v3.20.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Concentrations of Revenues

For the six months ended June 30, 2020 and 2019, the Company had following concentrations of revenues from continuing operations:

 

    June 30, 2020     June 30, 2019  
             
Initial advisory fees     0 %     6.87 %
Ongoing advisory fees     27.86 %     31.70 %
Initial and renewal commissions     5.40 %     8.11 %
Trail or recurring commissions     66.69 %     52.83 %
Others     0.05 %     0.49 %
      100 %     100 %
Schedule of Accounts Receivables with Major Customers

At June 30, 2020 and December 31, 2019, the Company had the following concentrations of accounts receivables with customers:

 

Customer   June 30, 2020     December 31, 2019  
             
Customer 1     24.03 %     26.68 %
Customer 2     29.39 %     25.24 %
Customer 3     12.06 %     8.59 %
Others having a concentration of less than 10%     34.52 %     39.49 %
      100 %     100 %
Schedule of Potential Dilutive Common Stock

At June 30, 2020 and December 31, 2019, the Company had common stock equivalents of 780,000,000 and 770,000,000 common shares, respectively, in the form of convertible preferred stock, which, if converted, may be dilutive. See Note 10(A).

 

    Number of Common Shares  
    June 30, 2020     December 31, 2019  
Potential dilutive common stock                
Convertible notes     331,332,677       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     1,111,332,677       1,133,755,756  
                 
Weighted average number of common shares – Basic     590,989,409       573,178,505  
Weighted average number of common shares – Dilutive     1,702,322,086       1,706,934,261  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the six months ended June 30, 2019 were as follows:

 

Balance, December 31, 2018   $ 13,592  
Foreign currency translation adjustment for the period     2,802  
Balance, June 30, 2019   $ 16,394  

 

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the six months ended June 30, 2020 were as follows:

 

Balance, December 31, 2019   $ (5,548 )
Foreign currency translation adjustment for the period     34,886  
Balance, June 30, 2020   $ 29,338  
Schedule of Fair Value of Assets Measured on Recurring and Non-recurring Basis

The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value:

 

    June 30, 2020     December 31, 2019  
Level 1 – Marketable Securities – Recurring   $ 700,247     $ 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 six months ended June 30, 2020 were as follows:

 

Balance, December 31, 2019   $ 204,239  
Sales and settlements during the period     -  
Gain on available for sale marketable securities, net     496,008  
Balance, June 30, 2020   $ 700,247