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Discontinued Operations | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | 25. DISCONTINUED OPERATIONS HeDeTang HK On September 18, 2019, SkyPeople Foods Holdings Limited (“SkyPeople Foods”) entered into a Share Transfer Agreement (the “Agreement”) with New Continent International Co., Ltd., (the “Buyer”) a company incorporated in the British Virgin Islands. Pursuant to the terms of the Agreement, the Buyer purchased 100% ownership of HeDeTang Holdings (HK) Ltd. (“HeDeTang HK”) from SkyPeople Foods, which value is primarily derived from HeDeTang HK’s wholly-owned subsidiary HeDeJiaChuan Holdings Co., Ltd. and 73.41% owned subsidiary SkyPeople Juice Group Co., Ltd., for a total price of RMB 600,000 (approximately $85,714) (the “Sale Transaction”). The Sale Transaction was closed on February 27, 2020. In accordance with ASC Topic 205, Presentation of Financial Statement Discontinued Operations (“ASC Topic 205”), the Company presented the operation results of HeDeTang HK and its subsidiaries as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component and that the Company would have no significant continuing involvement in the operations of the discontinued component. The total assets of HeDeTang HK were $106.85 million as of February 27, 2020 and the total liabilities of HeDeTang HK were $212.80 million as of February 27, 2020, resulting in a gain on disposal of $101.05 million. There was no income or loss from HeDeTang HK from January 1, 2020 to the close of the Sale Transaction. On March 11, 2020, the Company’s Board of Directors passed a resolution to sell the operation of Globalkey Supply Chain Limited and Zhonglian Hengxin Assets Management Co., Ltd (“Zhonglian Hengxin”) and close the operation of Digital Online Marketing Limited, SkyPeople Foods Holdings Limited. and Chain Future Digital Tech (Beijing) Co., Ltd. On March 18, 2021, Chain Future Digital Tech (Beijing) Co., Ltd. was deregistered, resulting in a gain on disposal of $0.18 million. Based on the disposal plan and in accordance with ASC 205-20, the Company presented the operating results from these operations as a discontinued operation. On May 7, 2020, Future Business Management Co., Ltd. completed the transfer of its ownership of Zhonglian Hengxin Assets Management Co., Ltd to an individual third party, resulting in a gain on disposal of $0.18million. On July 24, 2020, the Company’s Board of Directors passed a resolution to sell the operation of Hedetang Farm Products Trading Markets (Mei County) Co., Ltd. resulting in a gain on disposal of $18.20 million and close the operation of Chain Cloud Mall Logistics Center (Shaanxi) Co., Ltd. On July 27,2020, Skypeople Foods Holdings Limited was dissolved; On July 28, 2020 Digital Online Marketing Limited was dissolved; On November 12, 2020, Chain Cloud Mall Network and Technology (Tianjin) Co., Limited and Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. entered into agreements to transfer their ownership of Hedetang Farm Products Trading Markets (Mei country) Co., Ltd. to third parties. On April 9, 2021, FT Commercial Management (Beijing) Co., Ltd was deregistered, resulting in a loss on disposal of $22,623. On August 2, 2021, Guangchengji (Guangdong) Industrial Co., Ltd was sold to a third party, resulting in a loss on disposal of $3.68 million. On November 4, 2021, Future Supply Chain Co., Ltd was transferred to a third party, resulting in a gain on disposal of $ 1.14 million. Loss from discontinued operations for fiscal years 2021 and 2020 was as follows:
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
REVENUES |  | $ | - |  |  | $ | 1,931 |
COST OF SALES |  |  | - |  |  |  | 265 |
GROSS PROFIT |  |  | - |  |  |  | 1,666 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
General and administrative |  |  | - |  |  |  | 456,682 |
Selling expenses |  |  | - |  |  |  | 3,656 |
Bad debt expenses |  |  | - |  |  |  | (10,548 | )
Total |  |  | - |  |  |  | 449,790 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 217,752 |
Interest expense |  |  | - |  |  |  | - |
other income (expenses) |  |  | - |  |  |  | 8,186 |
Total |  |  | - |  |  |  | 225,938 |
Loss from discontinued operations before income tax |  |  | - |  |  |  | (222,186 | )
Income tax provision |  |  |  |  |  |  | - |
Loss from discontinued operation before noncontrolling interest |  | $ | - |  |  |  | (222,186 | )
Gain on disposal of discontinued operations |  |  | - |  |  |  | 145 |
Less: Net loss attributable to non-controlling interests |  |  | - |  |  |  | - |
LOSS FROM DISCONTINUED OPERATION |  | $ | - |  |  | $ | (222,041 | )
The major components of assets and liabilities related to discontinued operations are summarized below:
|  | December 31, 2021 |  |  | December 31, 2020 |
Cash |  | $ | - |  |  | $ | 365,714 |
Other current assets |  |  | - |  |  |  | 243,586 |
Loan receivables |  |  | - |  |  |  | 5,355,944 |
Property, plant and equipment, net |  |  | - |  |  |  | 14,049 |
Amount due from related parties |  |  | 157 |  |  |  | 62,552 |
Total assets related to discontinued operations |  | $ | 157 |  |  | $ | 6,041,845 |
Accounts payable |  | $ | - |  |  | $ | 250,288 |
Accrued expenses |  |  | - |  |  |  | 556,407 |
Loan payables |  |  | - |  |  |  | 379,522 |
Amount due to related parties |  |  | - |  |  |  | 1,068,878 |
Total liabilities related to discontinued operations |  | $ | - |  |  | $ | 2,255,095 |

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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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