American Education Center, Inc.

AMCT

US02554H1086

Personal Services

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2022	American Education Center, Inc. announced that it has received $1 million in funding from China Cultural Finance Holdings Company Limited	CI
2022	American Education Center, Inc. Announces Board Changes	CI

AMERICAN EDUCATION CENTER : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

August 14, 2020 at 02:31 pm EDT

Overview

American Education Center, Inc. was incorporated in Nevada ("AEC Nevada") in May
2014 as a holding company, and operates through its wholly owned subsidiaries,
American Education Center, Inc., incorporated in the State of New York in 1999
("AEC New York"), AEC Management Ltd., incorporated in the British Virgin
Islands on October 23, 2018 ("AEC BVI") and the subsidiaries of AEC BVI.



AEC New York was approved and licensed by the Education Department of the State
of New York in 1999 to engage in education consulting service between the U.S.
and China. For approximately 20 years, AEC New York has devoted itself to
international education exchange between China and the U.S., by providing
education and career enrichment opportunities for students, teachers, and
educational institutions from both countries.



AEC Nevada acquired AEC Southern UK and its subsidiaries in 2016 pursuant to the
Share Exchange Agreement (as defined below). AEC Southern UK holds 100% of the
equity interests in AEC Southern Management Limited, a Hong Kong company ("AEC
Southern HK") incorporated on December 29, 2015, with a registered capital of
HK$10,000. AEC Southern UK owns 100% of the equity interests in Qianhai Meijiao
Education Consulting Management Co., Ltd. ("AEC Southern Shenzhen"), a foreign
wholly owned subsidiary incorporated pursuant to PRC law on March 29, 2016, with
a registered capital of RMB5,000,000.



On July 10, 2018, AEC New York acquired a 51% equity ownership in American
Institute of Financial Intelligence LLC, a New Jersey limited liability company
("AIFI") from FIFPAC Inc. ("FIFPAC"), a New Jersey corporation, the then 100%
owner of AIFI, pursuant to a Business Purchase Agreement. AIFI currently does
not have any active operating activities.



On April 22, 2019, AEC BVI acquired AEC Southern HK and its subsidiary, AEC
Southern Shenzhen, pursuant to a share transfer agreement by and among the
related parties, AEC BVI and AEC Southern UK, for a nominal consideration (the
"AEC Southern HK Transfer"). On May 1, 2019, Pursuant to a certain share
exchange agreement dated May 1, 2019, AEC Nevada sold 100% of the equity
interest in AEC Southern UK to three individuals, Ye Tian, Rongxia Wang and
Weishou Li (the "AEC Southern UK Sale"). Accordingly, following the transactions
underlying the AEC Southern HK Transfer and the AEC Southern UK Sale, AEC
Southern UK is no longer a subsidiary of ours, and we operate AEC Southern HK
and AEC Southern Shenzhen through AEC BVI.



AEC BVI, via its operating entity in the PRC, AEC Southern Shenzhen, serves as a
local platform for expanding the Company's business in mainland China. Our PRC
operations are based in the city of Shenzhen, Guangdong province, a city
designated by the PRC as a Special Economic Zone ("SEZ"). SEZs are granted a
more free-market oriented economic and regulatory environment, with business and
tax policies designed to attract foreign investment and technology.



On May 22, 2020, AEC Southern HK formed Yiqilai (Shenzhen) Consulting Management
Co., Ltd. ("AEC YQL") in Shenzhen, China pursuant to PRC laws. AEC YQL is a
wholly owned subsidiary of AEC Southern HK, and as of the date of this Quarterly
Report on Form 10-Q, does not have significant business activities.



                                       34

As of the date of this report, the corporate structure of the Company is illustrated as follows:





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Our mission is to become a leading provider for international education services, and providing total solutions for technology in education field, as well as providing corporation advisory management services.

Currently, through AEC New York and AEC Southern Shenzhen we provide four types of consulting services:





  ? Placement Advisory Services;
  ? Career Advisory Services;
  ? Student & Family Services; and
  ? Other Advisory Services.

Services to our clients are provided through the Company's principal executive office in New York, NY, and AEC Southern Shenzhen's office in Shenzhen, China.





Leveraging our knowledge of the educational system and environment in the U.S.
and our understanding of the market demand for education services in the PRC and
its changing business economy, we specialize in the delivery of customized high
school and college placement advisory services as well as career advisory
services to Chinese students wishing to study and gain post-graduate work
experience in the U.S. Our advisory services are specifically designed to
address the educational needs of the rising middle-class families in China. The
demand for our advisory services is primarily the result of China's decades-long
one-child policy, society's focus and emphasis on children's education, and
families' desire to gain access to U.S. colleges and universities as well as
work experience in the U.S.

Headquartered in New York with operations in the PRC, the Company, during the quarter ended June 30, 2020 operated, and currently operates in two market segments:

(1) AEC New York capitalizes on the rising demand from the middle-class

families in China for quality education in the U.S. It delivers customized

high school and college placement and career advisory services to Chinese

students wishing to study in the U.S. Its advisory services include

language training, college admission advisory, on-campus advisory,

internship and start-up advisory as well as student and family services.

(2) AEC BVI, though AEC Southern Shenzhen, delivers customized high school and

college placement and career advisory services to Chinese students wishing


        to study in the U.S. through businesses referred by AEC New York to AEC
        Southern Shenzhen. Currently, all revenues of AEC BVI are generated from
        AEC Southern Shenzhen.




                                       35





Placement Advisory Services

Our Placement Advisory Services include Language Training, Placement Advisory and Elite College Advisory services.





Since 1999, we have been delivering customized Language Training & Placement
Advisory services to Chinese students. Our one-stop advisory services encompass
ESL training and assistance throughout the high school and college application
and admission process.



Our Language Training service is based on the existing ESL training platform
which provides language training for standard test preparation and is designed
to help improve student's English listening, speaking, reading, and writing
skills. Student customers will be able to take these training courses online
when our ESL online training platform goes live, which we expect to take place
in the third quarter of 2020.



Targeting the needs of Chinese families in obtaining admission to Ivy League and
other prestigious universities in the U.S., our Elite College Advisory service
is designed to assist qualified Chinese students in applying to prestigious
colleges and universities in the U.S. Specifically, we arrange campus tours,
assist our student customers with their university applications, provide
tailored language training, offer guidance on interview and communication
techniques, and follow up on their applications.



Once our student customers are admitted into their target universities, our
Placement Advisory services further extend to academic and cultural related
experiences including, among other things, providing assistance with applying
for a second major or minor, transferring to a different university, housing
accommodations, and applying for accelerated degrees. To help students optimize
their on-campus experience and train their leadership and social skills, we also
organize seminars and social events with our partner scholars and universities,
non-profit and for-profit business organizations. Additionally, to help enrich
their cultural experiences, we organize extracurricular and artistic activities
including dance, music, painting, photography, and other performance events.



For college application, we have designed the Key School Admissions Program,
giving student customers closely guided application consulting services to gain
admission to top U.S. universities.

For on-campus academic counseling, we offer the Elite100 program that focuses on leadership and communication skills development for our student customers.





We provide placement services through both AEC New York and AEC BVI. AEC New
York refers businesses to AEC Southern Shenzhen when clients in the PRC need
local support.



Career Advisory Services

Our Career Advisory Services include our Internship Advisory program and our Start-up Advisory program.


Our Internship Advisory program focuses on students' career development by
helping them identify and secure suitable internship and part-time or full-time
work opportunities that are appropriate for their educational background and
experience level. Through this program, we strive to help students map and
navigate their career path and counsel them on matters including academic
improvement to career assistance. Through this program, our student customers
are given opportunities to communicate with professionals in their field of
study and to participate in real-world case studies.



Our Start-up Advisory program provides advisory services to individual students
and/or their families who want to start or make an investment in a business in
the U.S. Collaborating with our strategic partners, our services include (i)
recommending alternative business development opportunities; (ii) assistance
with business plan development; (iii) assistance with accounting and financial
management, marketing, product and project design; and (iv) assistance in
project financing.

Student & Family Advisory Services


Our Student & Family Advisory Services are designed to assist our students
and/or their families in the process of settling down in the U.S., so they can
effectively focus on their studies. We provide thorough services tailored to the
unique needs of each student family encountered in the U.S.



Through our business partners, we assist the students' families with purchasing
real estate properties, organizing their personal financial management and
investment needs, getting insurance and starting businesses. Our American Dream
Program helps students' families find investment projects in the U.S. We also
advise corporate clients whose executives are moving to the U.S. for work. The
scope of our services includes assistance with business consulting, relocation
and other aspects of family support services. Services provided under this
program are customized and thorough, and tailored towards each family's unique
needs in the U.S.



Other Advisory Services


Through our Foreign Student Recruitment services, we assist universities in
China to recruit students from the U.S. We customize this service based on our
strategic relationship with college and universities in the U.S. and the
specific recruitment goals of these universities in China. The demand for our
recruitment services is driven mainly by the lack of an established channel to
attract students from the U.S. and the needs by the Chinese universities to
expand and diversify their student body.



Our Foreign Educator Placement services are designed to meet the increasing
demand for experienced educators and teachers from the U.S. to teach in China.
Such demand covers the need to recruit qualified US educators from Pre K-12


to
teach in China.



                                       36

Impact of the COVID-19 Pandemic





In December 2019, a novel strain of coronavirus was reported to have surfaced in
Wuhan, China, which has and is continuing to spread throughout China and other
parts of the world, including the United States. On January 30, 2020, the World
Health Organization declared the outbreak of the coronavirus disease (COVID-19)
a "Public Health Emergency of International Concern," and on March 11, 2020, the
World Health Organization characterized the outbreak as a "pandemic". The
pandemic has forced governments around the world to take drastic measures to
halt the outbreak, resulting in quarantines, stay-at-home requirements, travel
restrictions, temporary change of immigration policies and temporary closure of
businesses and facilities in China, the U.S., and throughout the world. A
substantial part of the Company's revenue and workforce are concentrated in
China and in the U.S. Additionally, all of our four lines of business rely upon
the ability to travel and the level of interest of our customers and prospective
customers to study, work and reside overseas, which has been significantly
affected by the pandemic. Consequently, we saw a significant decrease in
requests for our services, which has materially adversely affected the Company's
business operations and its financial condition and operating results for the
six months ended June 30, 2020, and these negative impacts will likely continue
through the rest of the fiscal year 2020.



In order to respond to the COVID-19 outbreak, our Company has taken certain
measures to our operations to ensure the safety of our staff, as well as to
adjust to the reopening but potential surge of new cases. We have made
work-from-home possible for our staff, so as to reduce congregation and
possibility of transmission of the disease. We have been devoting time and
effort to research and develop new services and products. Additionally, we have
identified an online platform related to education to diversify our means in
generating revenue and are in the process of negotiating a partnership or
acquisition. We expect to close this transaction in September 2020.



The COVID-19 pandemic is rapidly evolving. The information in this Quarterly
Report on Form 10-Q is based on data currently available to us and will likely
change as the pandemic progresses. As of the date of this Quarterly Report on
Form 10-Q, some countries have slowly re-opened, but with surges of new cases
appearing, while the U.S. continues to see increasing new COVID-19 cases in
certain states. As COVID-19 persists throughout areas in which we operate and
the rest of the world, we believe the outbreak has the potential to continue to
have a material negative impact on our operating results and financial condition
going into the third and fourth quarters of 2020. The extent of the impact
of COVID-19 on our operational and financial performance will depend on certain
developments, including the duration and spread of the outbreak, impact on our
employees, suppliers, student customers and other customers, and the impact on
the Company's ability to obtain debt and equity financing to fund business
activities, all of which are uncertain and cannot be predicted. Given these
uncertainties, at present, we cannot reasonably estimate the related impact to
our business, operating results and financial condition for the year ending
December 31, 2020.

Significant Accounting Policies





The discussion and analysis of our consolidated financial condition and results
of operations is based upon our unaudited consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States of America ("US GAAP"). The preparation of these
consolidated financial statements requires us to make estimates and judgments
that affect the reported amounts of assets and liabilities. On an on-going
basis, we evaluate our estimates including the allowance for doubtful accounts,
income taxes and contingencies. We base our estimates on historical experience
and on other assumptions that we believe to be reasonable under the
circumstances, the results of which form our basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates under different
assumptions or conditions. The consolidated financial statements are comprised
of AEC Nevada and its wholly owned subsidiaries, AEC New York, and AEC BVI. All
significant intercompany accounts and transactions have been eliminated in
consolidation.



As part of the process of preparing our unaudited consolidated financial
statements, we are required to estimate our income taxes. This process involves
estimating our current tax exposure together with assessing temporary
differences resulting from differing treatment of items for tax and accounting
purposes. These differences result in deferred tax assets and liabilities. As of
June 30, 2020, the Company does not have a liability for any unrecognized tax
benefits.



We cannot predict what future laws and regulations might be passed that could
have a material effect on our results of operations. We assess the impact of
significant changes in laws and regulations on a regular basis and update the
assumptions and estimates used to prepare our unaudited consolidated financial
statements when we deem it necessary.



We have determined significant accounting principles with policies that involve
the most complex and subjective decisions or assessments. While our significant
accounting policies are more fully described in Note 2 to our financial
statements, we believe that the following accounting policies are the most
critical to aid you in fully understanding and evaluating this "Management's
Discussion and Analysis of Financial Condition and Results of Operations." Both
operating groups are reported under the same accounting policies/estimations.



                                       37





Revenue is recognized when the following criteria are met: (1) when persuasive
evidence of an arrangement exists; (2) delivery of the services has occurred;
(3) the fee is fixed or determinable; and (4) collectability of the resulting
receivable is reasonably assured. AEC New York delivers customized high school
and college placement, career advisory as well as student and family services.
Fees related to such advisory services that are collected from individuals are
generally paid to the Company in advance and they are recorded as deferred
revenue. Revenues are recognized proportionally as services are rendered or upon
completion. Fees related to our advisory services provided by AEC New York to
corporate customers (such as staffing agencies and placement agencies) are
generally collected after services are provided, and are recorded as accounts
receivable.



On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02,
Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease
accounting guidance under Topic 840, and generally requires lessees to recognize
operating and financing lease liabilities and corresponding right-of-use (ROU)
assets on the balance sheet and to provide enhanced disclosures surrounding the
amount, timing and uncertainty of cash flows arising from leasing arrangements.
We first evaluate our leases to determine whether they are classified as a
finance lease or as an operating lease. A lease is a finance lease if any of the
following criteria are met: (a) ownership transfers, (b) the lease includes an
option to purchase the underlying asset, (c) the lease term is for the major
part of the remaining economic life of the underlying asset, (d) the present
value of the lease payments equals or exceeds the fair value of the underlying
asset, or (e) the underlying asset is of a specialized nature that is expected
to have no alternative use to the lessor at the end of the lease term. As such,
all of our leases are classified as operating leases. We then determine whether
the short-term exemption applies. The short-term exemption applies if the lease
term 12 months or less and does not include a purchase option whose exercise is
reasonably certain. If the short-term exemption applies then lease payments are
recognized as expense and no asset or liability is recorded. If the short-term
exemption does not apply, then we record an operating lease right-of-use asset
and a corresponding operating lease liability equal to the present value of the
lease payments. The ten-year commercial real estate lease we entered into in
December 2014 did not meet the short-term exemption and, accordingly, we
recorded the present value of the lease payments as a right-of-use asset and a
lease liability in the unaudited consolidated balance sheet. We recognize
expense on a straight-line basis over the life of the lease.

Recent Accounting Pronouncements





In January 2017, the FASB issued accounting standard update which simplifies the
test for goodwill impairment. To address concerns over the cost and complexity
of the two-step goodwill impairment test, the amendments in this update remove
the second step of the test. An entity will apply a one-step quantitative test
and record the amount of goodwill impairment as the excess of a reporting unit's
carrying amount over its fair value, not to exceed the total amount of goodwill
allocated to the reporting unit. The new guidance does not amend the optional
qualitative assessment of goodwill impairment. This update is effective for
annual or any interim goodwill impairment tests in fiscal years beginning after
December 15, 2019. Early adoption is permitted for interim or annual goodwill
impairment tests performed on testing dates after January 1, 2017. The Company
adopted the update in the fourth quarter of 2018. The adoption of the new
standard did not have an impact on our consolidated financial statements.



In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810):
Targeted Improvements to the Related Party Guidance for Variable Interest
Entities. ASU 2018-17 changes how entities evaluate decision-making fees under
the variable interest entity guidance. To determine whether decision-making fees
represent a variable interest, an entity considers indirect interests held
through related parties under common control on a proportional basis, rather
than in their entirety. This guidance will be adopted using a retrospective
approach and is effective for the Company on January 1, 2020. The Company has
evaluated the effect of the adoption of this ASU and the standard did not have
an impact on its consolidated financial statements and related disclosures from
the adoption of the new guidance.



In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740):
Simplifying the Accounting for Income Taxes. This ASU provides an exception to
the general methodology for calculating income taxes in an interim period when a
year-to-date loss exceeds the anticipated loss for the year. This update also
(1) requires an entity to recognize a franchise tax (or similar tax) that is
partially based on income as an income-based tax and account for any incremental
amount incurred as a non-income-based tax, (2) requires an entity to evaluate
when a step-up in the tax basis of goodwill should be considered part of the
business combination in which goodwill was originally recognized for accounting
purposes and when it should be considered a separate transaction, and (3)
requires that an entity reflect the effect of an enacted change in tax laws or
rates in the annual effective tax rate computation in the interim period that
includes the enactment date. The standard is effective for the Company for
fiscal years beginning after December 15, 2020, with early adoption permitted.
The Company is currently in the process of evaluating the impact of the adoption
on its consolidated financial statements.



                                       38





Results of Operations



Below we have included a discussion of our operating results and material
changes in the periods covered by this Quarterly Report on Form 10-Q. For
additional information on the potential risks associated with these initiatives
and our operations, please refer to the Risk Factors sections in our annual
report on Form 10-K for the year ended December 31, 2019, as filed on May 29,
2020. Our financial statements have been prepared assuming that we will continue
as a going concern. We expect we will require additional capital to meet our
long-term operating requirements. We expect to raise additional capital through,
among other things, additional funding from a shareholder of the Company, and
believe that will be sufficient to meet our anticipated needs for working
capital and satisfying our estimated liquidity needs 12 months from the date of
the financial statements.



On May 1, 2019, the Company sold AEC Southern UK to three individuals, Ye Tian,
Rongxia Wang and Weishou Li. As a result, (1) the financial results of AEC
Southern UK were reflected in our consolidated statement of income,
retrospectively, as discontinued operations beginning in the first quarter of
2019; and (2) the related assets and liabilities associated with AEC Southern UK
in the consolidated balance sheet as of December 31, 2019 are classified as
discontinued operations. See "Note 10 - Discontinued Operations" to our
unaudited consolidated financial statements included in this Quarterly Report on
Form 10-Q.



The Three Months Ended June 30, 2020, as Compared to the Three Months Ended June
30, 2019



                                       For the three months ended June 30,
                                2020           2019           Variance          %
Key revenue streams:
Placement Advisory Services   $  41,484     $   304,069     $   (262,585 )       (86 )%
Career Advisory Services        120,500         861,975         (741,475 )       (86 )
Student & Family Advisory             -               -                -          NM
Other Advisory                        -           3,000           (3,000 )      (100 )%
Total revenues                $ 161,984     $ 1,169,044     $ (1,007,060 )       (86 )%
Gross Profit                  $ 106,267     $   482,754     $   (376,487 )       (78 )%
Gross Margin                         66 %            41 %




Revenue

? Total revenues for the three months ended June 30, 2020, were $161,984,

representing a decrease of $1,007,060, or 86% from $1,169,044 for the same

period in 2019. The decrease was mainly due to the recent outbreak of the

COVID-19 pandemic around the globe, which negatively impacted our services


        to current customers who were getting ready to study or work in the U.S.,
        besides the seasonality factors related to the high school/college
        admission process. The outbreak of COVID-19 in China since January 2020,
        coupled with travels bans from China to the US prevented students from

China from entering the U.S. and paused applications from prospective

students from China to U.S. educational institutions. These factors

adversely impacted the financial performance of the Company.

Total revenues for the three months ended June 30, 2020 were all generated

by the operations of AEC New York, which deliver customized high school

and college placement and career advisory services to Chinese students

seeking to study in the U.S.

? Revenues for the three months ended June 30, 2020, from our placement


        advisory services decreased by $262,585 from $304,069 for the same period
        in 2019. The decrease in our placement advisory services was due to the

decrease in service requests. Revenues for our career advisory services


        decreased by $741,475, or 86% from $861,975 for the same period in 2019,
        primarily due to the decreased request from negative impact of the
        COVID-19. Revenues from other advisory services decreased by $3,000 from
        $3,000 for the same period in 2019, due to the service request from
        customers.

        We expect the impact of COVID-19 on our business, especially on school
        application and career advisory services, will last for at least the
        coming two fiscal quarters, due to restrictions on domestic and

international travels, delay of the spring semester and cancellation of


        overseas exams, as well as difficulty to obtain valid visas. We will
        continually monitor the development of the epidemic as well as the impact
        on our operations and financial performance and actively adjust our

operational strategies and make efforts on cost control and reducing

expenditures. We will also strive to expand our target market and provide

support of online study to our customers.

? In addition, the Chinese government offers incentives and benefits though


        its Talents Policy to Chinese students who return to China to work and
        live there. This Talents Policy has encouraged many of our clients who

recently graduated or are about to graduate to go back to China, instead

of staying in the U.S., which resulted in less service requests for our

placement advisory and student & family advisory services. Additionally,

the decrease in the value of China's currency and the relatively

restrictive U.S. policy on international students is increasingly driving

Chinese students to choose to apply to universities and colleges in

non-U.S. countries or choose to return to the PRC after graduation, rather

than staying in the U.S. To mitigate the effect of such recent changes, we

are expanding our local services in the PRC, concentrating on new services

promotion and increasing our mergers and acquisitions efforts by focusing

on researching, identifying prospective targets, negotiating and executing


        on this strategy.




Gross Profit & Gross Margin

? Our gross profit for the three months ended June 30, 2020 was $106,267,

representing a decrease of $376,487 from $ 482,754 for the three months

ended June 30, 2019. The decrease can be attributed mainly to a decline in

service request as the travel restrictions imposed as a result of COVID-19

had led to fewer student customers requesting our services.

? Our gross margin was approximately 66% for the three months ended June 30,


        2020, compared to approximately 41% for the same period in 2019.




                                       39

The following table summarizes changes in operating expenses and provision for income taxes for the periods presented:





                                                  For the three months ended June 30,
                                         2020            2019           Variance           %
Operating expenses
Selling and marketing                 $   60,754     $     61,960      $   (1,206 )            (2 )%
General and administrative               777,991        1,059,041        (281,051 )           (27 )%
Total operating expenses              $  838,745     $  1,121,001      $ (282,257 )           (25 )%
Income tax benefit                    $ (199,530 )   $    366,076      $ (565,606 )           100 %
Net (loss) from continuing
operations including
non-controlling interest              $ (532,945 )   $ (1,004,228 )    $  471,283              NM %




Operating Expenses

? Total operating expenses decreased by $282,257 or 25% as compared to the

three months ended June 30, 2019. The decrease mainly represents the net

effect of the decrease of the marketing expense and professional fee, and


        the increase of the uncollectable account receivables.




Income Tax Benefit

? Income tax benefit of $199,530 for the three months ended June 30, 2020


        represents the net effect of the tax payable and net losses for the
        periods presented.




Net Loss

? Net loss from continuing operations including non-controlling interest was

$532,945 for the three months ended June 30, 2020, as compared to the net


        loss of $1,004,228 for the three months ended June 30, 2019, which
        representing the net effect of the decreased operation expenses and
        revenue.




The Six Months Ended June 30, 2020, as Compared to the Six Months Ended June 30,
2019



                                        For the six months ended June 30,
                                2020           2019           Variance         %
Key revenue streams:
Placement Advisory Services   $  41,484     $   832,516     $   (791,032 )      (95 )%
Career Advisory Services        234,191       1,817,275       (1,583,084 )      (87 )
Student & Family Advisory             -         487,000         (487,000 )     (100 )
Other Advisory                      507           3,000          (2,493)        (83 )%
Total revenues                $ 276,182     $ 3,139,791     $ (2,863,608 )      (91 )%
Gross Profit                  $ 110,128     $ 1,371,104     $ (1,260,976 )      (92 )%
Gross Margin                         40 %            44 %




Revenue

? Total revenues for the six months ended June 30, 2020, were $276,182,

representing a decrease of $2,863,608, or 91% from $3,139,791 for the same