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Acquisition | 3 Months Ended
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Mar. 31, 2023
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 2,244,156 shares of common stock of the Company on August 4, 2021. 40% of the Purchase Price ($7.39 million) in two installments for 20% each shall be paid in shares of common stock of the Company upon the completion of the audited reports for Nice Talent of the years ended on December 31, 2021 and 2022, respectively. Nice Talent has met the performance requirements for the year ended on December 31, 2021 and 2022, however, the 40% of the Purchase Price has not been paid in the shares of common stock of the Company to Joy Rich as of the date of this report. 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. 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 in England and Wales, 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 October 1, 2022.

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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