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Discontinued Operations
 6 Months Ended
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