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Variable Interest Entity | 9 Months Ended
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Sep. 30, 2023
Variable Interest Entity [Abstract] |
VARIABLE INTEREST ENTITY | 3. VARIABLE INTEREST ENTITY The carrying amount of the VIE’s consolidated assets and liabilities are as follows:
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Cash and cash equivalents |  | $ | 10,549 |  |  | $ | 12,684 |
Other receivables |  |  | 745 |  |  |  | 768 |
Other current assets |  |  | 7,863 |  |  |  | 14,371 |
Total current assets |  |  | 19,157 |  |  |  | 27,823 |
Property and equipment, net |  |  | 71 |  |  |  | 98 |
Intangible assets |  |  | - |  |  |  | 88,302 |
Total assets |  |  | 19,228 |  |  |  | 116,223 |
Total liabilities |  |  | (240,266 | ) |  |  | (248,964 | )
Net assets |  | $ | (221,038 | ) |  | $ | (132,741 | )
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 18,098 |  |  | $ | 18,657 |
Accrued expenses and other payables |  |  | 5,025 |  |  |  | 6,455 |
Advances from customers |  |  | 2,569 |  |  |  | 2,648 |
Amount due to related party |  |  | 214,574 |  |  |  | 221,204 |
Total current liabilities |  |  | 240,266 |  |  |  | 248,964 |
Total liabilities |  | $ | 240,266 |  |  | $ | 248,964 |
The summarized operating results of the VIE’s are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | (355 | ) |  | $ | 1,378 |  |  | $ | 72,455 |  |  | $ | 2,029 |
Gross profit |  |  | (6,573 | ) |  |  | 1,390 |  |  |  | 3,255 |  |  |  | 2,029 |
Net loss |  |  | (180,198 | ) |  |  | (48,517 | ) |  |  | (199,756 | ) |  |  | (143,424 | )

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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- References No definition available. + Details
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