XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

Acquisition | 12 Months Ended
--- | ---
Dec. 31, 2022
Acquisition [Abstract] |
ACQUISITION | 10. ACQUISITION Nice Talent On August 6, 2021 (“Acquisition Date”), the Company through its wholly owned subsidiary Future FinTech (Hong Kong) Limited., completed its acquisition of 90% of the issued and outstanding shares of Nice Talent from Joy Rich Enterprises Limited for HK$144,000,000 (the “Purchase Price”) which shall be paid in the shares of common stock of the Company (the “Company Shares”). 60% of the Purchase Price ($11.22 million) was paid in shares of common stock of the Company on August 4, 2021. 40% of the Purchase Price ($7.12 million) in 20% each installment shall be paid in shares of common stock of the Company upon the completion of the audited reports for Nice Talent for each of the years ended on December 31, 2022 and 2021, respectively. The transaction was accounted for in accordance with the provisions of ASC 805-10, Business Combinations. The Company retained an independent appraisal firm to advise management in the determination of the fair value of the various assets acquired and liabilities assumed. The values assigned in these financial statements represent management’s best estimate of fair values as of the Acquisition Date. As required by ASC 805-20, Business Combinations—Identifiable Assets and Liabilities, and Any - Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:
Accounts receivable |  | $ | 1,407,902 |
Other receivables |  |  | 27,701 |
Other current assets |  |  | 7,039 |
Property, plant and equipment, net |  |  | 53,577 |
Amount due from related party |  |  | 38,323 |
Accrued expenses and other payables |  |  | (498,515 | )
Net identifiable assets acquired |  | $ | 1,036,027 |
Less: non-controlling interests |  |  | 131,165 |
Add: goodwill |  |  | 17,164,598 |
Total purchase price for acquisition net of $275,624 of cash |  | $ | 18,069,460 |
The Company has included the operating results of Nice Talent in its consolidated financial statements since the Acquisition Date. US$1,291,391 in net sales and US$114,623 in net gain of Nice Talent were included in the consolidated financial statements for the years ended December 31, 2021. Khyber Money Exchange Ltd. On October 1, 2022, FTFT UK Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Khyber Money Exchange Ltd., a company incorporated for £786,887 ($0.95 million). The Company has changed its name from Khyber Money Exchange Ltd., to FTFT Finance UK Limited on October 11, 2022. The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:
Other receivables |  | $ | 242,087 |
Property, plant and equipment, net |  |  | 584 |
Accrued expenses and other payables |  |  | (89,888 | )
Net identifiable assets acquired |  | $ | 152,783 |
Add: goodwill |  |  | 628,938 |
Total purchase price for acquisition net of $166,676 of cash |  | $ | 781,721 |
The Company has included the operating results of FTFT Finance UK Limited in its consolidated financial statements since the Acquisition Date. Nil in net sales and US$20,440 in net loss of FTFT Finance UK Limited were included in the consolidated financial statements for the years ended December 31, 2022. Had the acquisition been completed from beginning of the current year, the revenue and the net loss of the Company would have been US$24.03 million and US$14.32 million.

X
- References No definition available. + Details
Name: | ftft_AcquisitionLineItems
Namespace Prefix: | ftft_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
Name: | us-gaap_AssetAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration