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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | Note 15 – Subsequent Events The Company evaluated all events and transactions that occurred after June 30, 2023 up through October 31, 2023, the date the Company issued these unaudited interim condensed consolidated financial statements. On July 24, 2023, the Company entered into a securities purchase agreement (the “Agreement 1”) with certain accredited investors (the “Purchasers 1”), pursuant to which the Company agreed to sell to the Purchasers 1 an aggregate of 88,105,727 ordinary shares. The net proceeds from the transactions were $30,000,000, after deducting certain fees due to the placement agent and the Company’s transaction expenses, and will be used for working capital and general corporate purposes. On August 3, 2023, the Company entered into a securities purchase agreement (the “Agreement 2”) with certain purchasers listed on the signature pages thereto (the “Purchasers 2”), in connection with the offer and sale (the “Offering”) of an aggregate of 44,117,648 ordinary shares of the Company. The net proceeds from the transactions were $15,000,000, after deducting certain fees due to the placement agent and the Company’s transaction expenses, and will be used for working capital and general corporate purposes. On August 11, 2023, the Company entered into an equity transfer agreement (the “Agreement 3”) with CRservices Limited (the “Buyer”). Pursuant to the Agreement 3, the Company agreed to sell all the equity interest in Infobird HK (the “Subsidiary”), the wholly-owned subsidiary of the Company, to the Buyer for a total price of HK$10,000 (the “Disposition”). The Board of Directors approved the transaction contemplated by the Agreement 3. The Disposition closed on August 11, 2023, and represented the Company ceased to have any business operation in mainland China. On Octorber 4, 2023, the Company issued $2,220,000 convertible note to a certain purchaser (the “Purchaser 4”). The net proceeds from the transactions were $2,220,000, which was received in advance, and accounted in advance from investor as of June 30, 2023. On the same day, all of the issued convertible note was converted into common shares.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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