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Discontinued Operations | 3 Months Ended
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Mar. 31, 2022
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | 23. DISCONTINUED OPERATIONS On November 12, 2020, CCM Tianjin and Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. entered into agreements to transfer their ownership of Hedetang Farm Products Trading Markets (Mei county) Co., Ltd. (“Hedetang Farm”) to third parties and the Company has discontinued the operations of Hedetang Farm. However, the ownership transfer process with local government was delayed due to COVID-19. On April 9, 2021, FT Commercial Management (Beijing) Co., Ltd was deregistered, resulting in a loss on disposal of $ 351,914. On August 2, 2021, Guangchengji (Guangdong) Industrial Co., Ltd was sold to a third party. On November 4, 2021, Future Supply Chain Co., Ltd was transferred to a third party. Loss from discontinued operations for March 31, 2022 and 2021 was as follows:
|  | March 31, |  |  | March 31, |
|  | 2022 |  |  | 2021 |
REVENUES |  | $ | - |  |  | $ | 886 |
COST OF SALES |  |  | - |  |  |  | 886 |
GROSS PROFIT |  |  | - |  |  |  | - |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
General and administrative |  |  | - |  |  |  | 66,612 |
(Recovery) of doubtful debts |  |  | - |  |  |  | (3,069 | )
Total |  |  | - |  |  |  | 63,543 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 133,355 |
other income (expenses) |  |  | - |  |  |  | 26,095 |
Total |  |  | - |  |  |  | 159,450 |
Income from discontinued operations before income tax |  |  |  |  |  |  | 95,907 |
Income tax provision |  |  | - |  |  |  | - |
Income from discontinued operation before noncontrolling interest |  | $ | - |  |  |  | 95,907 |
Loss on disposal of discontinued operations |  |  | - |  |  |  | (351,914 | )
LOSS FROM DISCONTINUED OPERATION |  | $ | - |  |  | $ | (256,007 | )
The major components of assets and liabilities related to discontinued operations are summarized below:
|  | March 31, 2022 |  |  | December 31, 2021 |
Cash |  | $ | - |  |  | $ | - |
Amount due from related parties |  |  | 158 |  |  |  | 157 |
Total assets related to discontinued operations |  | $ | 158 |  |  |  | 157 |
Accrued expenses |  | $ | - |  |  | $ | - |
Amount due from related parties |  |  | - |  |  |  | - |
Total liabilities related to discontinued operations |  | $ | - |  |  | $ | - |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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