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Discontinued Operations
 6 Months Ended
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:

 

          
   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)