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BUSINESS COMBINATION | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATION | Note 22 BUSINESS COMBINATION Meixin Institutional Food Development Company Limited On September 7, 2022, the Company acquired 80% shares of Meixin. The fair values of assets acquired and liabilities assumed were as follows:
Schedule of assets acquired and liabilities assumed |  |  |
Cash and bank balance |  | $ | 7,824 |
Trade receivables |  |  | 10,646 |
Inventory |  |  | 14,225 |
Plant and equipment, net |  |  | 872,939 |
Intangible assets – customer relations |  |  | 169,156 |
Other payables and accrued liabilities |  |  | (581,959 | )
Net assets value |  |  | 492,831 |
Net assets acquired @ 80% |  |  | 394,265 |
Goodwill |  |  | 3,905,735 |
Purchases price |  | $ | 4,300,000 |
Xin Feng Construction Co., Ltd. On November 30, 2022, the Company terminated the VIE agreements with and settled all debt claims as to XFC. The fair values of assets and liabilities of XFC were as follows:
Schedule of assets acquired and liabilities assumed |  |  |
Cash and bank balance |  | $ | 46,564 |
Trade receivables |  |  | 378,798 |
Inventory |  |  | 144,968 |
Prepaid expenses and other current assets |  |  | 2,000,452 |
Plant and equipment, net |  |  | 38,402 |
Bank borrowing |  |  | (19,054 | )
Other payables and accrued liabilities |  |  | (19,839 | )
Income tax payable |  |  | (32,274 | )
Goodwill |  |  | 332,040 |
Net assets acquired |  | $ | 2,870,057 |
Consideration received |  |  | (300,082 | )
Loss on disposal of subsidiary |  | $ | 2,569,975 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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