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v3.23.3

Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of assets and liabilities from discontinued operations |
Schedule of assets and liabilities from discontinued operations |  |  |  |  |  |  |  |
|  | June 30, |  | December 31,
|  | 2023 |  | 2022
CURRENT ASSETS: |  |  |  |  |  |  |  |
Cash |  | $ | 555,523 |  |  | $ | 829,258 |
Accounts receivable, net |  |  | 356,330 |  |  |  | 402,309 |
Other receivables, net |  |  | 97,768 |  |  |  | 99,405 |
Due from related parties |  |  | 13,791 |  |  |  | 29,983 |
Prepayments and other current assets |  |  | 104,160 |  |  |  | 202,054 |
Total current assets of discontinued operations |  |  | 1,127,572 |  |  |  | 1,563,009 |
OTHER ASSETS: |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 122,383 |  |  |  | 153,516 |
Right-of-use assets |  |  | 23,512 |  |  |  | 52,813 |
Long-term deposits, net |  |  | 16,687 |  |  |  | 18,993 |
Intangible assets, net |  |  | — |  |  |  | 2,556,761 |
Goodwill |  |  | — |  |  |  | 478,657 |
Total other assets of discontinued operations |  |  | 162,582 |  |  |  | 3,260,740 |
Total assets of discontinued operations |  | $ | 1,290,154 |  |  | $ | 4,823,749 |
Carrying amounts of major classes of liabilities included as part of discountinued operations of Infobird HK, Infobird WFOE, Infobird Beijing, Infobird Guiyang, Infobird Anhui, Shanghai Qishuo and Anhui Weiao:
|  | June 30, |  | December 31,
|  | 2023 |  | 2022
CURRENT LIABILITIES: |  |  |  |  |  |  |  |
Account payable |  | $ | 3,126,502 |  |  | $ | 3,216,364 |
Bank loans - current |  |  | 550,169 |  |  |  | 3,548,242 |
Othr payables and accrued liabilities |  |  | 1,076,953 |  |  |  | 1,134,345 |
Due to related parties |  |  | 19,352 |  |  |  | 53,671 |
Due to Infobird Cayman |  |  | 17,632,181 |  |  |  | 14,013,927 |
Deferred revenue |  |  | 1,166,920 |  |  |  | 1,460,249 |
Taxes payable |  |  | 688,787 |  |  |  | 653,085 |
Lease liabilities - current |  |  | 19,375 |  |  |  | 39,861 |
Total current liabilities of discontinued operations |  |  | 24,280,239 |  |  |  | 24,119,744 |
OTHER LIABILITIES: |  |  |  |  |  |  |  |
Bank loans - noncurrent |  |  | — |  |  |  | 18,170 |
Lease liablities - noncurrent |  |  | — |  |  |  | 8,602 |
Total other liabilities of discontinued operations |  |  | — |  |  |  | 26,772 |
Total liabilities of discontinued operations |  | $ | 24,280,239 |  |  | $ | 24,146,516 |
Schedule of income and losses from discontinued operations |
Schedule of income and losses from discontinued operations |  |  |  |  |  |  |  |
|  | For the Six Months Ended
|  | June 30, |  | June 30,
|  | 2023 |  | 2022
REVENUES |  | $ | 2,265,425 |  |  | $ | 2,579,749 |
COST OF REVENUES |  |  | 1,406,787 |  |  |  | 1,660,645 |
GROSS PROFIT |  |  | 858,638 |  |  |  | 919,104 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Selling |  |  | 545,824 |  |  |  | 2,434,129 |
General and administrative |  |  | 909,818 |  |  |  | 2,901,160 |
Research and development |  |  | 695,294 |  |  |  | 2,392,063 |
Long-live assets impairment |  |  | 2,621,079 |  |  |  | — |
Total operating expenses |  |  | 4,772,015 |  |  |  | 7,727,352 |
LOSS FROM OPERATIONS |  |  | (3,913,377 | ) |  |  | (6,808,248 | )
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |
Interest income |  |  | 1,282 |  |  |  | 1,993 |
Interest expense |  |  | (22,808 | ) |  |  | (107,293 | )
Other (expense) income, net |  |  | (166,516 | ) |  |  | (56,899 | )
Total other income (expense), net |  |  | (188,042 | ) |  |  | (162,199 | )
LOSS BEFORE INCOME TAXES |  |  | (4,101,419 | ) |  |  | (6,970,447 | )
PROVISION FOR (BENEFIT OF) INCOME TAXES |  |  | — |  |  |  | (38,125 | )
NET LOSS FROM DISCONTINUED OPERATIONS |  |  | (4,101,419 | ) |  |  | (6,932,322 | )

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