Gain on Disposal of Subsidiaries

12 Months Ended

Dec. 31, 2023

Gain on Disposal of Subsidiaries [Abstract]

GAIN ON DISPOSAL OF SUBSIDIARIES

12. GAIN ON DISPOSAL OF SUBSIDIARIES

On November 1, 2022, pursuant to the disposition agreement, Takung Art Co., Ltd., Hong Kong Takung Art Company Limited (“Hong Kong Takung”) and Hong Kong MQ Group Limited (“Hong Kong MQ”, together with Hong Kong Takung, the “Targets”), the Company’s wholly owned subsidiaries, and Fecundity Capital Investment Co., Ltd. (the “Purchaser”), entered into a certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Targets in exchange for cash consideration of $1,500,000 (the “Purchase Price”). Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the legacy business is no longer with the Company after June 30, 2023.

Net assets of the entities disposed and loss on disposal was as follows

	Hong Kong Takung			Hong Kong MQ			Total
Total assets	$	3,593,849		$	-		$	3,593,849
Total liabilities		8,662,466			623,596			9,286,062
Total net liabilities		(5,068,617	)		(623,596	)		(5,692,213	)
Total accumulated other comprehensive income		166,210			73,553			239,763
Loss from discontinued operations		6,555			15,391			21,946
Subtotal		(4,895,852	)		(534,652	)		(5,430,504	)
Total consideration								1,500,000
Total gain on disposal of subsidiaries							$	6,930,504