XML 55 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations [Abstract]  
DISCONTINUED OPERATIONS

24. DISCONTINUED OPERATIONS

 

On June 27, 2022, Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. was dissolved and deregistered.

 

On June 16, 2023, QR (HK) Limited was dissolved and deregistered.

 

On December 5, 2023, FTFT PARAGUAY S.A. was dissolved.

 

Loss from discontinued operations for fiscal years 2023 and 2022 was as follows: 

 

   December 31,   December 31, 
   2023   2022 
REVENUES  $
-
   $
-
 
COST OF SALES   
-
    
-
 
GROSS PROFIT   
-
    
-
 
           
OPERATING EXPENSES:          
General and administrative   
-
    299,082 
Total   
-
    299,082 
           
OTHER INCOME (EXPENSE)          
Interest income   
-
    
-
 
Interest expense   
-
    (11,696)
Other income   
-
    3,737 
Total   
-
    (7,959)
Loss from discontinued operations before income tax   
-
    (307,041)
Income tax provision   
-
    
-
 
Loss from discontinued operation before noncontrolling interest  $
-
    
-
 
Gain (loss) on disposal of discontinued operations   386,482    (154)
Less: Net loss attributable to non-controlling interests   
-
    
-
 
LOSS FROM DISCONTINUED OPERATION  $386,482   $(307,195)

 

The major components of assets and liabilities related to discontinued operations are summarized below:

 

   December 31,
2023		   December 31,
2022		 
Cash and cash equivalents  $
            -
   $74,250 
Other receivables   
-
    14,312 
Property, plant and equipment, net   
-
    208,092 
Total assets related to discontinued operations  $
-
   $296,654 
           
Accrued expenses and other payables  $
-
   $105,479 
Amount Due to Related Party   
-
    9,077 
Total liabilities related to discontinued operations  $
-
   $114,556