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

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

 

    September 30, 2020     September 30, 2019  
             
Initial advisory fees     0 %     4.87 %
Ongoing advisory fees     28.41 %     30.57 %
Initial and renewal commissions     4.99 %     6.51 %
Trail or recurring commissions     66.60 %     57.30 %
Others     0 %     0.75 %
      100 %     100 %
Schedule of Accounts Receivables with Major Customers

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

 

Customer   September 30, 2020     December 31, 2019  
             
Customer 1     26.84 %     26.68 %
Customer 2     11.91 %     8.59 %
Customer 3     10.08 %     6.94 %
Customer 4     9.77 %     25.24 %
Others having a concentration of less than 10%     41.40 %     32.55 %
      100 %     100 %
Schedule of Potential Dilutive Common Stock
    Number of Common Shares  
    September 30, 2020     December 31, 2019  
Potential dilutive common stock                
Convertible notes   * 511,922,488     * 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     1,291,922,488       1,133,755,756  
                 
Weighted average number of common shares – Basic     590,989,409       573,178,505  
Weighted average number of common shares – Dilutive     1,882,911,897       1,706,934,261  

 

* Convertible debt cannot be converted until December 2021.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

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

 

Balance, December 31, 2018   $ 13,592  
Foreign currency translation adjustment for the period     19,395  
Balance, September 30, 2019   $ 32,987  

 

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

 

Balance, December 31, 2019   $ (5,548 )
Foreign currency translation adjustment for the period     11,996  
Balance, September 30, 2020   $ 6,448  
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 September 30, 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):

 

    September 30, 2020     December 31, 2019  
Level 1 – Marketable Securities – Recurring   $ 583,539     $ 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 nine months ended September 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     379,300  
Balance, September 30, 2020   $ 583,539