| Schedule of Assets and Liabilities of Discontinued Operation |
The carrying amount of the major classes
of assets and liabilities of discontinued operation as of December 31, 2023 and 2022 consist of the following:
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Assets of discontinued operation: | |
| | |
| |
| Current Assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 63 | | |
$ | 9,472 | |
| Accounts receivable, net | |
| 2,790 | | |
| 149,510 | |
| Others receivable | |
| 3,189 | | |
| 3,378 | |
| Advances and prepayments to suppliers | |
| 3,860 | | |
| 5,431 | |
| Inventory | |
| 45,803 | | |
| 313,530 | |
| Subtotal current assets from discontinued operation | |
| 55,705 | | |
| 481,321 | |
| Property, plant and equipment, net | |
| 1,180,994 | | |
| 1,349,625 | |
| Total assets from discontinued operation | |
$ | 1,236,699 | | |
$ | 1,830,946 | |
| | |
| | | |
| | |
| Liabilities of discontinued operation: | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 766,138 | | |
$ | 751,135 | |
| Accounts payable - related party | |
| - | | |
| 263,628 | |
| Accrued expenses | |
| 82,915 | | |
| 62,754 | |
| Other current liabilities | |
| 100,402 | | |
| 8,227 | |
| Subtotal current liabilities | |
| 949,455 | | |
| 1,085,744 | |
| Total liabilities of discontinued operation | |
$ | 949,455 | | |
$ | 1,085,744 | |
The summarized operating result
of discontinued operations included in the Company’s consolidated statements of operations consist of the following:
| | |
For the nine
months ended | | |
For the Year ended | |
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
| | |
| |
| Sales | |
$ | 299,881 | | |
$ | 395,481 | |
| Costs of goods sold | |
| 349,810 | | |
| 501,711 | |
| Gross Profit (Loss) | |
| (49,929 | ) | |
| (106,230 | ) |
| Selling expenses | |
| - | | |
| 3,441 | |
| General and administrative expenses | |
| 232,890 | | |
| 117,910 | |
| Total Operating Expenses | |
| 232,890 | | |
| 121,351 | |
| Other income (expenses) | |
| 58 | | |
| (76,609 | ) |
| Loss before income tax | |
| (282,761 | ) | |
| (304,190 | ) |
| Income tax expense | |
| - | | |
| 792 | |
| Loss from discontinued operation | |
$ | (282,761 | ) | |
| (304,982 | ) |
| Gain from disposal, net of tax | |
| 865,085 | | |
| - | |
| Total gain (loss) from discontinued operations, net of income taxes | |
$ | 582,324 | | |
$ | (304,982 | ) |
|