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BUSINESS COMBINATION
 12 Months Ended
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:

     
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:

     
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