Current Report Filing (8-k)
November 17 2017 - 6:06AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): July 21, 2017 (July 19, 2017)
Asia
Equity Exchange Group, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-192272
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46-3366428
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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Suite
2603, 26/F, COFCO Tower
262
Gloucester Road, Causeway Bay, Hong Kong
(Address
of Principal Executive Offices)
+852-2845
2281
(Issuer’s
telephone number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
4.02(a). Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
The
terms “we,” “our” and similar or derivative terms in this Current Report on Form 8-K refer to Asia Equity
Exchange Group, Inc. (the “Company”) and its consolidated subsidiaries, except where the context otherwise requires.
Restatement
of Previously Issued Consolidated Financial Statements
On
November 17, 2017, our Board of Directors, after considering the recommendation of management and discussion with Beijing Yongtuo
CPAs (Special general partner) Shenzhen Branch, our independent registered public accounting firm, decided it was necessary to
restate our previously issued consolidated financial statements for the fiscal year ended December 31, 2016 and the quarterly
periods ended March 31, 2017 and June 30, 2017. We are stating our previously issued consolidated financial statements due to
the fact that we discovered that we had incorrectly accounted for goodwill arising from reverse acquisition of a public shell
corporation as an asset instead of charging it to the capital deficiency account in accordance with the United States generally
accepted accounting principles.
The
following table illustrates the correction as it is associated with certain line items in the financial statements:
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As of December 31, 2016
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As reported
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As restated
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ASSETS
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Goodwill
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$
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1,189,921
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$
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-
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STOCKHOLDERS’ DEFICIT
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Capital Deficiency
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$
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(23,713
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)
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$
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(1,213,634
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)
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The
Company determined that the error of adopting an incorrect accounting policy for goodwill was material to financial statements
for the fiscal year ended December 31, 2016 and the quarterly periods ended March 31, 2017 and June 30, 2017, which therefore
required restatement. Accordingly, our previously issued consolidated financial statements for these periods should no longer
be relied upon, and we will amend our December 31, 2016 Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2017 and June 30, 2017.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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ASIA EQUITY EXCHANGE GROUP, INC.
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Date:
November 17
, 2017
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By:
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/s/
Xiangyu Wang
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Name:
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Xaingyu
Wang
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Title:
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Chief
Executive Officer
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