ||||||||
Security Deposit | $ 40,662 | ||||||||
Operating Leases, Income Statement, Sublease Revenue | $ 20,000 | $ 3,000 | $ 1,500 | ||||||
Unrelated Third Party [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 13,554 | ||||||||
Lease Expiration Date | May 31, 2016 | ||||||||
Unrelated Party [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 29,558 | ||||||||
Operating Leases, Rent Expense | $ 541,000 | $ 128,000 | |||||||
Lease Expiration Date | Jul. 31, 2025 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Line Items] | ||
Deferred revenue | $ 0 | $ 50,233 |
Net operating loss carry forwards | 0 | 81,439 |
Total | $ 0 | $ 131,672 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Current | $ 202,949 | $ 2,003 |
Deferred | 131,672 | 27,036 |
Total | $ 334,621 | $ 29,039 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Tax at federal statutory rate | 34.00% | 34.00% |
State and local taxes, net of federal benefit | 10.80% | 10.80% |
Changes in tax reserves | 12.10% | 0.00% |
Surtax exemption | 0.00% | 4.00% |
Total | 56.90% | 48.80% |
ISSUANCE OF COMMON STOCK (Detai
ISSUANCE OF COMMON STOCK (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Shares Issued, Price Per Share | $ 0.01 | $ 0.01 |
Form S 1 [Member] | ||
Common Stock, Shares Authorized | 9,000,000 | |
Shares Issued, Price Per Share | $ 0.01 | |
Stock Issued During Period, Shares, New Issues | 9,000,000 |