| Schedule of Discontinued Operations of REIT Holdings |
The results of discontinued operations of REIT
Holdings for the years ended December 31, 2024, 2023 and 2022 are as follows:
| | |
For the Year Ended December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Revenues | |
$ | 2,429,726 | | |
$ | 3,225,505 | | |
$ | 6,269,178 | |
| Cost of revenues | |
| 1,249,372 | | |
| 3,016,974 | | |
| 5,463,660 | |
| Gross profit | |
| 1,180,354 | | |
| 208,531 | | |
| 805,518 | |
| Operating expenses | |
| 897,658 | | |
| 5,070,857 | | |
| 10,186,565 | |
| Gain (loss) from discontinued operations | |
| 282,696 | | |
| (4,862,326 | ) | |
| (9,381,047 | ) |
| Other income (loss), net | |
| (373,467 | ) | |
| (4,697,061 | ) | |
| 454,782 | |
| Loss before tax | |
| (90,771 | ) | |
| (9,559,387 | ) | |
| (8,926,265 | ) |
| Income tax benefit | |
| (16,424 | ) | |
| (16,639 | ) | |
| (17,562 | ) |
| Net loss from discontinued operations | |
$ | (74,347 | ) | |
$ | (9,542,748 | ) | |
$ | (8,908,703 | ) |
|
| Schedule of Assets and Liabilities of the Discontinued Operations of REIT Holdings |
Assets and liabilities of the discontinued operations of REIT Holdings
as of December 31, 2023 were as follows
| | |
As of
December 31, | |
| | |
2023 | |
| Cash | |
$ | 1,261,182 | |
| Accounts receivable, net | |
| 1,062,237 | |
| Accounts receivable - related party | |
| 108,188 | |
| Advance to suppliers, net | |
| 5,291,192 | |
| Advances to suppliers - related party | |
| 1,807,965 | |
| Prepaid expenses and other current assets | |
| 179,714 | |
| Inventories | |
| 136,191 | |
| Current assets of discontinued operations | |
| 9,846,669 | |
| Property and equipment, net | |
| 7,723,749 | |
| Intangible assets, net | |
| 4,449,857 | |
| Long-term investment | |
| 2,337,451 | |
| Right of use assets | |
| 194,478 | |
| Non-current assets of discontinued operations | |
| 14,705,535 | |
| Total assets of discontinued operations | |
$ | 24,552,204 | |
| | |
| | |
| Short term bank loans, net | |
$ | 5,387,400 | |
| Third-party loan | |
| 852,125 | |
| Advances from customers | |
| 1,711,034 | |
| Advances from customers - related party | |
| 344,051 | |
| Deferred grant - current portion | |
| 191 | |
| Accounts payable | |
| 2,939,439 | |
| Taxes payable | |
| 1,732,802 | |
| Accrued liabilities and other payables | |
| 1,848,218 | |
| Deferred tax liabilities | |
| 299,622 | |
| Lease liabilities - current | |
| 89,500 | |
| Current liabilities of discontinued operations | |
| 15,204,382 | |
| Long-term third-party loans | |
| 2,864,488 | |
| Lease liabilities - non-current | |
| 103,830 | |
| Non-current liabilities of discontinued operations | |
| 2,968,318 | |
| Total liabilities of discontinued operations | |
$ | 18,172,700 | |
|