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Discontinued Operations

12 Months Ended

Dec. 31, 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.

On September 4, 2024, Tianjin Future Private Equity Fund Management Partnership (Ltd Partnership) was dissolved and deregistered.

On October 18, 2024, Nice Talent Asset Management Limited was disposed of for a consideration of USD 0.31 million (HKD 2.40 million).

 On December 6, 2024, FTFT SuperComputing Inc. was disposed of for a consideration of USD 1.97 million.

Loss from discontinued operations for fiscal years 2024 and 2023 was as follows: 

		December 31,				December 31,
		2024				2023
Revenue		$	-			$	13,168,348
Cost – third party			-				8,423,457
Cost – related party			-				978,801
Gross profit			-				3,766,090
OPERATING EXPENSES:
General and administrative			-				4,211,836
Research and Development expenses			-				2,577
Selling expenses			-				310,737
Bad debt provision			-				70,955
Total			-				4,596,105
OTHER INCOME (EXPENSE)
Interest income			-				30,655
Interest expense			-
Other expense			-				(780,899	)
Total			-				(750,244	)
Loss from discontinued operations before income tax			-				(1,580,259	)
Income tax provision			-				5,281
Loss from discontinued operation before noncontrolling interest		$	-				(1,574,978	)
Gain on disposal of discontinued operations			1,054,155				386,482
Less: Net loss attributable to non-controlling interests			(190,840	)			(108,046	)
LOSS FROM DISCONTINUED OPERATION		$	1,244,995			$	(1,080,450	)

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

		December 31, 2024				December 31, 2023
Cash and cash equivalents		$	-			$	1,619,413
Accounts receivable			-				1,296,065
Other receivables			-				2,459,259
Advances to suppliers and other current assets			-				399,827
Property, plant and equipment, net			-				1,767,037
Right of use assets - operation lease			-				834,076
Total assets related to discontinued operations		$	-			$	8,375,677
Accounts payable		$	-			$	18,346
Accrued expenses and other payables			-				881,886
Advances from customers			-				2,604
Amount Due to Related Party			-				401,516
Lease liability - operation lease			-				145,468
Lease liability - operation lease non-current			-				690,819
Total liabilities related to discontinued operations		$	-			$	2,140,639

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- References

No definition available.

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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

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