XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.25.1

Discontinued Operations | 3 Months Ended
--- | ---
Mar. 31, 2025
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | 17. DISCONTINUED OPERATIONS 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. The loss on disposal was $22.46. On October 18, 2024, Nice Talent Asset Management Limited (“NTAM”) was disposed of for a consideration of $ 0.31 million (HK$2.40 million). The loss on disposal was $2.32 million. On December 6, 2024, FTFT Super Computing Inc. was disposed of for a consideration of US$1.97 million, of which (i) the assumption of the obligations of FTFT Super Computing totaling $973,072.24 and (ii) $1,000,000 was paid to an account at Olshan Frome Wolosky LLP to satisfy, in part, the right of payment held by FT Global Capital, Inc. arising from the judgment entered in favor of FT Global and against the Company registered in the Southern District of New York. The gain on disposal was $3.42 million. On February 3, 2025, FTFT UK LIMITED, FTFT Finance UK Limited, Future Fintech Digital Number One US, LP, Future Fintech Digital Number One Offshore, LLC(Cayman), Future Fintech Digital Number One GP,LLC (USA), FTFT Digital Number One, Ltd.(Cayman), Future FinTech Labs Inc, Future Fintech Digital Capital, FTFT CAPITAL INVESTMENTS, DigiPay FinTech Limited, DCON DigiPay Limited-JPN and Global Key Shared Mall Ltd were disposed of for a consideration of US$25,000 after a court auction sale. The gain of disposal was $28.24 million. Loss from discontinued operations for the three months ended March 31, 2025 and 2024 was as follows:
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
REVENUES |  | $ | - |  |  | $ | 4,443,778 |
COST OF SALES-THIRD PARTY |  |  | - |  |  |  | 2,631,960 |
COST OF SALES-RELATED PARTY |  |  | - |  |  |  | 135,640 |
GROSS PROFIT |  |  | - |  |  |  | 1,676,178 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
General and administrative |  |  | - |  |  |  | 2,230,757 |
Research and Development expenses |  |  | - |  |  |  | 645 |
Bad debt provision |  |  | - |  |  |  | 75,355 |
Total |  |  | - |  |  |  | 2,306,757 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 14,636 |
Interest expense |  |  | - |  |  |  | (718 | )
Other expense |  |  | - |  |  |  | (10,915 | )
Total |  |  | - |  |  |  | 3,003 |
Loss from discontinued operations before income tax |  |  | - |  |  |  | (627,576 | )
Income tax provision |  |  | - |  |  |  | - |
Loss from discontinued operation before noncontrolling interest |  | $ | - |  |  |  | (627,576 | )
Gain on disposal of discontinued operations |  |  | 28,238,122 |  |  |  | 645,437 |
Less: Net loss attributable to non-controlling interests |  |  | 1,866,066 |  |  |  | 3,579 |
INCOME (LOSS) FROM DISCONTINUED OPERATION |  | $ | 26,372,056 |  |  | $ | 14,282 |
The major components of assets and liabilities related to discontinued operations are summarized below:
|  | March 31, 2025 |  |  | December 31, 2024 |
Cash and cash equivalents |  | $ | - |  |  | $ | 76,876 |
Other receivables |  |  | - |  |  |  | 200,269 |
Advances to suppliers and other current assets |  |  | - |  |  |  | 30,449 |
Property, plant and equipment, net |  |  | - |  |  |  | 134,553 |
Right of use assets - operation lease |  |  | - |  |  |  | 154,810 |
Total assets related to discontinued operations |  | $ | - |  |  | $ | 596,957 |
Accrued expenses and other payables |  | $ | - |  |  | $ | 301,807 |
Amount Due to Related Party |  |  | - |  |  |  | 29,036 |
Lease liability - operation lease |  |  | - |  |  |  | 154,810 |
Total liabilities related to discontinued operations |  | $ | - |  |  | $ | 485,653 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration