XML 49 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Unaudited Condensed Pro Forma Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2019
Business Acquisition, Pro Forma Information [Abstract]  
Schedule of Consolidated Statements Of Balance Sheet
   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 
Schedule of Consolidated Statements Of Income And Comprehensive Income Of Comparison Between Pro Forma And Future Fintech Group Inc.
   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