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Unaudited Condensed Pro Forma Financial Statements | 12 Months Ended
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Dec. 31, 2019
Business Acquisition, Pro Forma Information [Abstract] |
UNAUDITED CONDENSED PRO FORMA FINANCIAL STATEMENTS | 16. Unaudited Condensed Pro Forma Financial Statements The following unaudited pro forma condensed consolidated financial statements have been prepared to illustrate the effect after the Sale Transaction. The unaudited pro forma condensed consolidated balance sheet as of December 31, 2019 reflects the pro forma effect as if the sale of HeDeTang HK was consummated at December 31, 2019. The unaudited pro forma condensed consolidated statements of operations of the Company for the periods ended December 31, 2019 and December 31, 2018, respectively, assume that the sale was consummated on January 1, 2019, and January 1, 2018, respectively. The unaudited pro forma condensed consolidated balance sheet and statements of operations include pro forma adjustments which reflect transactions and events that (a) are directly attributable to the Sale Transaction, (b) are factually supportable and (c) with respect to the statements of operations, have a continuing impact on consolidated results of the Company. The pro forma adjustments are described in the accompanying notes to the unaudited pro forma condensed consolidated financial statements. The unaudited pro forma condensed consolidated financial information does not reflect the tax consequences in any jurisdictions attributable to the Sale Transaction, and it does not reflect future events that may occur after the sale, including potential general and administrative cost savings. The unaudited pro forma condensed consolidated financial information is provided for informational purposes only and is not necessarily indicative of the Company's future operating results. The pro forma adjustments are subject to change and are based upon currently available information.
|  | December 31, 2019 |
ASSETS |  |  |
CURRENT ASSETS |  |  |
Cash and cash equivalents |  | $ | 539,316 |
Accounts receivable, net of allowance of $16,127,000 as of December 31, 2019 and $15,650,217 as of December 31, 2018, respectively |  |  | 4,954 |
Other receivables, net |  |  | 7,489 |
Inventories |  |  | 3,594 |
Advances to suppliers and other current assets |  |  | 1,668,847 |
TOTAL CURRENT ASSETS |  | $ | 2,224,200 |
Property, plant and equipment, net |  | $ | 17,855 |
Intangible assets |  |  | 5,312,906 |
Amount due from related parties |  |  | 3,402,823 |
Long-term investments |  |  | 12,250,000 |
TOTAL ASSETS |  | $ | 23,207,784 |
LIABILITIES |  |  |  |
CURRENT LIABILITIES |  |  |  |
Accounts payable |  | $ | 320,378 |
Accrued expenses |  |  | 4,547,380 |
Advances from customers |  |  | 702,179 |
Short-term bank loans |  |  | 957,990 |
TOTAL CURRENT LIABILITIES |  | $ | 6,527,927 |
NON-CURRENT LIABILITIES |  |  |  |
Amount due to related parties |  |  | 1,268,101 |
TOTAL NON-CURRENT LIABILITIES |  |  | 1,268,101 |
TOTAL LIABILITIES |  | $ | 7,796,028 |
Commitments and contingencies(Note 16) |  |  |  |
STOCKHOLDER'S EQUITY |  |  |  |
Future FinTech Group, Inc, Stockholders' equity |  |  |  |
Common stock, $0.001 par value; 60,000,000 shares authorized and 33,810,416 shares and 31,017,083 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively |  | $ | 33,810 |
Additional paid-in capital |  |  | 107,852,827 |
Accumulated deficits |  |  | (109,825,651 | )
Accumulated other comprehensive income (loss) |  |  | 12,989,409 |
Total Future FinTech Group, Inc. stockholders' equity |  |  | 11,050,395 |
Non-controlling interests |  |  | 4,361,361 |
Total stockholders' equity |  |  | 15,411,756 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |  | $ | 23,207,784 |
|  | Pro Forma For the Year Ended |  |  | Pro Forma For the Year Ended |
|  | 2019 |  |  | 2018 |
Revenue |  | $ | 955,172 |  |  | $ | 131,832 |
Cost of goods sold |  |  | 464,307 |  |  |  | 83,888 |
Gross profit |  |  | 490,865 |  |  |  | 47,944 |
Operating Expenses |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 4,913,656 |  |  |  | 1,636,298 |
Selling expenses |  |  | 500,949 |  |  |  | 14,482 |
Bad debt provision |  |  | 5,234,205 |  |  |  | - |
Inventory markdown |  |  | 27,247 |  |  |  | - |
Impairment Loss |  |  | 2,751,099 |  |  |  | 44,665,618 |
Total operating expenses |  |  | 13,427,156 |  |  |  | 46,316,398 |
Loss from operations |  |  | (12,936,291 | ) |  |  | (46,268,454 | )
Other (expenses) income |  |  |  |  |  |  |  |
Interest income |  |  | 3,995 |  |  |  | 711 |
Interest expenses |  |  | (523,676 | ) |  |  | 96,329 |
Other income(expenses) |  |  | (229,042 | ) |  |  | (4,382,686 | )
Total other income (expenses), net |  |  | (748,723 | ) |  |  | (4,285,646 | )
Loss from Continuing Operations before Income Tax |  |  | (13,685,014 | ) |  |  | (50,554,100 | )
Income tax provision |  |  | - |  |  |  | 206 |
Loss from Continuing Operations before Non-controlling Minority Interest |  |  | (13,685,014 | ) |  |  | (50,554,306 | )
Less: Net loss attributable to non-controlling interests |  |  | (163,576 | ) |  |  | (123,139 | )
Loss from Continuing Operations |  | $ | (13,521,438 | ) |  | $ | (50,431,167 | )
Discontinued Operations |  |  |  |  |  |  |  |
Loss from discontinued operations |  |  | - |  |  |  | - |
NET LOSS ATTRIBUTABLE TO FUTURE FINTECH GROUP INC |  | $ | (13,521,438 | ) |  | $ | (50,431,167 | )
Earnings per share: |  |  |  |  |  |  |  |
Basic earnings per share from continued operation |  | $ | (0.42 | ) |  | $ | (2.33 | )
Basic earnings per share from discontinued operation |  |  | - |  |  |  | - |
|  | $ | (0.42 | ) |  | $ | (2.33 | )
Diluted Earnings per share: |  |  |  |  |  |  |  |
Diluted earnings per share from continued operation |  | $ | (0.42 | ) |  | $ | (2.30 | )
Diluted earnings per share from discontinued operation |  |  | - |  |  |  | - |
|  | $ | (0.42 | ) |  | $ | (2.30 | )
Weighted average number of shares outstanding |  |  |  |  |  |  |  |
Basic |  |  | 33,996,279 |  |  |  | 21,636,146 |
Diluted |  |  | 33,996,279 |  |  |  | 21,966,612 |

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