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Acquisition | 12 Months Ended
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Dec. 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 shares of common stock of the Company on August 4, 2021. 40% of the Purchase Price ($7.39 million) was paid in 299,221 shares of common stock of the Company on October 17, 2023. 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, respectively. Alpha International Securities (Hong Kong) Limited On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha International Securities (Hong Kong) Limited a company incorporated in Hong Kong for $1,791,174 (HKD14,010,421). The Company is securities business. The Company has changed its name from Alpha International Securities (Hong Kong) Limited to FTFT International Securities and Futures Limited on November 1, 2023. Alpha Information Services (Shenzhen) Co., Ltd On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd for $210,788 (HKD1,649,528). The Company is provided information services for FTFT International Securities and Futures Limited. The Company has changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023. The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:
Accounts receivable |  | $ | 1,526,360 |
Other current assets |  |  | 171,038 |
Property, plant and equipment, net |  |  | 1,458 |
Intangible assets |  |  | 127,846 |
Right of use assets |  |  | 8,875 |
Lease liability-current |  |  | (8,875 | )
Accounts payable |  |  | (4,123,903 | )
Accrued expenses and other payables |  |  | (552,484 | )
Net identifiable assets acquired |  | $ | (2,849,685 | )
Add: goodwill |  |  | 172,213 |
Total purchase price for acquisition net of $4,679,434 of cash |  | $ | (2,677,472 | )
The Company has included the operating results of FTFT International Securities and Futures Limited in its consolidated financial statements since the Acquisition Date. US$294,437 in net sales and US$88,408 in net income of FTFT International Securities and Futures Limited were included in the consolidated financial statements for the years ended December 31, 2023. The Company has included the operating results of Future information service (Shenzhen) Co., Ltd in its consolidated financial statements since the Acquisition Date. US$1,390 in net sales and US$50,80 in net loss of Future information service (Shenzhen) Co., Ltd were included in the consolidated financial statements for the years ended December 31, 2023.

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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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