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DECONSOLIDATION | 3 Months Ended
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Mar. 31, 2024
Deconsolidation |
DECONSOLIDATION | NOTE 16 – DECONSOLIDATION OF SUBSIDIARY On January 1, 2024 and effective on the same date., JHJ, SSET and Xiangyueheng entered into the Agreement on the Termination of the Concerted Action Agreement (the “Termination Agreement”), pursuant to which the parties release each other from any and all obligations under the CAA. Due to the Termination Agreement, the Company now holds less than 50% of the voting rights in Shuya. The Company has determined that Shuya no longer constitutes a VIE and the Company will not consolidate Shuya into its consolidated financial statements on or after January 1, 2024. Accordingly, started from January 1, 2024, the Company deconsolidated Shuya. Under ASC 810-10-40-5, deconsolidation of a VIE generally results in recognition of a gain or loss in the income statement. In addition, any retained equity interest or investment in the former subsidiary is measured at fair value as of the date of deconsolidation. The consideration for deconsolidating of Shuya is $0, the Company used discounted cash flow method to evaluate the fair value of Shuya, and determined the fair value of retained equity interest for Shuya and NCI approximate its carry value; therefore, no gain or loss was recognized from deconsolidation of Shuya. The Company recalculated the fair value of Shuya investment as of January 1, 2024 using the income approach at $399,993 and recorded a loss of $303,286 from deconsolidation of Shuya for the three months ended March 31, 2024. The following table summarizes the carrying value of the assets and liabilities of Shuya at December 31, 2023. SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES AND RESULTS OF OPERATIONS TO DISCONTINUED OPERATIONS
Cash |  | $ | 85,226 |
Accounts receivable |  |  | 164,744 |
Advance to Supplier-Prepayment |  |  | 317,557 |
Advance to Supplier-Related Party |  |  | 463,621 |
Due from related party |  |  | 752,066 |
Inventory |  |  | 308,481 |
Total current assets |  |  | 2,091,695 |
Fixed assets, net |  |  | 74,158 |
Intangible assets, net |  |  | 12,914 |
Right of use asset |  |  | 207,995 |
Total non-current assets |  |  | 295,067 |
Total assets |  |  | 2,386,762 |
Accounts payable |  | $ | 41,503 |
Accounts payable-related party |  |  | 328,587 |
Customer Deposits |  |  | 45,074 |
Accrued Expense |  |  | 135,087 |
Facility Lease liability-current |  |  | 229,201 |
Total current liabilities |  |  | 779,452 |
Facility Lease liability-long term |  |  | 81,506 |
Total liabilities |  |  | 860,958 |
The following table shows the results of operations relating to discontinued operations Shuya for the three months ended March 31, 2024 and 2023, respectively.
|  | 2024 |  |  | 2023 |
|  | THREE MONTHS ENDED MARCH 31, |
|  | 2024 |  |  | 2023 |
Revenues |  | $ | - |  |  | $ | 2,345,138 |
Cost of goods sold |  |  | - |  |  |  | 2,204,056 |
Gross profit |  |  | - |  |  |  | 141,082 |
Operating expenses |  |  |  |  |  |  |  |
Selling |  |  | - |  |  |  | 59,680 |
General and administrative |  |  | - |  |  |  | 5,624 |
Total operating expenses |  |  | - |  |  |  | 65,304 |
Income from operations |  |  | - |  |  |  | 75,778 |
|  |  | - |  |  |  | - |
Other income |  |  | - |  |  |  | 72 |
Income before income tax |  |  | - |  |  |  | 75,850 |
Income tax |  |  | - |  |  |  | (1,295 | )
Income before noncontrolling interest |  |  | - |  |  |  | 74,555 |
Less: income attributable to noncontrolling interest |  |  | - |  |  |  | 38,023 |
Net gain to the Company |  | $ | - |  |  | $ | 36,532 |

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