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Short - Term Investment
6 Months Ended
Jun. 30, 2023
Short Term Investment [Abstract]  
SHORT - TERM INVESTMENT

7. SHORT - TERM INVESTMENT

 

As of June 30, 2023, the balance of short - term investments were $1.06 million. On September 6, 2021, Future Private Equity Fund Management (Hainan) Co., Ltd. invested RMB13,000,000 ($1.79 million) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types of investment portfolios. According to the market value, the Company’s balance of the short - term investment was $1.06 million on June 30, 2023. Due to fluctuations of the quoted shares included in its investment portfolios, the Company unrealized holding gains on available-for-sale securities of $0.11 million.

 

As of December 31, 2022, the balance of short - term investments were $0.99 million. On September 6, 2021, Future Private Equity Fund Management (Hainan) Co., Ltd. invested RMB13,000,000 ($1.87 million) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types of investment portfolios. According to the market value, the Company’s balance of the short - term investments was $0.99 million on December 31, 2022. Due to fluctuations of the quoted shares included in its investment portfolios, the Company recognized an impairment to the investment portfolio of $0.91 million.