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Acquisition

9 Months Ended

Sep. 30, 2024

Acquisition [Abstract]

ACQUISITION

9. ACQUISITION

Alpha International Securities (Hong Kong) Limited

On November 7, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company completed the acquisition of 100% equity interest of Alpha International Securities (Hong Kong) Limited a company incorporated in Hong Kong for $1,791,174 (HKD14,010,421). Alpha International Securities (Hong Kong) Limited is in the securities business in Hong Kong. The Company changed its name from Alpha International Securities (Hong Kong) Limited to FTFT International Securities and Futures Limited on November 1, 2023 as a part of closing.

Alpha Information Services (Shenzhen) Co., Ltd

On November 7, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company completed the acquisition of 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd. for $210,788 (HKD1,649,528). Alpha Information Services (Shenzhen) Co., Ltd provides information services for FTFT International Securities and Futures Limited. The Company changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023 as a part of the closing.

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 November 7, 2023. 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 November 7, 2023. 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 a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

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- References

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