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Business combination | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Business combination | NOTE 4 – Business combination Acquisition of Pure Tech On July 31, 2024, the Company entered into an Equity Acquisition Agreement (the “Purchase Agreement 1”) with Shangri-La Trading Limited to acquire 65% ownership stake in Pure Tech, for aggregate purchase price of $40,000,000. On December 6, 2024, the Company entered into an Equity Acquisition Agreement (the “Purchase Agreement 2”) with the other shareholder of Pure Tech, One One Business Limited to acquire 32% ownership stake in Pure Tech, for aggregate purchase price of $25,737,818, consisting of $5,953,095 in the form of promissory note and $19,784,723 in cash. On November 30, 2024, the Company has paid the majority of considerations and already control Pure Tech and its subsidiary and VIEs. The Company’s acquisition of Pure Tech was accounted for as a business combination in accordance with ASC 805. The Company allocated the purchase price of Pure Tech based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions were not material and have been expensed as incurred in general and administrative expense. The consideration was $65,737,818, consisting of $5,953,095 in the form of a convertible promissory note and $59,784,723 in cash. The following table presents the purchase price of Pure Tech for the Company and non-controlling shareholders on November 30, 2024.
Schedule of fair value of identifiable assets acquired and liabilities |  |  |  |
|  | Amount
Cash |  | $ | 4,212,977 |
Accounts receivable, net |  |  | 3,264,577 |
Notes Receivables |  |  | 1,299,453 |
Other receivables, net |  |  | 140,172 |
Due from related parties |  |  | 249,273 |
Prepayments |  |  | 131,765 |
Right-of-use assets |  |  | 364,175 |
Accounts payable |  |  | (2,714,374 | )
Other payables and accrued liabilities |  |  | (656,039 | )
Contract liabilities |  |  | (109,908 | )
Taxes payable |  |  | (494,392 | )
Lease liabilities - current |  |  | (134,463 | )
Lease liabilities - noncurrent |  |  | (217,569 | )
Net assets acquired |  | $ | 5,335,647 |
Goodwill |  | $ | 62,435,299 |
Purchase price for the Company |  |  | 65,737,818 |
Fair value of non-controlling interest |  |  | 2,033,128 |
Total purchase price |  | $ | 67,770,946 |
The following unaudited pro forma financial information represents the consolidated results of operations as if the acquisition had occurred on January 1, 2022:
Schedule of financial information represents the consolidated results of operations |  |  |  |  |  |  |  |  |  |  |  |
|  | For the year ended December 31, 2024 |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022
Revenue |  | $ | 17,622,367 |  |  | $ | 13,426,051 |  |  | $ | 17,634,143 |
Net income/(loss) |  |  | 1,703,675 |  |  |  | 2,699,315 |  |  |  | (226,904 | )
These pro forma results are presented for information purposes only and do not necessarily reflect the actual results that would have been achieved had the acquisition occurred on the date assumed, nor are they indicative of future consolidated results of operations. Both revenue and net income/(loss) of pro forma are combined continuing operations of the Company and Pure Tech.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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