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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