| Schedule of Assets Acquired and Liabilities Assumed |
The following table summarizes the allocation of the purchase price to the identifiable assets acquired and liabilities assumed at the acquisition date: | | | Amounts | | | Assets | | | | | Cash and cash equivalents | | $ | 128 | | | Investment in equity investee | | | 7,278,845 | | | Total identifiable assets acquired | | | 7,278,973 | | | | | | | | | Liabilities | | | | | | Other payable | | | (5,893 | ) | | Amount due to equity investee | | | (4,263,291 | ) | | Amounts due to related parties | | | (9,789 | ) | | Total liabilities assumed | | | (4,278,973 | ) | | | | | | | | Net Assets Acquired | | $ | 3,000,000 | | The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: | | | Amounts | | | Assets | | | | | Cash and cash equivalents | | $ | 5,502 | | | Accounts receivable | | | 2,986 | | | Inventories | | | 14,884 | | | Other receivables, deposits and prepayment | | | 16,490 | | | Prepaid tax | | | 2,508 | | | Property and equipment | | | 87,206 | | | Total identifiable assets acquired | | | 129,576 | | | | | | | | | Liabilities | | | | | | Accounts payable | | | (15,603 | ) | | Other payable | | | (17,471 | ) | | Amounts due to related parties | | | (162,465 | ) | | Total liabilities assumed | | | (195,539 | ) | | | | | | | | Net identifiable liabilities assumed | | $ | (65,963 | ) | | | | | | | | Reconciliation to goodwill | | | | | | Consideration transferred | | | 150,000 | | | Fair value of non-controlling interest | | | (19,789 | ) | | Less: Net identifiable liabilities assumed | | | (65,963 | ) | | Goodwill | | $ | 196,174 | |
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