American Education Center (AMCT) 10-Q 20 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 20, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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
Entity Common Stock, Shares Outstanding		41,450,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 1,661,001	$ 2,720,985
Accounts receivable, net of allowance for doubtful accounts of $3,520,149 and $249,527 at June 30, 2018 and December 31, 2017, respectively	5,020,910	6,482,289
Prepaid expenses	362,912	307,014
Total current assets	7,044,823	9,510,288
Noncurrent assets:
Deferred compensation	1,466,668	2,016,668
Deferred income taxes, net	44,025	25,641
Intangible asset, net	374,498	442,588
Security deposits	266,021	266,021
Total noncurrent assets	2,151,212	2,750,918
TOTAL ASSETS	9,196,035	12,261,206
Current liabilities:
Accounts payable and accrued expenses	4,483,647	4,070,001
Taxes payable	454,466	775,220
Deferred revenue	299,924	20,000
Advances from clients	453	15,371
Loan from stockholders	0	0
Total current liabilities	5,238,490	4,880,592
Noncurrent liabilities:
Deferred rent	208,054	191,542
Long-term loan	145,579	145,579
Total liabilities	5,592,123	5,217,713
Stockholders' equity:
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued	500	500
Common stock, $0.001 par value; 180,000,000 shares authorized; 41,350,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	41,350	41,350
Additional paid-in capital	6,021,126	6,021,126
Retained earnings	(2,460,907)	973,764
Accumulated other comprehensive income	1,843	6,753
Total stockholders' equity	3,603,912	7,043,493
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 9,196,035	$ 12,261,206

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable (in dollars)	$ 3,520,149	$ 249,527
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	41,350,000	41,350,000
Common Stock, Shares, Outstanding	41,350,000	41,350,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 1,768,500	$ 5,704,693	$ 3,098,801	$ 15,163,399
Cost of revenues	970,161	3,584,877	2,016,300	9,780,129
Gross profit	798,339	2,119,816	1,082,501	5,383,270
Operating expenses:
Selling and marketing	49,415	1,377,232	63,415	2,570,003
General and administrative	2,239,702	715,983	4,742,804	1,206,584
Total operating expenses	2,289,117	2,093,215	4,806,219	3,776,587
(Loss) income from operations	(1,490,778)	26,601	(3,723,718)	1,606,683
Other income	144	2	672	2
Income before provision for income taxes	(1,490,634)	26,603	(3,723,046)	1,606,685
Provision (benefit) for income taxes	120,108	114,973	(288,375)	465,258
Net (loss) income	(1,610,742)	(88,370)	(3,434,671)	1,141,427
Other comprehensive income
Foreign currency translation loss	(16,394)	0	(4,910)	0
Comprehensive (loss) income	$ (1,627,136)	$ (88,370)	$ (3,439,581)	$ 1,141,427
(Loss) earnings per share - basic and diluted	$ (0.04)	$ 0	$ (0.08)	$ 0.03
Weighted average shares outstanding, basic and diluted	41,350,000	41,350,000	41,350,000	41,350,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net (loss) income	$ (3,434,671)	$ 1,141,427
Adjustments to reconcile net income to net cash (Used in) operating activities:
Deferred tax (benefit) provision	(18,384)	61,669
Deferred rent expense	16,512	17,770
Deferred compensation	550,000	585,000
Bad debt expense	0	45,300
Stock issued for services	0	0
Provision for doubtful accounts	3,270,622	0
Amortization expense	68,090	68,091
Change in operating assets and liabilities:
(Increase) in accounts receivable	(1,809,243)	(3,844,260)
(Increase) decrease in prepaid expenses	(55,898)	26,923
Increase in accounts payable and accrued expenses	413,646	806,223
(Decrease) increase in taxes payable	(320,754)	396,560
Increase in deferred revenue	279,924	11,820
Decrease in advances from clients	(14,918)	0
Net cash (used in) operating activities	(1,055,074)	(683,477)
Effect of exchange rates changes on cash	(4,910)	0
Net change in cash	(1,059,984)	(683,477)
Cash at beginning of period	2,720,985	2,290,429
Cash at end of period	1,661,001	1,606,952
Supplemental disclosure of cash flow information
Cash paid for income taxes	25,764	6,940
Cash paid for interest	$ 3,639	$ 7,389

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($)	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2017	$ 7,043,493	$ 41,350	$ 500	$ 6,021,126	$ 973,764	$ 6,753
Balance (in shares) at Dec. 31, 2017		41,350,000	500,000
Net loss	(3,434,671)				(3,434,671)
Foreign currency translation loss	(4,910)					(4,910)
Balance at Jun. 30, 2018	$ 3,603,912	$ 41,350	$ 500	$ 6,021,126	$ (2,460,907)	$ 1,843
Balance (in shares) at Jun. 30, 2018		41,350,000	500,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2018
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. On May 7, 2014, the President and then 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 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 of AEC Southern Management Co., Ltd. (“AEC Southern UK”), a company incorporated in December 2015 with a registered capital of 10,000 British Pounds 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”). Prior to the consummation of AEC Southern UK Share Exchange, Ye Tian and Rongxia Wang held 51% and 49%, respectively, of ownership interest in AEC Southern UK. As a result of the AEC Southern UK Share Exchange, AEC Southern UK became a wholly owned subsidiary of the Company. AEC Southern UK holds 100% equity interest in AEC Southern Management Limited, a Hong Kong company (“AEC Southern HK”) incorporated on December 29, 2015, with a registered capital of HK$10,000. AEC Southern UK owns 100% equity interest in Qianhai Meijiao Education Consulting Management Co., Ltd., a foreign wholly owned subsidiary incorporated pursuant to PRC laws (“AEC Southern Shenzhen”) on March 29, 2016, with a registered capital of RMB 5,000,000. The Company’s corporate structure is as follows: Headquartered in New York with operations in People’s Republic of China (“PRC”) through its PRC operating entity, the Company operates two business segments: (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 Southern UK delivers customized corporate training and advisory services to corporate clients in China in the food industry on subjects such as human resource management, organizational management, and information on local food safety regulations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation and Presentation The accompanying unaudited 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 unaudited 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, 2017 filed with the SEC on April 17, 2018. 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. As of June 30, 2018 and December 31, 2017, the allowance for doubtful accounts was $3,520,149 and $249,527, respectively. Foreign Currency Translation The Company’s functional currency is US dollars. The company has two bank accounts located in the PRC. Translation adjustments arising from the use of different exchange rates 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 Revenues are recognized when the following four criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the service has been rendered, (iii) the fees are fixed or determinable, and (iv) collectability is reasonably assured. Revenue is stated net of discounts and sales related tax. 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 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. AEC Southern UK delivers customized corporate training and advisory services. It receives monthly non-refundable retainer payments and recognizes revenue when services are rendered. AEC Southern UK’s business operations in the PRC has been suffering high cost and operating expense, uncollectable accounts receivable and high net loss. Currently, AEC Southern UK is seeking solutions, namely optimization of training model, expanding advisory services, and may restructure business model if needed. 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 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 Compensation – Stock Based Compensation 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, 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, 2018 and December 31, 2017, 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 corporate income tax in the US at 34% and 21%, respectively, for the year 2017 and 2018. Provisions for income taxes in the United States have been made for taxable income the Company had in the US for the three and six months ended 2017. United Kingdom (“UK”) According to current England and Wales income tax law, resident companies are taxable in the United Kingdom on their worldwide profits and subject to an opt-out for non-UK permanent establishments (PEs), while non-resident companies are subject to UK corporation tax only on the trading profits attributable to a UK PE, or the trading profits attributable to a trading of dealing in or developing UK land, plus UK income tax on any other UK source income. AEC Southern UK was incorporated in the United Kingdom and is governed by the income tax laws of England and Wales. Since AEC Southern UK had no PE in UK as December 31, 2017 and had no UK-Source income during 2017, the Company is not subject to tax on non-UK source income. The Company took full allowance of deferred tax assets which The Company does not expect to utilize in the near future. 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 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 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, 2018 and December 31, 2017, the carrying values of these financial instruments approximated their fair values due to their short-term nature. Use of Estimates The preparation of the unaudited 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

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2018
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.” The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of pending adoption of the new standard on its consolidated financial statements. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, this ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The adoption of this ASU is not expected to have a material effect on the Company’s consolidated financial statements. In February 2018, the FASB issue ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). The amendments in this update affect any entity that is required to apply the provisions of Topic 220, Income Statement—Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In March 2018, the FASB issue ASU 2018-05: Income Taxes (Topic 740) that addresses the recognition of provisional amounts in the event that the accounting is not complete and a reasonable estimate can be made. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. The FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within the reporting period and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. The Company has adopted ASU 2014-09 under the modified retrospective method in the first quarter of 2018. The Company has substantially completed a review of the new standard to its existing customer contracts. The Company does not believe the adoption of ASU 2014-09 would have a material effect on the Company’s consolidated financial statements.

CONCENTRATION OF CREDIT AND BUS

CONCENTRATION OF CREDIT AND BUSINESS RISK	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	4. CONCENTRATION OF CREDIT AND BUSINESS RISK The Company maintains its cash accounts at two commercial banks in the US and two commercial banks in the PRC, respectively. The Federal Deposit Insurance Corporation covers funds held in US banks and it insures $250,000 per bank for the total of all depository accounts. Fund held in the PRC bank is covered by Deposit Insurance Ordinance (index: 000014349/2015-00031) that insures CNY¥500,000 for the total of all depository accounts. As of June 30, 2018, the Company’s US bank accounts had cash balances in excess of federally insured limits of approximately $822,687. 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, 2018 and 2017: 2018 Gross ‎ Revenue Percentage Accounts ‎ Receivable Percentage Customer 1 $ 777,400 25.1 % $ 1,075,240 21.4 % Customer 2 541,500 17.5 % 647,368 12.9 % Customer 3 412,000 13.3 % 143,600 2.9 % Customer 4 311,700 10.1 % 389,540 7.8 % 2017 Gross ‎ Revenue Percentage Accounts ‎ Receivable Percentage Customer 1 $ 8,441,956 55.7 % $ 3,421,722 29.9 % Customer 2 2,826,640 18.6 % 4,058,727 54.5 % Customer 3 1,596,745 10.5 % 340,988 5.1 %

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	5. SEGMENT REPORTING Operating segments have been determined on the basis of reports reviewed by Chief Executive Officer (CEO) who is the chief operating decision maker of the Company. The CEO considers the business from a geographic perspective and assesses performance and allocates resources on this basis. The reportable segments are as follows: The Company has two operating segments: AEC New York and AEC Southern UK.  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 Southern UK delivers customized corporate training and advisory services to corporate clients in China in the food industry to help them comply with local food safety regulations and standards. Revenues from external customers, gross profit, segment assets and liabilities for each business are as follows: For the six months ended June 30, 2018 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ - $ - $ - Placement advisory 263,101 - 263,101 Career advisory 601,500 - 601,500 Student & Family advisory 2,234,200 - 2,234,200 Total revenue $ 3,098,801 $ - $ 3,098,801 Gross profit $ 1,082,501 $ - $ 1,082,501 For three months ended June 30, 2018 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ - $ - $ - Placement advisory 207,100 - 207,100 Career advisory 440,500 - 440,500 Student & Family advisory 1,120,900 - 1,120,900 Total revenue $ 1,768,500 $ - $ 1,768,500 Gross profit $ 798,339 $ - $ 798,339 For the six months ended June 30, 2017 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ $ 11,268,596 $ 11,268,596 Placement advisory 536,208 - 536,208 Career advisory 1,596,745 - 1,596,745 Student & Family advisory $ 1,761,850 $ - $ 1,761,850 Total revenue $ 3,894,803 $ 11,268,596 $ 15,163,399 Gross profit $ 1,308,483 $ 4,074,787 $ 5,383,270 For the three months ended June 30, 2017 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ $ 3,891,383 $ 3,891,383 Placement advisory 476,770 - 476,770 Career advisory 696,020 - 696,020 Student & Family advisory $ 640,520 $ - $ 640,520 Total revenue $ 1,813,310 $ 3,891,383 $ 5,704,693 Gross profit $ 848,319 $ 1,271,497 $ 2,119,816 June 30, 2018 AEC New York AEC Southern UK Total Segment assets and liabilities: Segment assets $ 6,078,993 $ 3,117,042 $ 9,196,035 Segment liabilities $ 3,694,168 $ 1,897,955 $ 5,592,123 December 31, 2017 AEC New York AEC Southern UK Total Segment assets and liabilities: Segment assets $ 5,008,678 $ 7,252,528 $ 12,261,206 Segment liabilities $ 2,483,434 $ 2,734,279 $ 5,217,713

DEFERRED COMPENSATION

DEFERRED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Postemployment Benefits [Abstract]
Compensation and Employee Benefit Plans [Text Block]	6. DEFERRED COMPENSATION On October 31, 2016, 1,500,000 common shares were granted to AEC Southern UK’s CEO that are expected to vest 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 will be expensed over the three-year vesting period using the straight-line method. On December 31, 2017, the remaining deferred compensation was expensed due to the resignation of AEC Southern UK’s CEO. On December 31, 2016, 6,000,000 shares were granted to the AEC Southern UK’s Chairman and are expected to vest 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 December 31, 2016, $3,300,000 was recognized as deferred compensation, which will be expensed over the remaining two year and ten months using the straight-line method. As of June 30, 2018, the remaining deferred compensation was $1,466,668. Future amortization of the deferred compensation is as follows: Year Ending December 31, 2018 550,000 2019 916,668 Total $ 1,466,668 Stock compensation expense was $275,000, $550,000, $292,500 and $585,000 for the three and six months ended June 30, 2018 and 2017, respectively.

SECURITY DEPOSITS

SECURITY DEPOSITS	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets Disclosure [Text Block]	7. SECURITY DEPOSITS The Company has security deposits with the landlord for its New York office of $266,021 as of June 30, 2018 and December 31, 2017.

INTANGIBLE ASSET, NET

INTANGIBLE ASSET, NET	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	8. INTANGIBLE ASSET, NET The Company’s customized online campus system is being amortized on a straight-line basis over four and a half years. The gross carrying amount and accumulated amortization of this asset as of June 30, 2018 and December 31, 2017 are as follows: June 30, ‎ 2018 December 31, ‎ 2017 Intangible asset $ 612,814 $ 612,814 Less: accumulated amortization (238,316 ) (170,226 ) Intangible asset - net $ 374,498 $ 442,588 For the three and six months ended June 30, 2018 and 2017, amortization expense was $34,035, $68,090, $34,036, and $68,091, respectively. The following table is the future amortization expense to be recognized: Year Ending December 31, 2018 68,091 2019 136,181 2020 136,181 2021 34,045 Total $ 374,498

DEFERRED REVENUE

DEFERRED REVENUE	6 Months Ended
	Jun. 30, 2018
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	9. DEFERRED REVENUE The Company receives advance payments for services to be performed and recognizes revenue when services have been rendered. The deferred revenue at June 30, 2018 and December 31, 2017 was $299,924 and $20,000, respectively.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. RELATED-PARTY TRANSACTIONS The Company’s CEO has a 34% interest in Columbia International College, Inc. (“CIC”). The Company conducts no transaction with CIC between December 31, 2017 and June 30, 2018. The Company’s CEO has a 40% interest in Wall Street Innovation Center, Inc. (“WSIC”), a company incorporated in the state of New York that focuses on career and business development activities. AEC New York’s Chief Operating Officer currently serves as the President/CEO of WSIC. In the course of delivering career advisory services, the Company has engaged WSIC to assist in certain career development activities. Included in accounts payable is an amount due to WSIC of $372 and $372 as of June 30, 2018 and December 31, 2017. Additionally, the Company had entered into a sublease agreement with WSIC in March 2016, which was subsequently terminated on June 30, 2017.

LONG-TERM LOAN

LONG-TERM LOAN	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	11. 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 remaining is to be repaid on December 13, 2019. Interest will be paid on the last day of each quarter from 2015 to 2019, except for the last payment on December 12, 2019. Interest expense for the three and six months ended June 30, 2018 and 2017 was $3,639, $7,279 and $7,389, $14,779 respectively.

LEASE COMMITMENTS

LEASE COMMITMENTS	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	12. LEASE COMMITMENTS In December 2014, the Company entered into a lease for office space 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 which creates deferred rent as shown on the balance sheets. In February 2016, the Company entered into a sublease agreement to lease space to WSIC for an annual rental of $250,000. The sublease income was netted against the Company’s rent expense. The sublease commenced on March 1, 2016 and terminated on June 30, 2017(see Note 10). Rent expense was approximately $102,195, $204,390 for the three and six months ended June 30, 2018. Future minimum lease commitments are as follows: Year Ending December 31, Gross Lease ‎ Payment 2018 190,984 2019 388,333 2020 418,604 2021 439,350 2022 and thereafter 1,666,383 Total $ 3,103,654

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	13. Income taxes The component of deferred tax assets at June 30, 2018 and December 31, 2017 is as follows: June 30, 2018 December 31, 2017 Net operating loss carryforwards $ (1,415 ) $ - Allowance for doubtful accounts 45,120 63,441 Accelerated Depreciation 320 (37,800 ) Tax impact of foreign operations, net - - Deferred tax asset, net $ 44,025 $ 25,641 The Company’s subsidiary incorporated in the UK has unused net operating losses (“NOLs”) of $412,125 available for carry forward to future years for UK income tax reporting purposes. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Based on the assessment, the Company has established a full valuation allowance against all of the deferred tax asset relating to UK NOLs because the Company is more likely than not to realize the benefit from the utilization of such NOL carry forwards. The provision for income taxes for the three and six months ended June 30, 2018 and 2017 are as follows: For the three months ‎ ended June 30, For the six months ‎ ended June 30, 2018 2017 2018 2017 Current: Federal $ 24,969 $ 114,548 $ 24,969 $ 114,548 State 18,843 66,196 18,843 66,196 Foreign 40,639 (65,771 ) (313,803 ) 222,845 Total current 84,451 114,973 (269,991 ) 403,589 Deferred: Federal 6,294 - 20,432 39,083 State 12,090 - 20,393 22,586 Foreign 17,273 - (59,209 ) - Total deferred 35,657 - (18,384 ) 61,669 Total $ 120,108 $ 114,973 $ (288,375 ) $ 465,258 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 and UK. The Company is subject to income tax examinations of US federal, state, and city for 2017, 2016, and 2015 tax years and in the UK for 2017 and 2016. The Company 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 federal income tax rate for the six months ended June 30, 2018 and 2017 is as follows: For the three months ‎ ended June 30, For the six months ‎ ended June 30, 2018 2017 2018 2017 Tax at federal statutory rate (21.0 )% 34.0 % (21.0 )% 34.0 % State and local taxes, net of federal benefit (11.0 ) 10.8 (11.0 ) 10.8 Tax impact of foreign operations 3.9 (247.2 ) (10.0 ) (13.9 ) Non-deductible/ non-taxable items 36.2 634.6 34.3 (1.9 ) Total 8.1 % 432.2 % (7.7 )% 29.0 %

STOCK OPTIONS

STOCK OPTIONS	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	14. STOCK OPTIONS The Company didn’t grant any options during the three and six months ended June 30, 2018. The following is a summary of stock option activity: Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2017 3,200,000 $ 5.87 years $ - Granted - - - Exercised - - - Cancelled and expired - - - Forfeited - - - Outstanding at June 30, 2018 3,200,000 $ 2.45 5.37 years $ - Vested and expected to vest at June 30, 2018 1,203,333 $ 1.32 4.04 years $ - Exercisable at June 30, 2018 1,203,333 $ 1.32 4.04 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 and six months ended June 30, 2018. There was no compensation expense related to all the above options because the value ascribed to these options was not material.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	15. SUBSEQUENT EVENTS The Company’s management has performed subsequent events procedures through August 13, 2018, which is the date the financial statements were available to be issued. The following is the event that occurred after the three months ended June 30, 2018. Business Purchase On July 10, 2018, (the “Effective Date”), American Education Center, Inc. (the “Company”) entered into a Business Purchase Agreement (the “Purchase Agreement”) with FIFPAC, Inc., a New Jersey corporation (the “Seller”), a 100% owner of American Institute of Financial Intelligence LLC, a New Jersey corporation (“AIFI” or the “Target”). Pursuant to the Purchase Agreement, on July 10, 2018, the Company issued 100,000 shares of the Company’s common stock (the “Consideration Shares”) to the Seller, in exchange for 51% equity ownership of the AIFI within 30 days from the Effective Date. The Seller has agreed to hold the Consideration Shares for 180 days following the Issuance Date (defined below) before selling any or all portion of the Consideration Shares. All of the securities referenced above are offered and issued in reliance upon the exemption from registration pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and Regulation D promulgated thereunder.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation and Presentation The accompanying unaudited 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 unaudited 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, 2017 filed with the SEC on April 17, 2018.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Cash consists of all cash balances and liquid investments with an original maturity of three months or less are considered as cash equivalents.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	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. As of June 30, 2018 and December 31, 2017, the allowance for doubtful accounts was $3,520,149 and $249,527, respectively.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The Company’s functional currency is US dollars. The company has two bank accounts located in the PRC. Translation adjustments arising from the use of different exchange rates 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, Policy [Policy Text Block]	Revenue Recognition Revenues are recognized when the following four criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the service has been rendered, (iii) the fees are fixed or determinable, and (iv) collectability is reasonably assured. Revenue is stated net of discounts and sales related tax. 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 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. AEC Southern UK delivers customized corporate training and advisory services. It receives monthly non-refundable retainer payments and recognizes revenue when services are rendered. AEC Southern UK’s business operations in the PRC has been suffering high cost and operating expense, uncollectable accounts receivable and high net loss. Currently, AEC Southern UK is seeking solutions, namely optimization of training model, expanding advisory services, and may restructure business model if needed.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	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.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-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 Compensation – Stock Based Compensation 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 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. At June 30, 2018 and December 31, 2017, 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 corporate income tax in the US at 34% and 21%, respectively, for the year 2017 and 2018. Provisions for income taxes in the United States have been made for taxable income the Company had in the US for the three and six months ended 2017. United Kingdom (“UK”) According to current England and Wales income tax law, resident companies are taxable in the United Kingdom on their worldwide profits and subject to an opt-out for non-UK permanent establishments (PEs), while non-resident companies are subject to UK corporation tax only on the trading profits attributable to a UK PE, or the trading profits attributable to a trading of dealing in or developing UK land, plus UK income tax on any other UK source income. AEC Southern UK was incorporated in the United Kingdom and is governed by the income tax laws of England and Wales. Since AEC Southern UK had no PE in UK as December 31, 2017 and had no UK-Source income during 2017, the Company is not subject to tax on non-UK source income. The Company took full allowance of deferred tax assets which The Company does not expect to utilize in the near future. 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 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 of Financial Instruments, Policy [Policy Text Block]	Fair Value 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, taxes payable, and loan from stockholders. As of June 30, 2018 and December 31, 2017, 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 the unaudited 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 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

CONCENTRATION OF CREDIT AND B23

CONCENTRATION OF CREDIT AND BUSINESS RISK (Tables)	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	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, 2018 and 2017: 2018 Gross ‎ Revenue Percentage Accounts ‎ Receivable Percentage Customer 1 $ 777,400 25.1 % $ 1,075,240 21.4 % Customer 2 541,500 17.5 % 647,368 12.9 % Customer 3 412,000 13.3 % 143,600 2.9 % Customer 4 311,700 10.1 % 389,540 7.8 % 2017 Gross ‎ Revenue Percentage Accounts ‎ Receivable Percentage Customer 1 $ 8,441,956 55.7 % $ 3,421,722 29.9 % Customer 2 2,826,640 18.6 % 4,058,727 54.5 % Customer 3 1,596,745 10.5 % 340,988 5.1 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Revenues from external customers, gross profit, segment assets and liabilities for each business are as follows: For the six months ended June 30, 2018 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ - $ - $ - Placement advisory 263,101 - 263,101 Career advisory 601,500 - 601,500 Student & Family advisory 2,234,200 - 2,234,200 Total revenue $ 3,098,801 $ - $ 3,098,801 Gross profit $ 1,082,501 $ - $ 1,082,501 For three months ended June 30, 2018 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ - $ - $ - Placement advisory 207,100 - 207,100 Career advisory 440,500 - 440,500 Student & Family advisory 1,120,900 - 1,120,900 Total revenue $ 1,768,500 $ - $ 1,768,500 Gross profit $ 798,339 $ - $ 798,339 For the six months ended June 30, 2017 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ $ 11,268,596 $ 11,268,596 Placement advisory 536,208 - 536,208 Career advisory 1,596,745 - 1,596,745 Student & Family advisory $ 1,761,850 $ - $ 1,761,850 Total revenue $ 3,894,803 $ 11,268,596 $ 15,163,399 Gross profit $ 1,308,483 $ 4,074,787 $ 5,383,270 For the three months ended June 30, 2017 AEC New York AEC Southern UK Total Segment revenue: Corporate training & advisory $ $ 3,891,383 $ 3,891,383 Placement advisory 476,770 - 476,770 Career advisory 696,020 - 696,020 Student & Family advisory $ 640,520 $ - $ 640,520 Total revenue $ 1,813,310 $ 3,891,383 $ 5,704,693 Gross profit $ 848,319 $ 1,271,497 $ 2,119,816 June 30, 2018 AEC New York AEC Southern UK Total Segment assets and liabilities: Segment assets $ 6,078,993 $ 3,117,042 $ 9,196,035 Segment liabilities $ 3,694,168 $ 1,897,955 $ 5,592,123 December 31, 2017 AEC New York AEC Southern UK Total Segment assets and liabilities: Segment assets $ 5,008,678 $ 7,252,528 $ 12,261,206 Segment liabilities $ 2,483,434 $ 2,734,279 $ 5,217,713

DEFERRED COMPENSATION (Tables)

DEFERRED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
Postemployment Benefits [Abstract]
Deferred Compensation Future Amortization Expense [Table Text Block]	Future amortization of the deferred compensation is as follows: Year Ending December 31, 2018 550,000 2019 916,668 Total $ 1,466,668

INTANGIBLE ASSET, NET (Tables)

INTANGIBLE ASSET, NET (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The gross carrying amount and accumulated amortization of this asset as of June 30, 2018 and December 31, 2017 are as follows: June 30, ‎ 2018 December 31, ‎ 2017 Intangible asset $ 612,814 $ 612,814 Less: accumulated amortization (238,316 ) (170,226 ) Intangible asset - net $ 374,498 $ 442,588
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The following table is the future amortization expense to be recognized: Year Ending December 31, 2018 68,091 2019 136,181 2020 136,181 2021 34,045 Total $ 374,498

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Operating Leases of Lessee Disclosure [Table Text Block]	Future minimum lease commitments are as follows: Year Ending December 31, Gross Lease ‎ Payment 2018 190,984 2019 388,333 2020 418,604 2021 439,350 2022 and thereafter 1,666,383 Total $ 3,103,654

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Summary of Operating Loss Carryforwards [Table Text Block]	The component of deferred tax assets at June 30, 2018 and December 31, 2017 is as follows: June 30, 2018 December 31, 2017 Net operating loss carryforwards $ (1,415 ) $ - Allowance for doubtful accounts 45,120 63,441 Accelerated Depreciation 320 (37,800 ) Tax impact of foreign operations, net - - Deferred tax asset, net $ 44,025 $ 25,641
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The provision for income taxes for the three and six months ended June 30, 2018 and 2017 are as follows: For the three months ‎ ended June 30, For the six months ‎ ended June 30, 2018 2017 2018 2017 Current: Federal $ 24,969 $ 114,548 $ 24,969 $ 114,548 State 18,843 66,196 18,843 66,196 Foreign 40,639 (65,771 ) (313,803 ) 222,845 Total current 84,451 114,973 (269,991 ) 403,589 Deferred: Federal 6,294 - 20,432 39,083 State 12,090 - 20,393 22,586 Foreign 17,273 - (59,209 ) - Total deferred 35,657 - (18,384 ) 61,669 Total $ 120,108 $ 114,973 $ (288,375 ) $ 465,258
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 six months ended June 30, 2018 and 2017 is as follows: For the three months ‎ ended June 30, For the six months ‎ ended June 30, 2018 2017 2018 2017 Tax at federal statutory rate (21.0 )% 34.0 % (21.0 )% 34.0 % State and local taxes, net of federal benefit (11.0 ) 10.8 (11.0 ) 10.8 Tax impact of foreign operations 3.9 (247.2 ) (10.0 ) (13.9 ) Non-deductible/ non-taxable items 36.2 634.6 34.3 (1.9 ) Total 8.1 % 432.2 % (7.7 )% 29.0 %

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following is a summary of stock option activity: Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2017 3,200,000 $ 5.87 years $ - Granted - - - Exercised - - - Cancelled and expired - - - Forfeited - - - Outstanding at June 30, 2018 3,200,000 $ 2.45 5.37 years $ - Vested and expected to vest at June 30, 2018 1,203,333 $ 1.32 4.04 years $ - Exercisable at June 30, 2018 1,203,333 $ 1.32 4.04 years $ -

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Textual)	1 Months Ended
	Oct. 31, 2016USD ($)shares	May 31, 2014shares	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 29, 2016CNY (¥)	Dec. 31, 2015GBP (£)	Dec. 29, 2015HKD ($)
ORGANIZATION AND BUSINESS [Line Items]
Common Stock, Value, Issued | $			$ 41,350	$ 41,350
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	1,500,000
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $	$ 210,000
Rongxia Wang [Member]
ORGANIZATION AND BUSINESS [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Equity Method Investment, Ownership Percentage	49.00%
Ye Tian [Member]
ORGANIZATION AND BUSINESS [Line Items]
Equity Method Investment, Ownership Percentage	51.00%
AEC New York [Member]
ORGANIZATION AND BUSINESS [Line Items]
Shares Exchanged By Shareholder | shares		200
AEC Nevada [Member]
ORGANIZATION AND BUSINESS [Line Items]
Shares Exchanged By Shareholder | shares		10,563,000
AEC Southern Management Co [Member]
ORGANIZATION AND BUSINESS [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Acquisition, Capital of Acquired Entity on Incorporation | £						£ 10,000
AEC Southern Management Co [Member] | Capital Units [Member]
ORGANIZATION AND BUSINESS [Line Items]
Common Stock, Value, Issued | $							$ 10,000
Qianhai Education Consulting Management Co., Ltd [Member] | Capital Units [Member]
ORGANIZATION AND BUSINESS [Line Items]
Common Stock, Value, Issued | ¥					¥ 5,000,000
Business Acquisition, Percentage of Voting Interests Acquired					100.00%

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	(34.00%)	21.00%	(34.00%)
Allowance for Doubtful Accounts Receivable	$ 3,520,149		$ 3,520,149			$ 249,527
UNITED STATES
Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						34.00%
UNITED STATES | Scenario, Plan [Member]
Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%

CONCENTRATION OF CREDIT AND B32

CONCENTRATION OF CREDIT AND BUSINESS RISK (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gross Revenue	$ 1,768,500	$ 5,704,693	$ 3,098,801	$ 15,163,399
Customer 1 [Member] | Gross Revenue [Member]
Gross Revenue			$ 777,400	$ 8,441,956
Percentage			25.10%	55.70%
Customer 1 [Member] | Accounts Receivable [Member]
Accounts Receivable	1,075,240	3,421,722	$ 1,075,240	$ 3,421,722
Percentage			21.40%	29.90%
Customer 2 [Member] | Gross Revenue [Member]
Gross Revenue			$ 541,500	$ 2,826,640
Percentage			17.50%	18.60%
Customer 2 [Member] | Accounts Receivable [Member]
Accounts Receivable	647,368	4,058,727	$ 647,368	$ 4,058,727
Percentage			12.90%	54.50%
Customer 3 [Member] | Gross Revenue [Member]
Gross Revenue			$ 412,000	$ 1,596,745
Percentage			13.30%	10.50%
Customer 3 [Member] | Accounts Receivable [Member]
Accounts Receivable	143,600	$ 340,988	$ 143,600	$ 340,988
Percentage			2.90%	5.10%
Customer 4 {Member] | Gross Revenue [Member]
Gross Revenue			$ 311,700
Percentage			10.10%
Customer 4 {Member] | Accounts Receivable [Member]
Accounts Receivable	$ 389,540		$ 389,540
Percentage			7.80%

CONCENTRATION OF CREDIT AND B33

CONCENTRATION OF CREDIT AND BUSINESS RISK (Details Textual)	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017	Jun. 30, 2018CNY (¥)
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount | ¥			¥ 500,000
Cash, DIO Insured Amount	$ 822,687
Sales Revenue Gross [Member]
Concentration Risk, Percentage	10.00%	10.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment revenue:
Total revenue	$ 1,768,500	$ 5,704,693	$ 3,098,801	$ 15,163,399
Gross profit	798,339	2,119,816	1,082,501	5,383,270
Segment assets and liabilities
Segment assets	9,196,035		9,196,035		$ 12,261,206
Segment liabilities	5,592,123		5,592,123		5,217,713
UNITED STATES
Segment revenue:
Total revenue	1,768,500	1,813,310	3,098,801	3,894,803
Gross profit	798,339	848,319	1,082,501	1,308,483
Segment assets and liabilities
Segment assets	6,078,993		6,078,993		5,008,678
Segment liabilities	3,694,168		3,694,168		2,483,434
UNITED KINGDOM
Segment revenue:
Total revenue	0	3,891,383	0	11,268,596
Gross profit	0	1,271,497	0	4,074,787
Segment assets and liabilities
Segment assets	3,117,042		3,117,042		7,252,528
Segment liabilities	1,897,955		1,897,955		$ 2,734,279
Corporate training & advisory [Member]
Segment revenue:
Total revenue	0	3,891,383	0	11,268,596
Corporate training & advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	0		0
Corporate training & advisory [Member] | UNITED KINGDOM
Segment revenue:
Total revenue	0	3,891,383	0	11,268,596
Placement Advisory Services [Member]
Segment revenue:
Total revenue	207,100	476,770	263,101	536,208
Placement Advisory Services [Member] | UNITED STATES
Segment revenue:
Total revenue	207,100	476,770	263,101	536,208
Placement Advisory Services [Member] | UNITED KINGDOM
Segment revenue:
Total revenue	0	0	0	0
Career advisory [Member]
Segment revenue:
Total revenue	440,500	696,020	601,500	1,596,745
Career advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	440,500	696,020	601,500	1,596,745
Career advisory [Member] | UNITED KINGDOM
Segment revenue:
Total revenue	0	0	0	0
Student & Family advisory [Member]
Segment revenue:
Total revenue	1,120,900	640,520	2,234,200	1,761,850
Student & Family advisory [Member] | UNITED STATES
Segment revenue:
Total revenue	1,120,900	640,520	2,234,200	1,761,850
Student & Family advisory [Member] | UNITED KINGDOM
Segment revenue:
Total revenue	$ 0	$ 0	$ 0	$ 0

DEFERRED COMPENSATION (Details)

DEFERRED COMPENSATION (Details)	Jun. 30, 2018USD ($)
2,018	$ 550,000
2,019	916,668
Total	$ 1,466,668

DEFERRED COMPENSATION (Details

DEFERRED COMPENSATION (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense		$ 275,000	$ 292,500	$ 550,000	$ 585,000
Deferred Compensation Equity		1,466,668		1,466,668
AEC Southern Management Co., Ltd. [Member] | Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Shares Issued	1,500,000
Share Price	$ 0.14
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						6,000,000
Share Price						$ 0.55
Deferred Compensation Equity		$ 1,466,668		$ 1,466,668		$ 3,300,000

SECURITY DEPOSITS (Details Text

SECURITY DEPOSITS (Details Textual) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Security Deposits [Line Items]
Deposits Assets, Noncurrent	$ 266,021	$ 266,021

INTANGIBLE ASSET, NET (Details)

INTANGIBLE ASSET, NET (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Intangible asset	$ 612,814	$ 612,814
Less: accumulated amortization	(238,316)	(170,226)
Intangible asset - net	$ 374,498	$ 442,588

INTANGIBLE ASSET, NET (Details

INTANGIBLE ASSET, NET (Details 1) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
2,018	$ 68,091
2,019	136,181
2,020	136,181
2,021	34,045
Total	$ 374,498	$ 442,588

INTANGIBLE ASSET, NET (Detail40

INTANGIBLE ASSET, NET (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amortization of Intangible Assets	$ 34,035	$ 34,036	$ 68,090	$ 68,091

DEFERRED REVENUE (Details Textu

DEFERRED REVENUE (Details Textual) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Current	$ 299,924	$ 20,000

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Columbia International College, Inc [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Rate	34.00%
Wall Street Innovation Center, Inc [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	$ 372	$ 372
Related Party Transaction, Rate	40.00%

LONG-TERM LOAN (Details Textual

LONG-TERM LOAN (Details Textual) - USD ($)	Nov. 10, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 01, 2014
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities		$ 145,579		$ 145,579		$ 145,579	$ 295,579
Debt Instrument, Interest Rate, Effective Percentage							10.00%
Interest Expense, Debt		$ 3,639	$ 7,389	$ 7,279	$ 14,779
Repayments of Long-term Debt	$ 150,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details)	Jun. 30, 2018USD ($)
Operating Leased Assets [Line Items]
2,018	$ 190,984
2,019	388,333
2,020	418,604
2,021	439,350
2022 and thereafter	1,666,383
Total	$ 3,103,654

LEASE COMMITMENTS (Details Text

LEASE COMMITMENTS (Details Textual) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Feb. 29, 2016	Mar. 31, 2015	Jun. 30, 2018	Jun. 30, 2018
Operating Leased Assets [Line Items]
Straight Line Rent		$ 34,065
Sublease Two [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense, Sublease Rentals	$ 250,000
Unrelated Party [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense			$ 102,195	$ 204,390
Lease Expiration Date				Jul. 31, 2025

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Net operating loss carryforwards	$ (1,415)	$ 0
Allowance for doubtful accounts	45,120	63,441
Accelerated Depreciation	320	(37,800)
Tax impact of foreign operations, net	0	0
Deferred tax asset, net	$ 44,025	$ 25,641

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Current:
Federal	$ 24,969	$ 114,548	$ 24,969	$ 114,548
State	18,843	66,196	18,843	66,196
Foreign	40,639	(65,771)	(313,803)	222,845
Total Current	84,451	114,973	(269,991)	403,589
Deferred:
Federal	6,294	0	20,432	39,083
State	12,090	0	20,393	22,586
Foreign	17,273	0	(59,209)	0
Total deferred	35,657	0	(18,384)	61,669
Total	$ 120,108	$ 114,973	$ (288,375)	$ 465,258

INCOME TAXES (Details 2)

INCOME TAXES (Details 2)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Line Items]
Tax at federal statutory rate	(21.00%)	34.00%	(21.00%)	34.00%
State and local taxes, net of federal benefit	(11.00%)	10.80%	(11.00%)	10.80%
Tax impact of foreign operations	3.90%	(247.20%)	(10.00%)	(13.90%)
Non-deductible/ non-taxable items	36.20%	634.60%	34.30%	(1.90%)
Total	8.10%	432.20%	(7.70%)	29.00%

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual)	Jun. 30, 2018USD ($)
Income Taxes [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ (412,125)

STOCK OPTIONS (Details)

STOCK OPTIONS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at Beginning	3,200,000
Shares, Granted	0
Shares, Exercised	0
Shares, Cancelled and expired	0
Shares, Forfeited	0
Shares, Outstanding at Ending	3,200,000	3,200,000
Shares, Vested and expected to vest at June 30, 2018	1,203,333
Shares, Exercisable at June 30, 2018	1,203,333
Weighted Average Exercise, Outstanding at Beginning
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled and expired
Weighted Average Exercise Price, Forfeited
Weighted Average Exercise Price, Outstanding at Ending	2.45
Weighted Average Exercise Price, Vested and expected to vest at June 30, 2018	1.32
Weighted Average Exercise Price, Exercisable at June 30, 2018	$ 1.32
Weighted- Average Remaining Contractual Life, Outstanding	5 years 4 months 13 days	5 years 10 months 13 days
Weighted- Average Remaining Contractual Life, Vested and expected to vest at June 30, 2018	4 years 14 days
Weighted- Average Remaining Contractual Life, Exercisable at June 30, 2018	4 years 14 days
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2018	0
Aggregate Intrinsic Value, Exercisable at June 30, 2018	$ 0

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - shares	Jul. 10, 2018	Oct. 31, 2016
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		1,500,000
American Institute of Financial Intelligence LLC [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	100,000
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
American Institute of Financial Intelligence LLC [Member] | FIFPAC Inc [Member]
Equity Method Investment, Ownership Percentage	100.00%