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Discontinued Operations | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | 21. DISCONTINUED OPERATIONS On June 16, 2023, QR (HK) Limited was dissolved and deregistered. On December 5, 2023, FTFT PARAGUAY S.A. was dissolved. On March 7, 2024, Chain Cloud Mall Network and Technology (Tianjin) Co., Limited was dissolved and deregistered. Loss from discontinued operations for June 30, 2024 and 2023 was as follows:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
REVENUES |  | $ | - |  |  | $ | 87,741 |  |  | $ | - |  |  | $ | 117,256 |
COST OF SALES |  |  | - |  |  |  | 71,049 |  |  |  | - |  |  |  | 94,543 |
GROSS PROFIT |  |  | - |  |  |  | 16,692 |  |  |  | - |  |  |  | 22,713 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | - |  |  |  | 123,784 |  |  |  | - |  |  |  | 226,722 |
Research and Development expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,621 |
Selling expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,014 |
Total |  |  | - |  |  |  | 123,784 |  |  |  | - |  |  |  | 234,357 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | 17 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other (income) expense |  |  | - |  |  |  | 1,963 |  |  |  | - |  |  |  | (1,817 | )
Total |  |  | - |  |  |  | 1,976 |  |  |  | - |  |  |  | (1,800 | )
Loss from discontinued operations before income tax |  |  | - |  |  |  | (105,116 | ) |  |  | - |  |  |  | (213,444 | )
Income tax provision |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss from discontinued operation before noncontrolling interest |  | $ | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
Gain on disposal of discontinued operations |  |  | - |  |  |  | 105,480 |  |  |  | 645,437 |  |  |  | 105,480 |
Less: Net loss attributable to non-controlling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
INCOME (LOSS) FROM DISCONTINUED OPERATION |  | $ | - |  |  | $ | 364 |  |  | $ | 645,437 |  |  | $ | (107,964 | )
The major components of assets and liabilities related to discontinued operations are summarized below:
|  | June 30, 2024 |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | - |  |  | $ | 16,080 |
Other receivables |  |  | - |  |  |  | 49 |
Advances to suppliers and other current assets |  |  | - |  |  |  | 7,957 |
Total current assets related to discontinued operations |  | $ | - |  |  | $ | 24,086 |
|  |  | - |  |  |  |  |
Property, plant and equipment, net |  |  | - |  |  |  | 72 |
Total assets related to discontinued operations |  | $ | - |  |  | $ | 24,158 |
Accounts payable |  | $ | - |  |  | $ | 18,346 |
Accrued expenses and other payables |  |  | - |  |  |  | 222,771 |
Advances from customers |  |  | - |  |  |  | 2,604 |
Total liabilities related to discontinued operations |  | $ | - |  |  | $ | 243,721 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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