| Schedule of Consolidated Balance Sheet |
The following is a summary of assets and liabilities
as of December 31, 2024 and a reconciliation of assets and liabilities disclosed in the notes to financial statements that are presented
as a discontinued operation on the consolidated balance sheet as of December 31, 2023:
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| ASSETS OF DISCONTINUED OPERATION | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
$ | 469 | | |
$ | 51,393 | |
| Restricted cash | |
| 8,037 | | |
| - | |
| Inventories | |
| - | | |
| 5,502,404 | |
| Advances to suppliers, net | |
| 2,795,162 | | |
| 71,299,563 | |
| Prepayment and other current assets, net | |
| 3,497,724 | | |
| 61,147 | |
| Total current assets | |
| 6,301,392 | | |
| 76,914,507 | |
| NON - CURRENT ASSETS: | |
| | | |
| | |
| Property and equipment, net | |
| 6,512 | | |
| 370,616 | |
| Operating lease right-of-use assets | |
| 55,334 | | |
| 260,522 | |
| Deferred tax assets | |
| 6,247,083 | | |
| 6,245,291 | |
| Total non - current assets | |
| 6,308,929 | | |
| 6,876,429 | |
| TOTAL ASSETS | |
$ | 12,610,321 | | |
$ | 83,790,936 | |
| | |
| | | |
| | |
| LIABILITIES OF DISCONTINUED OPERATION | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Accounts payable | |
$ | 2,640 | | |
$ | 1,902,320 | |
| Accrued expenses and other payables | |
| 1,233,311 | | |
| 156,141 | |
| Advances from customers | |
| 4,537,799 | | |
| 26,424,582 | |
| Due to related parties | |
| - | | |
| 182,558 | |
| Deferred government grant, current | |
| 38,792 | | |
| 37,610 | |
| Operating lease liabilities, current | |
| - | | |
| 70,998 | |
| Income tax payable | |
| 659,919 | | |
| 670,481 | |
| Total current liabilities | |
| 6,472,461 | | |
| 29,444,690 | |
| NON - CURRENT LIABILITIES: | |
| | | |
| | |
| Operating lease liabilities, non-current | |
| - | | |
| 73,596 | |
| Deferred government grant, non-current | |
| 16,543 | | |
| 59,527 | |
| Total non - current liabilities | |
| 16,543 | | |
| 133,123 | |
| TOTAL LIABILITIES | |
$ | 6,489,004 | | |
$ | 29,577,813 | |
|
| Schedule of Consolidated Statements of Net (Loss)/Income |
The following is a reconciliation of the major
classes of financial statement line items constituting net (loss)/income from discontinued operations from Nanjing Lucun, our discontinued
operation, that is disclosed in the notes to the financial statements and presented in the consolidated statements of net (loss)/income
for the years ended December 31, 2024, 2023 and 2022:
| | |
Years Ended December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Net revenues | |
$ | 23,871,417 | | |
$ | 24,148,914 | | |
$ | 39,289,537 | |
| Cost of revenues | |
| (23,443,331 | ) | |
| (22,672,758 | ) | |
| (34,967,113 | ) |
| Gross profit | |
| 428,086 | | |
| 1,476,156 | | |
| 4,322,424 | |
| Operating expenses | |
| (882,885 | ) | |
| (26,538,318 | ) | |
| (772,706 | ) |
| Other income/(expenses).net | |
| 71,756 | | |
| (70,220 | ) | |
| 77,429 | |
| (Loss)/income before income tax | |
$ | (383,043 | ) | |
$ | (25,132,382 | ) | |
$ | 3,627,147 | |
| Income tax expense | |
| 94,501 | | |
| 6,277,197 | | |
| (906,787 | ) |
| (Loss)/income from discontinued operation, net of income tax | |
$ | (288,542 | ) | |
$ | (18,855,185 | ) | |
$ | 2,720,360 | |
|