DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of amount of the major classes of assets and liabilities of discontinued operation

The carrying amount of the major classes of assets and liabilities of discontinued operation as of May 1, 2019 and December 31, 2018 consist of the following:


	May 1, 2019		December 31, 2018
Assets of discontinued operation:
Current assets:
Cash and cash equivalents	$	391	$	391
Accounts receivable		4,864,297		4,595,823
Allowance for doubtful account		(4,595,823)		(4,595,823)
Deferred compensation		—		916,668
Total assets of discontinued operation	$	268,865	$	917,059

Liabilities of discontinued operation:			$	—
Current liabilities:
Accounts payable	$	1,881,404	$	1,881,404
Other payables		—		—
Total liabilities of discontinued operation	$	1,881,404	$	1,881,404

Schedule of operating result discontinued operation included in consolidated statements of operation

The summarized operating result of discontinued operation included in the Company’s consolidated statements of operation consist of the following:


	From		From
	January 1		January 1
	to		to
	May 1, 2019		December 31, 2018
Revenues	$	—	$	—
Cost of revenues		—		—
Gross profit		—		—
Operating expenses		(366,667)		(5,587,406)
Other income (expenses), net		—		4
Loss before income tax		(366,667)		(5,587,402)
Income tax expense (benefit)		—		(332,187)
Loss from discontinued operation		(366,667)		(5,255,215)
Total loss from discontinued operations, net of income taxes	$	(366,667)	$	(5,255,215)

AMERICAN EDUCATION CENTER, INC. 10-Q