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BUSINESS COMBINATION
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATION

NOTE 23     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