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Discontinued Operations

3 Months Ended

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		$	-			$	-