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DISPOSALS OF CONSOLIDATED ENTITIES | 12 Months Ended
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Dec. 31, 2024
Disposals Of Consolidated Entities |
DISPOSALS OF CONSOLIDATED ENTITIES | 5. DISPOSALS OF CONSOLIDATED ENTITIES ADG, SZTET, WHTET, and TDTDG were dissolved on January 28, June 14, May 31, and May 17, 2022, respectively. The dissolution of these companies results in minimal gain or loss for the year ended December 31, 2022. TCTCZ was dissolved on September 20, 2023. The dissolution did not result in any gain or loss for the year ended December 31, 2023. The Company disposed of 100% equity interests of TDL to an unrelated third party for nil consideration on September 6, 2023, and disposed of 100% equity interests of TDAL and TCL (including their subsidiaries) to an unrelated third party for nil consideration on October 27, 2023. The disposition resulted in a total recorded loss of $16,184 for the Company for the year ended December 31, 2023. ZJIOT was dissolved on June 25, 2024. The dissolution resulted in a recorded loss of $98,887 for the year ended December 31, 2024. The dissolution of ADG, SZTET, WHTET, TDTDG, TCTCZ, and ZJIOT were not qualified as discontinued operations as they do not individually or in the aggregate represent a strategic shift that has had a major impact on the Company’s operations or financial results. The disposals of TDL, TDAL, and TCL represented a strategic shift in the Company’s strategy and had a major effect on the Company’s operations and financial results. Operations of the three companies have been presented as “discontinued operations” in the Company’s consolidated financial statement (Note 10).

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