| Discontinued Operations |
9.
Discontinued Operations
On
April 28, 2025, the Company, through its subsidiary YCWB Agricultural Technology Co., Limited, disposed of SCQC Agricultural Co., Limited
by transferring its 100% equity interests in SCQC to Mr. Zhang Chenjiang for no consideration.
Pursuant
to the sale agreement, in addition to acquiring all equity interests of SCQC, Zhang Chenjiang assumed all debts, obligations, and
liabilities of SCQC and acquire all rights to its assets.
As
a result of the disposal, SCQC ceased to be a subsidiary of the Company. The operating results of SCQC are presented as part of income
(loss) from discontinued operations in the Consolidated Statements of Operations for all periods presented. The related assets and liabilities
prior to the disposal are classified as discontinued operations in the Consolidated Balance Sheets.
Schedule of Discontinued Operations
| | |
| | |
| Cash and cash equivalents | |
$ | 36 | |
| Inventories | |
| 24,135 | |
| Prepayment, deposits and other receivables | |
| 75,240 | |
| Other payables | |
| (30,686 | ) |
| Net Assets of SCQC | |
| 68,725 | |
| Foreign currency translation income | |
| 314 | |
| Book amount of long-term equity investment | |
$ | 69,039 | |
| Fair value of consideration | |
$ | - | |
| Loss on disposition | |
$ | (69,039 | ) |
The
following table details the components of income (loss) from discontinued operations:
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| REVENUE | |
$ | - | | |
$ | 2,539 | | |
$ | - | | |
$ | 245,260 | |
| | |
| | | |
| | | |
| | | |
| | |
| COST OF REVENUE | |
| - | | |
| (220 | ) | |
| - | | |
| (66,591 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| GROSS PROFIT | |
| - | | |
| 2,319 | | |
| - | | |
| 178,669 | |
| | |
| | | |
| | | |
| | | |
| | |
| OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
| Selling and distribution | |
| - | | |
| - | | |
| - | | |
| (2,439 | ) |
| General and administrative | |
| (6,763 | ) | |
| (27,139 | ) | |
| (13,370 | ) | |
| (75,358 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| INCOME/(LOSS) FROM OPERATION BEFORE INCOME
TAX | |
| (6,763 | ) | |
| (24,820 | ) | |
| (13,370 | ) | |
| 100,872 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| - | | |
| 1,379 | | |
| - | | |
| 1,379 | |
| Interest income | |
| - | | |
| 13 | | |
| 6 | | |
| 79 | |
| | |
| | | |
| | | |
| | | |
| | |
| INCOME/(LOSS) BEFORE INCOME TAX | |
| (6,763 | ) | |
| (23,428 | ) | |
| (13,364 | ) | |
| 102,330 | |
| INCOME TAX EXPENSES | |
| - | | |
| (8,154 | ) | |
| - | | |
| (8,154 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| NET INCOME/(LOSS) | |
$ | (6,763 | ) | |
$ | (31,582 | ) | |
$ | (13,364 | ) | |
$ | 94,176 | |
The
following table presents the major classes of assets and liabilities of discontinued operations of SCQC reported in the consolidated
balance sheets:
| | |
As
of
June 30, 2025 | | |
As
of
December 31, 2024 | |
| Cash and cash
equivalents | |
$ | - | | |
$ | 29,088 | |
| Inventories | |
| - | | |
| 24,178 | |
| Prepayment,
deposits and other receivables | |
| - | | |
| 82,263 | |
| Total
current assets of discontinued operations | |
$ | - | | |
$ | 135,529 | |
| | |
| | | |
| | |
| Other payables and accrued
liabilities | |
$ | - | | |
$ | 4,480 | |
| Deferred revenue | |
| - | | |
| 161 | |
| Amount
due to related party | |
| - | | |
| 48,689 | |
| Total
current liabilities of discontinued operations | |
$ | - | | |
$ | 53,330 | |
|