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15. Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE–15       SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2019, up through the date the Company issued the consolidated financial statements. During the period, the Company had material recognizable subsequent events, as follows:

 

Subsequently, on March 16, 2020, the Company approved to discontinue and exit from AI Education business by the end of first quarter 2020. Following the exit of AI Education business, the Company’s Chief Financial Officer, Mr. Yip would return and transfer back 1,503,185 shares of the Company’s common stock to Mr. Cheung, the former chief executive officer of the Company. The balance of 646,108 shares is served as a token of appreciation to Mr. Yip’s contribution as Chief Financial Officer for the period ending April 30, 2020.