v3.25.1
Gain on Disposal of Subsidiaries
 12 Months Ended
Dec. 31, 2024
Gain on Disposal of Subsidiaries [Abstract]  
GAIN ON DISPOSAL OF SUBSIDIARIES

8. GAIN ON DISPOSAL OF SUBSIDIARIES

 

On November 1, 2022, pursuant to the disposition agreement, Takung Art Co., Ltd., Hong Kong Takung Art Company Limited (“Hong Kong Takung”) and Hong Kong MQ Group Limited (“Hong Kong MQ”, together with Hong Kong Takung, the “Targets”), the Company’s wholly owned subsidiaries, and Fecundity Capital Investment Co., Ltd. (the “Purchaser”), entered into a certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Targets in exchange for cash consideration of $1,500,000 (the “Purchase Price”). Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the legacy business is no longer with the Company after June 30, 2023.

 

Net assets of the entities disposed and loss on disposal was as follows

 

   Hong Kong
Takung		   Hong Kong
MQ		   Total 
             
Total assets  $3,593,849   $
-
   $3,593,849 
                
Total liabilities   8,662,466    623,596    9,286,062 
                
Total net liabilities   (5,068,617)   (623,596)   (5,692,213)
                
Total accumulated other comprehensive income   166,210    73,553    239,763 
                
Loss from discontinued operations   6,555    15,391    21,946 
                
Subtotal   (4,895,852)   (534,652)   (5,430,504)
                
Total consideration             1,500,000 
                
Total gain on disposal of subsidiaries            $6,930,504