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DECONSOLIDATION OF SUBSIDIARY | 12 Months Ended
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Dec. 31, 2024
Deconsolidation Of Subsidiary |
DECONSOLIDATION OF SUBSIDIARY | 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, starting 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 Shuya is $0, the Company used the discounted cash flow method to evaluate the fair value of Shuya and determined that the fair value of the retained equity interest and noncontrolling interest was lower than their carrying amounts. As a result, the Company recognized a loss from the deconsolidation of Shuya. The Company recalculated the fair value of Shuya as of January 1, 2024 using the income approach at $360,560 and recorded a loss of $125,148 from deconsolidation of Shuya for the twelve months ended December 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 |  |  | 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 years ended December 31, 2023, respectively.
|  | 2023 |
|  | TWELVE MONTHS ENDED DECEMBER 31, No discontinued operations included |
|  | 2023 |
Revenues |  | $ | 8,419,619 |
Cost of goods sold |  |  | 7,790,200 |
Gross profit |  |  | 629,419 |
Operating expenses |  |  |  |
Selling |  |  | 352,954 |
General and administrative |  |  | 5,889 |
Total operating expenses |  |  | 358,843 |
Income from operations |  |  | 270,576 |
Other income |  |  | 2,501 |
Income before income tax |  |  | 273,077 |
Income tax |  |  | 22,173 |
Income before noncontrolling interest |  |  | 250,904 |
Less: income attributable to noncontrolling interest |  |  | 127,961 |
Net gain to the Company |  | $ | 122,943 |

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