| Schedule of Disposal of Subsidiaries and Discontinued Operations |
The following table outlines the calculation of
the gain on disposal related to the sale of the subsidiaries on November 5, 2024, and December 28, 2024.
| | |
As of December 28,
2024 | |
| Consideration received (sale price) | |
$ | 3,300 | |
| The carrying amount of any noncontrolling interest | |
| — | |
| Net liabilities | |
| 11,502,964 | |
| foreign exchange difference | |
| 894,109 | |
| Gain on disposal of subsidiaries | |
$ | 12,400,373 | |
The financials of the three companies for the
years ended December 31, 2024 are as follows.
| | |
December 31,
2024 | |
| CURRENT ASSETS: | |
$ | 39,653,805 | |
| Cash and Cash Equivalents | |
| 1,408 | |
| Short-term loans | |
| 26,550,250 | |
| Accounts receivable, net of allowance | |
| 5,971,432 | |
| Non-trade receivables | |
| 24,320 | |
| Prepaid expenses and other receivables | |
| 7,106,395 | |
| PROPERTY PLANTAND EQUIPMENT, NET | |
| 247,188 | |
| Operating lease right-of-use asset | |
| — | |
| Other Asset | |
| 216,258 | |
| Total Assets | |
$ | 40,117,251 | |
| | |
| | |
| CURRENT LIABILITIES: | |
$ | 51,620,215 | |
| Short-term borrowings | |
| 40,248,754 | |
| Non-trade accounts payable | |
| 8,211,344 | |
| Bonds with Warrants | |
| 3,061,224 | |
| Accrued expenses and other current liabilities | |
| 98,893 | |
| Total Liabilities | |
$ | 51,620,215 | |
| Total Stockholder’s Equity (Deficiency) | |
$ | (11,502,964 | ) |
| | |
December 31,
2024 | |
| Sales | |
| 196 | |
| Cost of Revenue | |
| — | |
| Gross profit (Loss) | |
$ | 196 | |
| OPERATING EXPENSES: | |
| 1,489,006 | |
| OPERATING LOSS | |
| (1,488,810 | ) |
| OTHER INCOME(EXPENSE): | |
| 100,492 | |
| | |
| | |
| Net loss before taxes | |
| (1,338,318 | ) |
| Income tax expense | |
| — | |
| NET INCOME(LOSS) | |
$ | (1,338,318 | ) |
|