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Discontinued Operations | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Note 5 — Discontinued Operations In August 2023, the Company discontinued its SaaS services in the Mainland of China. As a result, the result of operations for the Company’s Mainland SaaS services business are reported as discontinued operations under the guidance of ASC 205. Reconciliation of the carrying amounts of major classes of assets and liabilitiies from discontinued operations in the consolidated balance sheets as of June 30, 2023 and December 31, 2022 is as follow: Carrying amounts of major classes of assets included as part of discountinued operations of Infobird HK, Infobird WFOE, Infobird Beijing, Infobird Guiyang, Infobird Anhui, Shanghai Qishuo and Anhui Weiao:
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 |
Reconciliation of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2023 and 2022.
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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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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