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Disposal of Subsidiaries and Discontinued Operations

12 Months Ended

Dec. 31, 2023

Disposal of Subsidiaries and Discontinued Operations [Abstract]

DISPOSAL OF SUBSIDIARIES AND DISCONTINUED OPERATIONS

NOTE 18 —  DISPOSAL OF SUBSIDIARIES AND DISCONTINUED OPERATIONS

HBC sold owned whole shares of Hanryu Times with $153,265, Fantoo Entertainment with $76,604, and K-Commerce with $229,813 on December 28, 2023. The company would not consolidate the three companies’ financials from that time, and the business from the three companies by that time became the discontinued operations of the Company. By selling shares, the Company didn’t recognize any loss on sale of investments, but the Company recorded $3,390,323 as Gain on disposal of subsidiary. On December 28, 2023, the Company calculated a gain regarding the divestiture of subsidiaries as follows:

		As of December 28, 2023
Considerations		$	459,682
The carrying amount of any noncontrolling interest			236,166
Net liabilities			(2,694,475	)
Gain on disposal of subsidiaries		$	3,390,323

The financials of the three companies for the years ended December 31, 2023 and December 31, 2022 are as follows.

		December 31, 2023				December 31, 2022
CURRENT ASSETS:		$	62,216			$	133,934
Cash and Cash Equivalents			1,996				695
Short-term loans			7,756				118,362
Accounts receivable, net of allowance			2,863				92
Non-trade receivables			33,850				12,991
Prepaid expenses and other receivables			15,751				1,794
PROPERTY PLANTAND EQUIPMENT, NET			98,682				135,133
Total Assets		$	160,898			$	269,067
CURRENT LIABILITIES:		$	2,855,373			$	979,623
Short-term borrowings			1,527,104				64,667
Account Payable			369,266				371,183
Non-trade accounts payable			941,968				533,799
Accrued expenses and other current liabilities			17,035				9,974
Total Liabilities		$	2,855,373			$	979,623
Total Stockholder's Equity (Deficiency)		$	(2,694,475	)		$	(710,556	)

		December 31, 2023				December 31, 2022
Sales			33,323				112,934
Cost of Revenue			10,506				47,945
Gross profit (Loss)		$	22,817			$	64,989
OPERATING EXPENSES:			1,235,907				1,246,790
OPERATING LOSS			(1,213,090	)			(1,181,801	)
OTHER INCOME(EXPENSE):			(2,562	)			(611	)
Net loss before taxes			(1,215,652	)			(1,182,412	)
Income tax expense			—				—
NET INCOME(LOSS)		$	(1,215,652	)		$	(1,182,412	)

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- References

No definition available.

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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

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