XML 44 R33.htm IDEA: XBRL DOCUMENT v3.24.2.u1
DECONSOLIDATION OF SUBSIDIARY (Tables)
 6 Months Ended
Jun. 30, 2024
Deconsolidation Of Subsidiary  
SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES AND RESULTS OF OPERATIONS TO DISCONTINUED OPERATIONS

The following table summarizes the carrying value of the assets and liabilities of Shuya at December 31, 2023.

 

      
Cash  $85,226 
Accounts receivable   164,744 
Advance to supplier-prepayment   317,557 
Advance to supplier-related party   466,914 
Due from related party   752,066 
Inventory   308,481 
Total current assets   2,094,988 
Fixed assets, net   74,158 
Intangible assets, net   12,914 
Right of use assets   207,995 
Total non-current assets   295,067 
Total assets   2,390,055 
      
Accounts payable  $41,503 
Accounts payable-related party   315,361 
Tax payable   13,225 
Due to related party-existing companies   103,939 
Customer deposits   45,074 
Accrued expense   135,087 
Facility lease liability-current   229,201 
Total current liabilities   883,390 
Facility lease liability-long term   81,506 
      
Total liabilities   964,896 

 

 

The following table shows the results of operations relating to discontinued operations Shuya for the six months ended June 30, 2024 and 2023, respectively.

 

   2024   2023 
     
   SIX MONTHS ENDED
JUNE 30,		 
   2024   2023 
         
Revenues  $-   $4,422,400 
Cost of goods sold   -    4,192,172 
           
Gross profit   -    230,228 
           
Operating expenses          
Selling   -    137,606 
General and administrative   -    17,433 
           
Total operating expenses   -    155,039 
           
Income from operations   -    75,189 
    -      
Other income   -    2,329 
           
Income before income tax   -    77,518 
           
Income tax   -    2,739 
           
Income before noncontrolling interest   -    74,779 
           
Less: income attributable to noncontrolling interest   -    38,137 
           
Net gain to the Company  $-   $36,642