v3.20.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Schedule of Concentrations of Revenues

For the three months ended March 31, 2020 and 2019, the Company had following concentrations of revenues from continuing operations:

 

    March 31, 2020     March 31, 2019  
             
Initial advisory fees     0 %     11.36 %
Ongoing advisory fees     26.01 %     30.78 %
Initial and renewal commissions     6.18 %     50.35 %
Trail or recurring commissions     66.83 %     6.58 %
Other revenue     0.98 %     0.93 %
      100 %     100 %
Schedule of Accounts Receivables with Major Customers

At March 31, 2020 and December 31, 2019, the Company had the following concentrations of accounts receivables with customers:

 

Customer   March 31, 2020     December 31, 2019  
             
Customer 1     29.51 %     26.68 %
Customer 2     18.92 %     25.24 %
Customer 3     10.54 %     0 %
Others having a concentration of less than 10%     41.03 %     48.08 %
      100 %     100 %
Schedule of Potential Dilutive Common Stock

    Number of Common Shares  
    March 31, 2020     December 31, 2019  
Potential dilutive common stock                
Convertible notes     491,070,000       363,755,756  
Series “B” preferred stock     450,000,000       450,000,000  
Series “C” preferred stock     330,000,000       320,000,000  
Total potential dilutive common stock     1,271,070,000       1,133,755,756  
                 
Weighted average number of common shares – Basic     590,989,409       573,178,505  
Weighted average number of common shares – Dilutive     1,862,059,409       1,706,934,261  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) for the three months ended March 31, 2020 and 2019, includes only foreign currency translation gain / (loss), and is presented in the Company’s consolidated statements of comprehensive income / (loss).

 

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the three months ended March 31, 2019 were as follows:

 

Balance, December 31, 2018   $ 13,592  
Foreign currency translation adjustment for the period     (11,101 )
Balance, March 31, 2019   $ 2,491  

 

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the three months ended March 31, 2020 were as follows:

 

Balance, December 31, 2019   $ (5,548 )
Foreign currency translation adjustment for the period     31,400  
Balance, March 31, 2020   $ 25,852  
Schedule of Fair Value of Assets Measured on Recurring and Non-recurring Basis

The following is the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis at March 31, 2020 and December 31, 2019, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3):

 

    March 31, 2020     December 31, 2019  
Level 1 – Marketable Securities – Recurring   $ 145,885     $ 204,239  
Schedule of Changes in Level 1 Marketable Securities Measured at Fair Value

Changes in Level 1 marketable securities measured at fair value for the three months ended March 31, 2020 were as follows:

 

Balance, December 31, 2019   $ 204,239  
Sales and settlements during the period     -  
Loss on available for sale marketable securities, net     (58,354 )
Balance, March 31, 2020   $ 145,885