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Future FinTech Group Inc. – ‘10-K’ for 12/31/23 – ‘XML’

On:  Tuesday, 4/16/24, at 12:10pm ET   ·   For:  12/31/23   ·   Accession #:  1213900-24-33265   ·   File #:  1-34502

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/16/24  Future FinTech Group Inc.         10-K       12/31/23  124:9.6M                                   EdgarAgents LLC/FA

Annual Report   —   Form 10-K   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.58M 
 2: EX-4.3      Description of Securities of the Registrant         HTML     38K 
                Registered Under Section 12 of the Securities                    
                Exchange Act of 1934, as Amended                                 
 3: EX-14.1     Code of Business Conduct and Ethics                 HTML     86K 
 4: EX-19.1     Insider Trading Policy                              HTML     54K 
 5: EX-21.1     Description of Subsidiaries of the Registrant       HTML     35K 
 6: EX-23.1     Consent of Onestop Assurance Pac                    HTML     32K 
 7: EX-23.2     Consent of Fortune CPA Inc                          HTML     31K 
12: EX-97.1     Clawback Policy re: Recovery of Erroneously         HTML     49K 
                Awarded Compensation                                             
 8: EX-31.1     Certification -- §302 - SOA'02                      HTML     36K 
 9: EX-31.2     Certification -- §302 - SOA'02                      HTML     37K 
10: EX-32.1     Certification -- §906 - SOA'02                      HTML     32K 
11: EX-32.2     Certification -- §906 - SOA'02                      HTML     32K 
18: R1          Cover                                               HTML    107K 
19: R2          Audit Information                                   HTML     37K 
20: R3          Consolidated Balance Sheets                         HTML    187K 
21: R4          Consolidated Balance Sheets (Parentheticals)        HTML     42K 
22: R5          Consolidated Statements of Operations and           HTML    214K 
                Comprehensive Income (Loss)                                      
23: R6          Consolidated Statements of Stockholders? Equity     HTML     89K 
24: R7          Consolidated Statements of Cash Flows               HTML    168K 
25: R8          Corporate Information                               HTML     43K 
26: R9          Summary of Significant Accounting Policies          HTML    108K 
27: R10         Variable Interest Entity                            HTML     47K 
28: R11         Accounts Receivable                                 HTML     41K 
29: R12         Other Receivables                                   HTML     39K 
30: R13         Loan Receivables                                    HTML     41K 
31: R14         Short - Term Investments                            HTML     35K 
32: R15         Other Current Assets                                HTML     37K 
33: R16         Goodwill                                            HTML     39K 
34: R17         Acquisition                                         HTML     52K 
35: R18         Leases                                              HTML     39K 
36: R19         Property, Plant and Equipment, Net                  HTML     40K 
37: R20         Intangible Assets                                   HTML     42K 
38: R21         Note Payable                                        HTML     39K 
39: R22         Account Payables                                    HTML     37K 
40: R23         Accrued Expenses and Other Payables                 HTML     39K 
41: R24         Convertible Notes Payable                           HTML     42K 
42: R25         Deferred Liabilities                                HTML     34K 
43: R26         Related Party Transaction                           HTML     61K 
44: R27         Income Tax                                          HTML     50K 
45: R28         Impairment Loss                                     HTML     40K 
46: R29         Share Based Compensation                            HTML     45K 
47: R30         Common Stock                                        HTML     37K 
48: R31         Discontinued Operations                             HTML     51K 
49: R32         Segment Reporting                                   HTML     60K 
50: R33         Commitments and Contingencies                       HTML     42K 
51: R34         Risks and Uncertainties                             HTML     41K 
52: R35         Subsequent Events                                   HTML     34K 
53: R36         Pay vs Performance Disclosure                       HTML     45K 
54: R37         Insider Trading Arrangements                        HTML     38K 
55: R38         Accounting Policies, by Policy (Policies)           HTML    161K 
56: R39         Summary of Significant Accounting Policies          HTML     56K 
                (Tables)                                                         
57: R40         Variable Interest Entity (Tables)                   HTML     48K 
58: R41         Accounts Receivable (Tables)                        HTML     44K 
59: R42         Other Current Assets (Tables)                       HTML     36K 
60: R43         Acquisition (Tables)                                HTML     42K 
61: R44         Leases (Tables)                                     HTML     37K 
62: R45         Property, Plant and Equipment, Net (Tables)         HTML     38K 
63: R46         Intangible Assets (Tables)                          HTML     43K 
64: R47         Note Payable (Tables)                               HTML     38K 
65: R48         Account Payables (Tables)                           HTML     36K 
66: R49         Accrued Expenses and Other Payables (Tables)        HTML     38K 
67: R50         Convertible Notes Payable (Tables)                  HTML     37K 
68: R51         Related Party Transaction (Tables)                  HTML     55K 
69: R52         Income Tax (Tables)                                 HTML     43K 
70: R53         Discontinued Operations (Tables)                    HTML     53K 
71: R54         Segment Reporting (Tables)                          HTML     58K 
72: R55         Corporate Information (Details)                     HTML     79K 
73: R56         Summary of Significant Accounting Policies          HTML    105K 
                (Details)                                                        
74: R57         Summary of Significant Accounting Policies          HTML    103K 
                (Details) - Schedule of Numerators and                           
                Denominators Used in the Computations of Basic and               
                Diluted EPS                                                      
75: R58         Summary of Significant Accounting Policies          HTML     46K 
                (Details) - Schedule of Property, Plant and                      
                Equipment are Depreciated Estimated Useful Lives                 
76: R59         Variable Interest Entity (Details) - Schedule of    HTML     91K 
                Consolidated Assets and Liabilities                              
77: R60         Variable Interest Entity (Details) - Schedule of    HTML     62K 
                Operating Results                                                
78: R61         Accounts Receivable (Details) - Schedule of         HTML     41K 
                Accounts Receivable, Net                                         
79: R62         Accounts Receivable (Details) - Schedule of         HTML     46K 
                Concentration of Accounts Receivable Net of                      
                Specific Allowance for Doubtful Accounts                         
80: R63         Other Receivables (Details)                         HTML     73K 
81: R64         Loan Receivables (Details)                          HTML     94K 
82: R65         Short - Term Investments (Details)                  HTML     46K 
83: R66         Other Current Assets (Details) - Schedule of Other  HTML     41K 
                Current Assets                                                   
84: R67         Goodwill (Details)                                  HTML     79K 
85: R68         Acquisition (Details)                               HTML     90K 
86: R69         Acquisition (Details) - Schedule of Estimated Fair  HTML     73K 
                Values of Net Assets Acquired and Liabilities                    
                Assumed                                                          
87: R70         Acquisition (Details) - Schedule of Estimated Fair  HTML     38K 
                Values of Net Assets Acquired and Liabilities                    
                Assumed (Parentheticals)                                         
88: R71         Leases (Details)                                    HTML     43K 
89: R72         Leases (Details) - Schedule of Maturities of Lease  HTML     53K 
                Liabilities                                                      
90: R73         Property, Plant and Equipment, Net (Details)        HTML     39K 
91: R74         Property, Plant and Equipment, Net (Details) -      HTML     50K 
                Schedule of Property and Equipment                               
92: R75         Intangible Assets (Details)                         HTML     39K 
93: R76         Intangible Assets (Details) - Schedule of           HTML     46K 
                Intangible Assets                                                
94: R77         Intangible Assets (Details) - Schedule of           HTML     47K 
                Estimated Amortization                                           
95: R78         Note Payable (Details)                              HTML     35K 
96: R79         Note Payable (Details) - Schedule of Note Payable   HTML     60K 
97: R80         Account Payables (Details) - Schedule of Account    HTML     38K 
                Payables                                                         
98: R81         Accrued Expenses and Other Payables (Details)       HTML     34K 
99: R82         Accrued Expenses and Other Payables (Details) -     HTML     44K 
                Schedule of Accrued Expenses and Other Payables                  
100: R83         Convertible Notes Payable (Details) - Schedule of   HTML     41K  
                Convertible Debt                                                 
101: R84         Deferred Liabilities (Details)                      HTML     46K  
102: R85         Related Party Transaction (Details)                 HTML     41K  
103: R86         Related Party Transaction (Details) - Schedule of   HTML     55K  
                Due to Related Parties                                           
104: R87         Related Party Transaction (Details) - Schedule of   HTML     55K  
                Due from Related Parties                                         
105: R88         Related Party Transaction (Details) - Schedule of   HTML     54K  
                Company Transactions with Related Parties                        
106: R89         Income Tax (Details)                                HTML     69K  
107: R90         Income Tax (Details) - Schedule of Components of    HTML     39K  
                the Provision for Income Taxes                                   
108: R91         Income Tax (Details) - Schedule of Statutory EIT    HTML     48K  
                Rate Applicable to Profits of the Consolidated                   
                Entities and the Income Tax Expenses                             
109: R92         Impairment Loss (Details)                           HTML     49K  
110: R93         Share Based Compensation (Details)                  HTML    155K  
111: R94         Common Stock (Details)                              HTML     69K  
112: R95         Discontinued Operations (Details) - Schedule of     HTML     76K  
                Loss from Discontinued Operations                                
113: R96         Discontinued Operations (Details) - Schedule of     HTML     54K  
                Assets and Liabilities Related to Discontinued                   
                Operations                                                       
114: R97         Segment Reporting (Details) - Schedule of Segment   HTML     62K  
                Gross Profit Reportable Segment                                  
115: R98         Segment Reporting (Details) - Schedule of Loss      HTML     49K  
                from Continuing Operations Before Income Tax                     
116: R99         Segment Reporting (Details) - Schedule of Segment   HTML     52K  
                Assets                                                           
117: R100        Commitments and Contingencies (Details)             HTML     39K  
118: R101        Risks and Uncertainties (Details)                   HTML     45K  
119: R102        Subsequent Events (Details)                         HTML     36K  
121: XML         IDEA XML File -- Filing Summary                      XML    226K  
124: XML         XBRL Instance -- ea0203312-10k_future_htm            XML   1.65M  
120: EXCEL       IDEA Workbook of Financial Report Info              XLSX    228K  
14: EX-101.CAL  XBRL Calculations -- ftft-20231231_cal               XML    222K 
15: EX-101.DEF  XBRL Definitions -- ftft-20231231_def                XML   1.20M 
16: EX-101.LAB  XBRL Labels -- ftft-20231231_lab                     XML   2.04M 
17: EX-101.PRE  XBRL Presentations -- ftft-20231231_pre              XML   1.13M 
13: EX-101.SCH  XBRL Schema -- ftft-20231231                         XSD    314K 
122: JSON        XBRL Instance as JSON Data -- MetaLinks              720±  1.01M  
123: ZIP         XBRL Zipped Folder -- 0001213900-24-033265-xbrl      Zip    668K

‘XML’   —   XBRL Instance — ea0203312-10k_future_htm

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. CORPORATE INFORMATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future FinTech Group Inc. (the “Company”) is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices), fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company had transformed its business from fruit juice manufacturing and distribution to financial technology related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong and cross-border money transfer service in UK. The Company also expanded into brokerage and investment banking business in Hong Kong and cryptocurrency mining farm in the U.S. The Company had a contractual arrangements with a VIE E-Commerce Tianjin in China, which has generated minimal revenue and business since 2021 due to the negative impact caused by COVID-19. The Company started the process to close it down in November 2023 and completed deregistration and dissolution of the VIE with local authority on March 7, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, FTFT UK Limited received approval to operate as an Electronic Money Directive (“EMD”) Agent and has been registered as such with the Financial Conduct Authority (FCA), a UK regulator. This status grants FTFT UK Limited the ability to distribute or redeem e-money and provide certain financial services on behalf of an e-money institution (registration number 903050).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 14, 2022, the Company established Future Trading (Chengdu) Co., Ltd. Its business is bulk commodities supply chain financing services and trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 18, 2022, the Company and Future Fintech (Hong Kong) Limited, a wholly owned subsidiary of the Company jointly acquired 100% equity interest of KAZAN S.A., a company incorporated in Republic of Paraguay for $288. The Company owns 90% and FTFT HK owns 10% of Kazan S.A., respectively. Kazan S.A. has no operation before the acquisition. The Company is developing bitcoin and other cryptocurrency mining and related service business in Paraguay. The Company has changed its name from KAZAN S.A to FTFT Paraguay S.A. on July 28, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 29, 2022, FTFT UK Limited completed its acquisition of 100% of the issued and outstanding shares of Khyber Money Exchange Ltd., a company incorporated in England and Wales, from Rahim Shah, a resident of United Kingdom for a total of Euros €685,000 (“Purchase Price”), pursuant to a Share Purchase Agreement (the “Agreement”) dated September 1, 2021. Khyber Money Exchange Ltd. is a money transfer company with a platform for transferring money through one of its agent locations or via its online portal, mobile platform or over the phone. Khyber Money Exchange Ltd. is regulated by the UK Financial Conduct Authority (FCA) and the parties received approval by the FCA before the formal closing of the transaction. On October 11, 2022, the Company changed the name of Khyber Money Exchange Ltd. to FTFT Finance UK Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 27, 2023, Future FinTech (Hong Kong) Limited (“Buyer”), a company incorporated in Hong Kong and a wholly owned subsidiary of Future FinTech Group Inc. (the “Company”) entered into a Share Transfer Agreement (the “Agreement”) with Alpha Financial Limited, a company incorporated in Hong Kong (“Seller”) and sole owner and shareholder of Alpha International Securities (Hong Kong) Limited, a company incorporated in Hong Kong (“Alpha HK”) and Alpha Information Service (Shenzhen) Co., Ltd., a company incorporated in China (“Alpha SZ”). Alpha HK holds Type 1 ’Securities Trading’, Type 2 ‘Futures Contract Trading’ and Type 4 ’Securities Consulting’ financial licenses issued by the Hong Kong Securities and Futures Commission. Alpha SZ provides technical support services to Alpha HK. The share transfer transaction was approved by the Securities and Futures Commission of Hong Kong (“SFC”) in August 2023 and the acquisition was closed on November 7, 2023. The names of the two entities were subsequently changed to ‘FTFT International Securities and Futures Limited’ and ‘FTFT Information Services (Shenzhen) Co. Ltd.’, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha International Securities (HONG KONG) Limited a company incorporated in Hong Kong for $1,791,174 (HKD14,010,421), which is in the securities business. The Company has changed its name from Alpha International Securities (HONG KONG) Limited to FTFT International Securities and Futures Limited on November 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd for $210,788 (HKD1,649,528), which provides information services for FTFT International Securities and Futures Limited. The Company has changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s business and operations are principally conducted by its subsidiaries in the PRC, Hong Kong and UK.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2023, the Company filed with the Florida Secretary of State’s office Articles of Amendment (the “Amendment”) to amend its Second Amended and Restated Articles of Incorporation, as amended (“Articles of Incorporation”). As a result of the Amendment, the Company has authorized and approved a 1-for-5 reverse stock split of the Company’s authorized shares of common stock from 300,000,000 shares to 60,000,000 shares, accompanied by a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”). The common stock will continue to be $0.001 par value. The Company rounds up to the next full share of the Company’s shares of common stock any fractional shares that result from the Reverse Stock Split and no fractional shares is issued in connection with the Reverse Stock Split and no cash or other consideration is paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. No changes are being made to the number of preferred shares of the Company which remain as 10,000,000 preferred shares as authorized but not issued. The amendment to the Articles of Incorporation of the Company took effect on February 1, 2023. The Reverse Stock Split and Amendment were authorized and approved by the Board of Directors of the Company without shareholders’ approval, pursuant to 607.10025 of the Florida Business Corporation Act of the State of Florida.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reverse stock split would be reflected in our December 31, 2023 and December 31, 2022 statements of changes in stockholders’ equity, and in per share data for all periods presented.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of preparation and principle of consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements (“financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency of subsidiaries and VIE in China is the Chinese Renminbi (RMB). Other subsidiaries outside of China use U.S. Dollar (USD), Hong Kong Dollar (HKD), Great Britain Pound (“GBP”), AED (United Arab Emirates Dirham) and Guarani (PYG) as the functional currency; however, the accompanying consolidated financial statements have been translated and presented in USD. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to US GAAP Accounting Standard Codification (“ASC”) 810-10-15-8, for legal entities other than limited partnerships, the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the accounts of the Company and its subsidiaries and the VIE. Our contractual arrangements with the VIE and their respective shareholders allow us to (i) exercise effective control over the VIE, (ii) become the primary beneficiary of the VIE for accounting purposes, and (iii) have an exclusive option to purchase all or part of the equity interests in the VIE when and to the extent permitted by PRC law.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of our direct ownership in our wholly foreign-owned enterprise (“WFOE”) and the contractual arrangements with the VIE, we are regarded as the primary beneficiary of the VIE for accounting purposes, and we treat it and its subsidiaries as the consolidated affiliated entities under U.S. GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts of prior years were reclassified to conform with current year presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discontinued Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2022, Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. was dissolved and deregistered.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 16, 2023, QR (HK) Limited was dissolved and deregistered.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 5, 2023, FTFT PARAGUAY S.A. was dissolved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the disposal plan and in accordance with ASC 205-20, the Company presented the operating results from these operations as a discontinued operation. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Segment Information Reclassification</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company classified business segment into asset management service, supply chain financing and trading, and others.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Uses of Estimates in the Preparation of Financial Statements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s consolidated financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, impairment of long-lived assets, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s financial statements are prepared assuming that the Company will continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred operating losses and had negative operating cash flows and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company’s operating losses amounted $34.40 million, and it had negative operating cash flows amounted $17.23 million as of December 31, 2023. These factors raise substantial doubts about the Company’s ability to continue as a going concern. The Company has raised funds through issuance of convertible notes and common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and development</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses include salaries, contracted services, as well as the related expenses for our research and product development team, and expenditures relating to our efforts to develop, design, and enhance our service to our clients. The Company expenses research and development costs as they are incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the ASC 360-10, <i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>, long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other industrial changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flows to be generated by the assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted FASB ASC Topic on Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable input, which may be used to measure fair value and include the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 1 – Quoted prices in active markets for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 2 – Input other than Level 1 that is observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other input that is observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 – Unobservable input that is supported by little or no market activity and that is significant to the fair value of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash and cash equivalents and restricted cash and short-term investments are classified within level 1 of the fair value hierarchy because they are value using quoted market price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Earnings (Loss) Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC 260-10, <i>Earnings Per Share</i>, basic EPS excludes dilution for Common Stock equivalents and is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of Common Stock outstanding for the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted EPS is calculated by using the treasury stock method, assuming conversion of all potentially dilutive securities, such as stock options and warrants. Under this method, (i) exercise of options and warrants is assumed at the beginning of the period and shares of Common Stock are assumed to be issued, (ii) the proceeds from exercise are assumed to be used to purchase Common Stock at the average market price during the period, and (iii) the incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted EPS computation. The numerators and denominators used in the computations of basic and diluted EPS are presented in the following table.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Income</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pre-share<br/> amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(34,039,710</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,746,726</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2.31</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,746,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.03</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants before 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants after 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2022:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Income</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pre-share<br/> amount</td><td style="padding-bottom: 1.5; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(13,320,350</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,323,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(0.93</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(307,195</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,323,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash, cash equivalents and restricted cash </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents included cash on hand and demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deposits in banks in the PRC are only insured by the government up to RMB500,000, in the HK are only insured by the government up to HKD500,<span style="-sec-ix-hidden: hidden-fact-89">000</span>, in the United Kingdom are only insured by the government up to GBP18,000, in the United States of America are only insured by the Federal Deposit Insurance Corporation up to USD250,<span style="-sec-ix-hidden: hidden-fact-90">000</span>, and are consequently exposed to risk of loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes the probability of a bank failure, causing loss to the Company, is remote.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash that is restricted as to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is not included in the total cash and cash equivalents in the consolidated statements of cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Receivable and Allowances</b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recognized and carried at the original invoice amounts less an allowance for any uncollectible amount. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables, and loan receivables are recognized and carried at the initial amount when occurred less an allowance for any uncollectible amount. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable impairment losses in our existing receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowances for doubtful accounts are maintained for expected credit losses resulting from the Company’s customers’ inability to make required payments. The allowances are based on the Company’s regular assessment of various factors, including the credit-worthiness and financial condition of specific customers, historical experience with bad debts and customer deductions, receivables aging, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. The Company maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable and contract assets, and the estimated credit losses charged to the allowance is classified as “bad debt expense” in the consolidated statements of comprehensive income. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivable or otherwise evaluate other circumstances that indicate that we should abandon such efforts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has assessed its receivable including credit term and corresponding all its receivables in December 2023. Upon such credit terms, bad debt expense was $(716,913) and $26,440 during the years ended December 31, 2023 and 2022, respectively. Accounts receivables of $0.97 million and <span style="-sec-ix-hidden: hidden-fact-91">nil</span> have been outstanding for over 90 days as of December 31, 2023 and December 31, 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We apply the five steps defined under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We assess its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon the transfer of control of promised goods or services to a customer. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not make any significant judgment in evaluating when control is transferred. Revenue is recorded net of value-added tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue recognitions are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales of coals, aluminum ingots, sand and steel</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognize revenue when the receipt of merchandise is confirmed by the customers, which is the point that the title of the goods is transferred to the customer. Revenue was $20.44 million and $9.94 million during the year ended December 31, 2023 and 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales agent services of coals, aluminum ingots, sand and steel</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross revenue amount billed to customers as sales of goods listed above. The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. The Company recognizes net revenue as agent services for the sales of coals, aluminum ingots, sand and steel when no control obtained throughout the transactions.  Revenue was $0.33 million and <span style="-sec-ix-hidden: hidden-fact-88">$0.17</span> million during the year ended December 31, 2023 and 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Asset Management Service</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes service revenue when a service is rendered, the Company issues bills to its customers and recognizes revenue according to the bills.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Property, Plant and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation related to property, plant and equipment used in production is reported in cost of sales, and includes amortized amounts related to capital leases. We estimated that the residual value of the Company’s property and equipment ranges from 3% to 5%. Property, plant and equipment are depreciated over their estimated useful lives as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Building</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-10 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Furniture and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-5 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intangible Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquired intangible assets are recognized based on their cost to the Company, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s book. These assets are amortized over their useful lives if the assets are deemed to have a finite life and they are reviewed for impairment by testing for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The fair value of an intangible asset is the amount that would be determined if the entity used the assumptions that market participants would use if they were pricing the intangible asset. The useful life of the Company’s intangible assets is five - ten years, which is determined by using the time period that an intangible is estimated to contribute directly or indirectly to a Company’s future cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency and Other Comprehensive Income (Loss)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company’s foreign subsidiaries are measured using the local currency as the functional currency; however, the reporting currency of the Company is the USD. Assets and liabilities of the Company’s foreign subsidiaries have been translated into USD using the exchange rate at the balance sheet dates, while equity accounts are translated using historical exchange rate. The exchange rate we used to convert RMB to USD was 7.08:1 and 6.96:1 at the balance sheet dates of December 31, 2023 and December 31, 2022, respectively. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert RMB to USD were 7.05:1 and 6.73:1 for fiscal year 2023 and fiscal year 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert HKD to USD was 7.82:1 and 7.80:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert HKD to USD were 7.83:1 and 7.83:1 for fiscal year 2023 and fiscal year 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert GBP to USD was 0.78:1 and 0.83:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert GBP to USD were 0.80:1 and 0.81:1 for fiscal year 2023 and fiscal year 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert AED to USD was 3.66:1 and 3.67:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert AED to USD were 3.66:1 and 3.67:1 for fiscal year 2023 and fiscal year 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert PYG to USD was 7,298.63:1 and 7,322.90:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rate we used to convert PYG to USD was 7,282.85:1 and 6,976.87:1 for fiscal year 2023 and fiscal year 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Translation adjustments are reported separately and accumulated in a separate component of equity (cumulative translation adjustment).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government subsidies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.1pt"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of operating nature with no further conditions to be met are recorded of operating expenses in “Other income” in the consolidated statements when received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments in this update require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740-10-25 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company tests goodwill for impairment for its reporting units on an annual basis, or when events occur or circumstances indicate the fair value of a reporting unit is below its carrying value. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that implied fair value of the goodwill within the reporting unit is less than its carrying value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying value. The Company uses the discounted cash flow model to estimate fair value, which requires management to make significant estimates and assumptions related to forecasts of future revenue and operating margin. In addition, the discounted cash flow model requires the Company to select an appropriate weighted average cost of capital based on current market conditions as of December 31, 2023 and December 31, 2022. A high degree of auditor judgment and an increased extent of effort were required when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the forecasts. Based upon the assessment, the Company has concluded that goodwill is <span style="-sec-ix-hidden: hidden-fact-92">nil</span> and $13.98 million as of December 31, 2023 and December 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short-term investments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term investments consist primarily of investments in fixed deposits with original maturities between three months and one year and certain investments in wealth management products and other investments that the Company has the intention to redeem within one year. Fair valued or carried at amortized costs. As of December 31, 2023 and December 31, 2022, the short-term investments amounted to $0.96 million and $0.99 million, respectively. Due to fluctuations of the quoted shares included in its investment portfolios, the Company recognized an impairment to the investment portfolio of $12,633.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lease</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted ASU No. 2016-02, Leases (Topic 842), or ASC 842, from January 1, 2020. We determine if an arrangement is a lease or contains a lease at lease inception. For operating leases, we recognize a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of our leases do not provide an implicit rate, we estimate our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The ROU assets also include any lease payments made, net of lease incentives. Lease expense is recorded on a straight-line basis over the lease term. Our leases often include options to extend and lease terms include such extended terms when we are reasonably certain to exercise those options. Lease terms also include periods covered by options to terminate the leases when we are reasonably certain not to exercise those options. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Share-based compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company awards share options and other equity-based instruments to its employees, directors and consultants (collectively “share-based payments”). Compensation cost related to such awards is measured based on the fair value of the instrument on the grant date. The Company recognizes the compensation cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The amount of cost recognized is adjusted to reflect the expected forfeiture prior to vesting. When no future services are required to be performed by the employee in exchange for an award of equity instruments, and if such award does not contain a performance or market condition, the cost of the award is expensed on the grant date. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Statutory reserves</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable interest entities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2019, CCM Tianjin, E-commerce Tianjin, and Mr. Zeyao Xue and Mr. Kai Xu, citizens of China and shareholders of E-commerce Tianjin, entered into the following agreements, or collectively, the “Variable Interest Entity Agreements” or “VIE Agreements,” pursuant to which CCM Tianjin has contractual rights to control and operate the business of E-commerce Tianjin (the “VIE”). Therefore, pursuant to ASC 810, E-Commerce Tianjin is included in the Company’s consolidated financial statements since then.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Chinese law and regulations, a foreign owned enterprise cannot apply for and hold a license for operation of certain e-commerce businesses, the category of business which the Company is conducting in China. CCM Tianjin is an indirectly wholly foreign owned enterprise of the Company. In order to comply with Chinese law and regulations, CCM Tianjin agreed to provide E-commerce Tianjin an Exclusive Operation and Use Rights Authorization to operate and use the Chain Cloud Mall System owned by CCM Tianjin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E-commerce Tianjin was incorporated by Mr. Zeyao Xue and Mr. Kai Xu solely for the purpose of holding the operation license of the Chain Cloud Mall System. Mr. Zeyao Xue is a major shareholder of the Company and the son of Mr. Yongke Xue, the President of the Company. Mr. Kai Xu was the Chief Operating Officer of the Company and currently is the Deputy General Manager of FT Commercial Group Ltd., a wholly owned subsidiary of the Company and the vice president of blockchain division of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIE Agreements are as follows: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Technology Consulting and Service Agreement by and between CCM Tianjin and E-commerce Tianjin. Pursuant to the Exclusive Technology Consulting and Service Agreement, CCM Tianjin agreed to act as the exclusive consultant of E-commerce Tianjin and provide technology consulting and services to E-commerce Tianjin. In exchange, E-commerce Tianjin agreed to pay CCM Tianjin a technology consulting and service fee, the amount of which is to be equivalent to the amount of net profit before tax of E-commerce Tianjin, payable on a quarterly basis after making up losses of previous years (if necessary) and deducting necessary costs, expenses and taxes related to the business operations of E-commerce Tianjin. Without the prior written consent of CCM Tianjin, E-commerce Tianjin may not accept the same or similar technology consulting and services provided by any third party during the term of the agreement. All the benefits and interests generated from the agreement, including but not limited to intellectual property rights, know-how and trade secrets, will be CCM Tianjin’s sole and exclusive property. This agreement has a term of 10 years and may be extended unilaterally by CCM Tianjin with CCM Tianjin’s written confirmation prior to the expiration date. E-commerce Tianjin cannot terminate the agreement early unless CCM Tianjin commits fraud, gross negligence or illegal acts, or becomes bankrupt or winds up.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Purchase Option Agreement by and among CCM Tianjin, E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu. Pursuant to the Exclusive Purchase Option Agreement, Mr. Zeyao Xue and Mr. Kai Xu granted to CCM Tianjin and any party designated by CCM Tianjin the exclusive right to purchase, at any time during the term of this agreement, all or part of the equity interests in E-commerce Tianjin, or the “Equity Interests,” at a purchase price equal to the registered capital paid by Mr. Zeyao Xue and Mr. Kai Xu for the Equity Interests, or, in the event that applicable law requires an appraisal of the Equity Interests, the lowest price permitted under applicable law. Pursuant to powers of attorney executed by Mr. Zeyao Xue and Mr. Kai Xu, they irrevocably authorized any person appointed by CCM Tianjin to exercise all shareholder rights, including but not limited to voting on their behalf on all matters requiring approval of E-commerce Tianjin’s shareholder, disposing of all or part of the shareholder’s equity interest in E-commerce Tianjin, and electing, appointing or removing directors and executive officers. The person designated by CCM Tianjin is entitled to dispose of dividends and profits on the equity interest without reliance on any oral or written instructions of Mr. Zeyao Xue and Mr. Kai Xu. The powers of attorney will remain in force for so long as Mr. Zeyao Xue and Mr. Kai Xu remain the shareholders of E-commerce Tianjin. Mr. Zeyao Xue and Mr. Kai Xu have waived all the rights which have been authorized to CCM Tianjin’s designated person under the powers of attorney.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Pledge Agreements by and among CCM Tianjin, E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu. Pursuant to the Equity Pledge Agreements, Mr. Zeyao Xue and Mr. Kai Xu pledged all of the Equity Interests to CCM Tianjin to secure the full and complete performance of the obligations and liabilities on the part of E-commerce Tianjin and them under this and the above contractual arrangements. If E-commerce Tianjin, Mr. Zeyao Xue, or Mr. Kai Xu breaches their contractual obligations under these agreements, then CCM Tianjin, as pledgee, will have the right to dispose of the pledged equity interests. Mr. Zeyao Xue and Mr. Kai Xu agree that, during the term of the Equity Pledge Agreements, they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests, and they also agree that CCM Tianjin’s rights relating to the equity pledge should not be interfered with or impaired by the legal actions of the shareholders of E-commerce Tianjin, their successors or designees. During the term of the equity pledge, CCM Tianjin has the right to receive all of the dividends and profits distributed on the pledged equity. The Equity Pledge Agreements will terminate on the second anniversary of the date when E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu have completed all their obligations under the contractual agreements described above.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Operation and Use Rights Authorization letter which authorizes Chain Cloud Mall E-commerce (Tianjin) Co., Ltd, to exclusively operate and use the Chain Cloud Mall System and the authorization period is the same as the term of the Exclusive Technology Consulting and Service Agreement entered into by and between Chain Cloud Mall Network and Technology (Tianjin) Co., Ltd. and Cloud Chain Mall E-commerce (Tianjin) Co., Ltd. dated July 31, 2019. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GlobalKey Shared Mall Shopping Platform Software and System Transfer Agreement by and between Future Supply Chain Co., Ltd. and CCM Tianjin, pursuant to which the GlobalKey Shared Mall Shopping Platform Software and System was transferred from Future Supply China Co., Ltd. to CCM Tianjin and that both parties were wholly owned subsidiaries of the Company and transfer price is $0.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spousal Consent Letters. The spouse of Mr. Kai Xu (Mr. Zeyao Xue is not married), the shareholder of E-Commerce Tianjin has signed a spousal consent letter agreeing that the equity interests in E-Commerce Tianjin held by and registered under the name of such shareholder will be disposed pursuant to the contractual agreements with CCM Tianjin. The spouse of such shareholder agreed not to assert any rights over the equity interest in E-Commerce Tianjin held by such shareholder.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Accounting Pronouncements</b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”) “Financial Instruments - Credit Losses” (“ASC 326”): Measurement of Credit Losses on Financial Instruments” which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2019, the FASB issued ASU 2019-10 “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)” (“ASC 2019-10”), which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for public entities which meet the definition of a smaller reporting company. The Company will adopt ASU 2016-13 effective January 1, 2023. Management is currently evaluating the effect of the adoption of ASU 2016-13 on the consolidated financial statements. The effect will largely depend on the composition and credit quality of our investment portfolio and the economic conditions at the time of adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying consolidated financial statements.</p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="c0" id="ixv-10723">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of preparation and principle of consolidation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements (“financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency of subsidiaries and VIE in China is the Chinese Renminbi (RMB). Other subsidiaries outside of China use U.S. Dollar (USD), Hong Kong Dollar (HKD), Great Britain Pound (“GBP”), AED (United Arab Emirates Dirham) and Guarani (PYG) as the functional currency; however, the accompanying consolidated financial statements have been translated and presented in USD. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to US GAAP Accounting Standard Codification (“ASC”) 810-10-15-8, for legal entities other than limited partnerships, the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the accounts of the Company and its subsidiaries and the VIE. Our contractual arrangements with the VIE and their respective shareholders allow us to (i) exercise effective control over the VIE, (ii) become the primary beneficiary of the VIE for accounting purposes, and (iii) have an exclusive option to purchase all or part of the equity interests in the VIE when and to the extent permitted by PRC law.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of our direct ownership in our wholly foreign-owned enterprise (“WFOE”) and the contractual arrangements with the VIE, we are regarded as the primary beneficiary of the VIE for accounting purposes, and we treat it and its subsidiaries as the consolidated affiliated entities under U.S. GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts of prior years were reclassified to conform with current year presentation.</p>
</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
<us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired contextRef="c59" decimals="2" id="ixv-15511" unitRef="pure"> 0.50 </us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired>
<us-gaap:DiscontinuedOperationsPolicyTextBlock contextRef="c0" id="ixv-10758">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discontinued Operations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2022, Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. was dissolved and deregistered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 16, 2023, QR (HK) Limited was dissolved and deregistered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 5, 2023, FTFT PARAGUAY S.A. was dissolved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the disposal plan and in accordance with ASC 205-20, the Company presented the operating results from these operations as a discontinued operation. </p>
</us-gaap:DiscontinuedOperationsPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="c0" id="ixv-10774">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Segment Information Reclassification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company classified business segment into asset management service, supply chain financing and trading, and others.</p>
</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="c0" id="ixv-10781">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Uses of Estimates in the Preparation of Financial Statements</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s consolidated financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, impairment of long-lived assets, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.</p>
</us-gaap:UseOfEstimates>
<ftft:GoingConcernPolicyTextBlock contextRef="c0" id="ixv-10789">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s financial statements are prepared assuming that the Company will continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred operating losses and had negative operating cash flows and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company’s operating losses amounted $34.40 million, and it had negative operating cash flows amounted $17.23 million as of December 31, 2023. These factors raise substantial doubts about the Company’s ability to continue as a going concern. The Company has raised funds through issuance of convertible notes and common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
</ftft:GoingConcernPolicyTextBlock>
<us-gaap:OtherOperatingIncome contextRef="c0" decimals="-4" id="ixv-15512" unitRef="usd"> 34400000 </us-gaap:OtherOperatingIncome>
<us-gaap:EffectOnFutureCashFlowsAmount contextRef="c0" decimals="-4" id="ixv-15513" unitRef="usd"> 17230000 </us-gaap:EffectOnFutureCashFlowsAmount>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="c0" id="ixv-10815">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and development</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses include salaries, contracted services, as well as the related expenses for our research and product development team, and expenditures relating to our efforts to develop, design, and enhance our service to our clients. The Company expenses research and development costs as they are incurred.</p>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0" id="ixv-10823">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the ASC 360-10, <i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>, long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other industrial changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flows to be generated by the assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.</p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0" id="ixv-10834">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted FASB ASC Topic on Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable input, which may be used to measure fair value and include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 1 – Quoted prices in active markets for identical assets or liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 2 – Input other than Level 1 that is observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other input that is observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 – Unobservable input that is supported by little or no market activity and that is significant to the fair value of the assets or liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash and cash equivalents and restricted cash and short-term investments are classified within level 1 of the fair value hierarchy because they are value using quoted market price.</p>
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<us-gaap:EarningsPerSharePolicyTextBlock contextRef="c0" id="ixv-10853">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Earnings (Loss) Per Share</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC 260-10, <i>Earnings Per Share</i>, basic EPS excludes dilution for Common Stock equivalents and is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of Common Stock outstanding for the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted EPS is calculated by using the treasury stock method, assuming conversion of all potentially dilutive securities, such as stock options and warrants. Under this method, (i) exercise of options and warrants is assumed at the beginning of the period and shares of Common Stock are assumed to be issued, (ii) the proceeds from exercise are assumed to be used to purchase Common Stock at the average market price during the period, and (iii) the incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted EPS computation. The numerators and denominators used in the computations of basic and diluted EPS are presented in the following table.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2023:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Income</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pre-share<br/> amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(34,039,710</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,746,726</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2.31</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,746,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.03</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants before 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants after 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2022:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Income</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pre-share<br/> amount</td><td style="padding-bottom: 1.5; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(13,320,350</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,323,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(0.93</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(307,195</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,323,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="c0" id="ixv-15514">
The numerators and denominators used in the computations of basic and diluted EPS are presented in the following table.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Income</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pre-share<br/> amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(34,039,710</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,746,726</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2.31</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,746,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.03</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,746,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants before 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants after 1-for-5 reverse stock split</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,039,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2.31</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">386,482</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,788,834</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Income</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share</td><td style="padding-bottom: 1.5; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pre-share<br/> amount</td><td style="padding-bottom: 1.5; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from continued operations attributable to Future Fintech Group, Inc.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(13,320,350</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,323,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(0.93</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from discontinued operations attributable to Future Fintech Group, Inc.</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(307,195</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,323,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss to common stockholders from continued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Loss available to common stockholders from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,323,422</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilutive EPS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding. Diluted net loss per share equals basic net loss per share because the effect of securities convertible into common shares is anti-dilutive from continued operations attributable to Future Fintech Group, Inc.</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,320,350</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.93</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5; text-indent: -9pt; padding-left: 9pt">Diluted loss per share is calculated by taking net loss, divided by the diluted weighted average common shares outstanding from discontinued operations</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,195</td><td style="padding-bottom: 1.5; text-align: left">)</td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,533,948</td><td style="padding-bottom: 1.5; text-align: left"> </td><td style="padding-bottom: 1.5"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.02</td><td style="padding-bottom: 1.5; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign contextRef="c0" decimals="0" id="ixv-15515" unitRef="usd"> -34039710 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign>
<ftft:NetIncomelossFromContinuedOperationsShare contextRef="c0" decimals="INF" id="ixv-15516" unitRef="shares"> 14746726 </ftft:NetIncomelossFromContinuedOperationsShare>
<ftft:ContinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare contextRef="c0" decimals="2" id="ixv-15517" unitRef="usdPershares"> -2.31 </ftft:ContinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c0" decimals="0" id="ixv-15518" unitRef="usd"> 386482 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
<ftft:NetIncomelossFromDiscontinuingOperationsShare contextRef="c0" decimals="INF" id="ixv-15519" unitRef="shares"> 14746726 </ftft:NetIncomelossFromDiscontinuingOperationsShare>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare contextRef="c0" decimals="2" id="ixv-15520" unitRef="usdPershares"> 0.03 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare>
<us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic contextRef="c0" decimals="0" id="ixv-15521" unitRef="usd"> -34039710 </us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic>
<ftft:LossAvailableToCommonStockholdersFromContinuingOperationsShare contextRef="c0" decimals="INF" id="ixv-15522" unitRef="shares"> 14746726 </ftft:LossAvailableToCommonStockholdersFromContinuingOperationsShare>
<us-gaap:IncomeLossFromContinuingOperationsPerBasicShare contextRef="c0" decimals="2" id="ixv-15523" unitRef="usdPershares"> -2.31 </us-gaap:IncomeLossFromContinuingOperationsPerBasicShare>
<us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic contextRef="c0" decimals="0" id="ixv-15524" unitRef="usd"> 386482 </us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic>
<ftft:IncomelossAvailableToCommonStockholdersFromDiscontinuingOperationsShare contextRef="c0" decimals="INF" id="ixv-15525" unitRef="shares"> 14746726 </ftft:IncomelossAvailableToCommonStockholdersFromDiscontinuingOperationsShare>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare contextRef="c0" decimals="2" id="ixv-15526" unitRef="usdPershares"> 0.03 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare>
<ftft:WarrantBefore1for5ReverseStockSplit contextRef="c0" decimals="INF" id="ixv-15527" unitRef="shares"> 210526 </ftft:WarrantBefore1for5ReverseStockSplit>
<ftft:WarrantAfter1for5ReverseStockSplit contextRef="c0" decimals="INF" id="ixv-15528" unitRef="shares"> 42108 </ftft:WarrantAfter1for5ReverseStockSplit>
<us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersDiluted contextRef="c0" decimals="0" id="ixv-15529" unitRef="usd"> -34039710 </us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersDiluted>
<ftft:DilutedLossPerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverageShares contextRef="c0" decimals="INF" id="ixv-15530" unitRef="shares"> 14788834 </ftft:DilutedLossPerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverageShares>
<us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare contextRef="c0" decimals="2" id="ixv-15531" unitRef="usdPershares"> -2.31 </us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare>
<us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersDiluted contextRef="c0" decimals="0" id="ixv-15532" unitRef="usd"> 386482 </us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersDiluted>
<ftft:DilutedIncomePerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverages contextRef="c0" decimals="INF" id="ixv-15533" unitRef="shares"> 14788834 </ftft:DilutedIncomePerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverages>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare contextRef="c0" decimals="2" id="ixv-15534" unitRef="usdPershares"> 0.03 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign contextRef="c7" decimals="0" id="ixv-15535" unitRef="usd"> -13320350 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign>
<ftft:NetIncomelossFromContinuedOperationsShare contextRef="c7" decimals="INF" id="ixv-15536" unitRef="shares"> 14323422 </ftft:NetIncomelossFromContinuedOperationsShare>
<ftft:ContinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare contextRef="c7" decimals="2" id="ixv-15537" unitRef="usdPershares"> -0.93 </ftft:ContinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c7" decimals="0" id="ixv-15538" unitRef="usd"> -307195 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
<ftft:NetIncomelossFromDiscontinuingOperationsShare contextRef="c7" decimals="INF" id="ixv-15539" unitRef="shares"> 14323422 </ftft:NetIncomelossFromDiscontinuingOperationsShare>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare contextRef="c7" decimals="2" id="ixv-15540" unitRef="usdPershares"> -0.02 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare>
<us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic contextRef="c7" decimals="0" id="ixv-15541" unitRef="usd"> -13320350 </us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic>
<ftft:LossAvailableToCommonStockholdersFromContinuingOperationsShare contextRef="c7" decimals="INF" id="ixv-15542" unitRef="shares"> 14323422 </ftft:LossAvailableToCommonStockholdersFromContinuingOperationsShare>
<us-gaap:IncomeLossFromContinuingOperationsPerBasicShare contextRef="c7" decimals="2" id="ixv-15543" unitRef="usdPershares"> -0.93 </us-gaap:IncomeLossFromContinuingOperationsPerBasicShare>
<us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic contextRef="c7" decimals="0" id="ixv-15544" unitRef="usd"> -307195 </us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic>
<ftft:IncomelossAvailableToCommonStockholdersFromDiscontinuingOperationsShare contextRef="c7" decimals="INF" id="ixv-15545" unitRef="shares"> 14323422 </ftft:IncomelossAvailableToCommonStockholdersFromDiscontinuingOperationsShare>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare contextRef="c7" decimals="2" id="ixv-15546" unitRef="usdPershares"> -0.02 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare>
<ftft:WarrantsShares contextRef="c7" decimals="INF" id="ixv-15547" unitRef="shares"> 210526 </ftft:WarrantsShares>
<us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersDiluted contextRef="c7" decimals="0" id="ixv-15548" unitRef="usd"> -13320350 </us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersDiluted>
<ftft:DilutedLossPerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverageShares contextRef="c7" decimals="INF" id="ixv-15549" unitRef="shares"> 14533948 </ftft:DilutedLossPerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverageShares>
<us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare contextRef="c7" decimals="2" id="ixv-15550" unitRef="usdPershares"> -0.93 </us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare>
<us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersDiluted contextRef="c7" decimals="0" id="ixv-15551" unitRef="usd"> -307195 </us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersDiluted>
<ftft:DilutedIncomePerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverages contextRef="c7" decimals="INF" id="ixv-15552" unitRef="shares"> 14533948 </ftft:DilutedIncomePerShareIsCalculatedByTakingNetLossDividedByTheDilutedWeightedAverages>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare contextRef="c7" decimals="2" id="ixv-15553" unitRef="usdPershares"> -0.02 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="c0" id="ixv-11306">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash, cash equivalents and restricted cash </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents included cash on hand and demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deposits in banks in the PRC are only insured by the government up to RMB500,000, in the HK are only insured by the government up to HKD500,<span style="-sec-ix-hidden: hidden-fact-89">000</span>, in the United Kingdom are only insured by the government up to GBP18,000, in the United States of America are only insured by the Federal Deposit Insurance Corporation up to USD250,<span style="-sec-ix-hidden: hidden-fact-90">000</span>, and are consequently exposed to risk of loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes the probability of a bank failure, causing loss to the Company, is remote.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash that is restricted as to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is not included in the total cash and cash equivalents in the consolidated statements of cash flows.</p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:CashUninsuredAmount contextRef="c3" decimals="0" id="ixv-15554" unitRef="cny"> 500000 </us-gaap:CashUninsuredAmount>
<us-gaap:CashUninsuredAmount contextRef="c3" decimals="0" id="ixv-15555" unitRef="gbp"> 18000 </us-gaap:CashUninsuredAmount>
<us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="c0" id="ixv-11324">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Receivable and Allowances</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recognized and carried at the original invoice amounts less an allowance for any uncollectible amount. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables, and loan receivables are recognized and carried at the initial amount when occurred less an allowance for any uncollectible amount. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable impairment losses in our existing receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowances for doubtful accounts are maintained for expected credit losses resulting from the Company’s customers’ inability to make required payments. The allowances are based on the Company’s regular assessment of various factors, including the credit-worthiness and financial condition of specific customers, historical experience with bad debts and customer deductions, receivables aging, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. The Company maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable and contract assets, and the estimated credit losses charged to the allowance is classified as “bad debt expense” in the consolidated statements of comprehensive income. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivable or otherwise evaluate other circumstances that indicate that we should abandon such efforts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has assessed its receivable including credit term and corresponding all its receivables in December 2023. Upon such credit terms, bad debt expense was $(716,913) and $26,440 during the years ended December 31, 2023 and 2022, respectively. Accounts receivables of $0.97 million and <span style="-sec-ix-hidden: hidden-fact-91">nil</span> have been outstanding for over 90 days as of December 31, 2023 and December 31, 2022, respectively.</p>
</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c3" decimals="0" id="ixv-15556" unitRef="usd"> 716913 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c4" decimals="0" id="ixv-15557" unitRef="usd"> 26440 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AccountsReceivableNoncurrent90DaysOrMorePastDueStillAccruing contextRef="c3" decimals="-4" id="ixv-15558" unitRef="usd"> 970000 </us-gaap:AccountsReceivableNoncurrent90DaysOrMorePastDueStillAccruing>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0" id="ixv-11344">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue Recognition</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We apply the five steps defined under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We assess its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon the transfer of control of promised goods or services to a customer. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not make any significant judgment in evaluating when control is transferred. Revenue is recorded net of value-added tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue recognitions are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales of coals, aluminum ingots, sand and steel</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognize revenue when the receipt of merchandise is confirmed by the customers, which is the point that the title of the goods is transferred to the customer. Revenue was $20.44 million and $9.94 million during the year ended December 31, 2023 and 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales agent services of coals, aluminum ingots, sand and steel</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross revenue amount billed to customers as sales of goods listed above. The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. The Company recognizes net revenue as agent services for the sales of coals, aluminum ingots, sand and steel when no control obtained throughout the transactions.  Revenue was $0.33 million and <span style="-sec-ix-hidden: hidden-fact-88">$0.17</span> million during the year ended December 31, 2023 and 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Asset Management Service</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes service revenue when a service is rendered, the Company issues bills to its customers and recognizes revenue according to the bills.</p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:RevenueNotFromContractWithCustomer contextRef="c60" decimals="-4" id="ixv-15559" unitRef="usd"> 20440000 </us-gaap:RevenueNotFromContractWithCustomer>
<us-gaap:RevenueNotFromContractWithCustomer contextRef="c61" decimals="-4" id="ixv-15560" unitRef="usd"> 9940000 </us-gaap:RevenueNotFromContractWithCustomer>
<us-gaap:RevenueNotFromContractWithCustomer contextRef="c62" decimals="-4" id="ixv-15561" unitRef="usd"> 330000 </us-gaap:RevenueNotFromContractWithCustomer>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c0" id="ixv-11394">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Property, Plant and Equipment</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation related to property, plant and equipment used in production is reported in cost of sales, and includes amortized amounts related to capital leases. We estimated that the residual value of the Company’s property and equipment ranges from 3% to 5%. Property, plant and equipment are depreciated over their estimated useful lives as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Building</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-10 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Furniture and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-5 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="text-align: left"> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage contextRef="c64" decimals="2" id="ixv-15562" unitRef="pure"> 0.03 </us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage>
<us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage contextRef="c65" decimals="2" id="ixv-15563" unitRef="pure"> 0.05 </us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage>
<us-gaap:ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock contextRef="c0" id="ixv-15564">
Property, plant and equipment are depreciated over their estimated useful lives as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Building</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-10 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Furniture and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-5 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c77" id="ixv-15565"> P30Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c78" id="ixv-15566"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c79" id="ixv-15567"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c80" id="ixv-15568"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c81" id="ixv-15569"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c82" id="ixv-15570"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="c0" id="ixv-11436">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intangible Assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquired intangible assets are recognized based on their cost to the Company, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s book. These assets are amortized over their useful lives if the assets are deemed to have a finite life and they are reviewed for impairment by testing for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The fair value of an intangible asset is the amount that would be determined if the entity used the assumptions that market participants would use if they were pricing the intangible asset. The useful life of the Company’s intangible assets is five - ten years, which is determined by using the time period that an intangible is estimated to contribute directly or indirectly to a Company’s future cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:IntangibleAssetsFiniteLivedPolicy>
<us-gaap:FiniteLivedIntangibleAssetUsefulLife contextRef="c64" id="ixv-15571"> P5Y </us-gaap:FiniteLivedIntangibleAssetUsefulLife>
<us-gaap:FiniteLivedIntangibleAssetUsefulLife contextRef="c65" id="ixv-15572"> P10Y </us-gaap:FiniteLivedIntangibleAssetUsefulLife>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="c0" id="ixv-11456">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency and Other Comprehensive Income (Loss)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company’s foreign subsidiaries are measured using the local currency as the functional currency; however, the reporting currency of the Company is the USD. Assets and liabilities of the Company’s foreign subsidiaries have been translated into USD using the exchange rate at the balance sheet dates, while equity accounts are translated using historical exchange rate. The exchange rate we used to convert RMB to USD was 7.08:1 and 6.96:1 at the balance sheet dates of December 31, 2023 and December 31, 2022, respectively. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert RMB to USD were 7.05:1 and 6.73:1 for fiscal year 2023 and fiscal year 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert HKD to USD was 7.82:1 and 7.80:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert HKD to USD were 7.83:1 and 7.83:1 for fiscal year 2023 and fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert GBP to USD was 0.78:1 and 0.83:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert GBP to USD were 0.80:1 and 0.81:1 for fiscal year 2023 and fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert AED to USD was 3.66:1 and 3.67:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert AED to USD were 3.66:1 and 3.67:1 for fiscal year 2023 and fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate we used to convert PYG to USD was 7,298.63:1 and 7,322.90:1 at the balance sheet dates of December 31, 2023 and December 31, 2022. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rate we used to convert PYG to USD was 7,282.85:1 and 6,976.87:1 for fiscal year 2023 and fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Translation adjustments are reported separately and accumulated in a separate component of equity (cumulative translation adjustment).</p>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c66" decimals="2" id="ixv-15574" unitRef="pure"> 7.08 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c67" decimals="2" id="ixv-15575" unitRef="pure"> 6.96 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<ftft:WeightedAverageExchangeRate contextRef="c66" decimals="2" id="ixv-15576" unitRef="pure"> 7.05 </ftft:WeightedAverageExchangeRate>
<ftft:WeightedAverageExchangeRate contextRef="c67" decimals="2" id="ixv-15577" unitRef="pure"> 6.73 </ftft:WeightedAverageExchangeRate>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c68" decimals="2" id="ixv-15578" unitRef="pure"> 7.82 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c69" decimals="2" id="ixv-15579" unitRef="pure"> 7.8 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<ftft:WeightedAverageExchangeRate contextRef="c68" decimals="2" id="ixv-15580" unitRef="pure"> 7.83 </ftft:WeightedAverageExchangeRate>
<ftft:WeightedAverageExchangeRate contextRef="c69" decimals="2" id="ixv-15581" unitRef="pure"> 7.83 </ftft:WeightedAverageExchangeRate>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c70" decimals="2" id="ixv-15582" unitRef="pure"> 0.78 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c71" decimals="2" id="ixv-15583" unitRef="pure"> 0.83 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<ftft:WeightedAverageExchangeRate contextRef="c70" decimals="2" id="ixv-15584" unitRef="pure"> 0.8 </ftft:WeightedAverageExchangeRate>
<ftft:WeightedAverageExchangeRate contextRef="c71" decimals="2" id="ixv-15585" unitRef="pure"> 0.81 </ftft:WeightedAverageExchangeRate>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c72" decimals="2" id="ixv-15586" unitRef="pure"> 3.66 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c73" decimals="2" id="ixv-15587" unitRef="pure"> 3.67 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<ftft:WeightedAverageExchangeRate contextRef="c72" decimals="2" id="ixv-15588" unitRef="pure"> 3.66 </ftft:WeightedAverageExchangeRate>
<ftft:WeightedAverageExchangeRate contextRef="c73" decimals="2" id="ixv-15589" unitRef="pure"> 3.67 </ftft:WeightedAverageExchangeRate>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c74" decimals="2" id="ixv-15590" unitRef="pure"> 7298.63 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c75" decimals="2" id="ixv-15591" unitRef="pure"> 7322.9 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<ftft:WeightedAverageExchangeRate contextRef="c74" decimals="2" id="ixv-15592" unitRef="pure"> 7282.85 </ftft:WeightedAverageExchangeRate>
<ftft:WeightedAverageExchangeRate contextRef="c75" decimals="2" id="ixv-15593" unitRef="pure"> 6976.87 </ftft:WeightedAverageExchangeRate>
<ftft:GovernmentSubsidiesPolicyTextBlock contextRef="c0" id="ixv-11478">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government subsidies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of operating nature with no further conditions to be met are recorded of operating expenses in “Other income” in the consolidated statements when received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments in this update require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements.</p>
</ftft:GovernmentSubsidiesPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="c0" id="ixv-11490">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Taxes</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740-10-25 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="c0" id="ixv-11513">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company tests goodwill for impairment for its reporting units on an annual basis, or when events occur or circumstances indicate the fair value of a reporting unit is below its carrying value. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that implied fair value of the goodwill within the reporting unit is less than its carrying value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying value. The Company uses the discounted cash flow model to estimate fair value, which requires management to make significant estimates and assumptions related to forecasts of future revenue and operating margin. In addition, the discounted cash flow model requires the Company to select an appropriate weighted average cost of capital based on current market conditions as of December 31, 2023 and December 31, 2022. A high degree of auditor judgment and an increased extent of effort were required when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the forecasts. Based upon the assessment, the Company has concluded that goodwill is <span style="-sec-ix-hidden: hidden-fact-92">nil</span> and $13.98 million as of December 31, 2023 and December 31, 2022.</p>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:Goodwill contextRef="c4" decimals="-4" id="ixv-15594" unitRef="usd"> 13980000 </us-gaap:Goodwill>
<us-gaap:ShortTermLeasesPolicyTextBlock contextRef="c0" id="ixv-11524">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short-term investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term investments consist primarily of investments in fixed deposits with original maturities between three months and one year and certain investments in wealth management products and other investments that the Company has the intention to redeem within one year. Fair valued or carried at amortized costs. As of December 31, 2023 and December 31, 2022, the short-term investments amounted to $0.96 million and $0.99 million, respectively. Due to fluctuations of the quoted shares included in its investment portfolios, the Company recognized an impairment to the investment portfolio of $12,633.</p>
</us-gaap:ShortTermLeasesPolicyTextBlock>
<us-gaap:ShortTermInvestments contextRef="c3" decimals="-4" id="ixv-15595" unitRef="usd"> 960000 </us-gaap:ShortTermInvestments>
<us-gaap:ShortTermInvestments contextRef="c76" decimals="-4" id="ixv-15596" unitRef="usd"> 990000 </us-gaap:ShortTermInvestments>
<ftft:ImpairmentToInvestmentPortfolio contextRef="c3" decimals="0" id="ixv-15597" unitRef="usd"> 12633 </ftft:ImpairmentToInvestmentPortfolio>
<us-gaap:LesseeLeasesPolicyTextBlock contextRef="c0" id="ixv-11531">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lease</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted ASU No. 2016-02, Leases (Topic 842), or ASC 842, from January 1, 2020. We determine if an arrangement is a lease or contains a lease at lease inception. For operating leases, we recognize a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of our leases do not provide an implicit rate, we estimate our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The ROU assets also include any lease payments made, net of lease incentives. Lease expense is recorded on a straight-line basis over the lease term. Our leases often include options to extend and lease terms include such extended terms when we are reasonably certain to exercise those options. Lease terms also include periods covered by options to terminate the leases when we are reasonably certain not to exercise those options. </p>
</us-gaap:LesseeLeasesPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="c0" id="ixv-11538">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Share-based compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company awards share options and other equity-based instruments to its employees, directors and consultants (collectively “share-based payments”). Compensation cost related to such awards is measured based on the fair value of the instrument on the grant date. The Company recognizes the compensation cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The amount of cost recognized is adjusted to reflect the expected forfeiture prior to vesting. When no future services are required to be performed by the employee in exchange for an award of equity instruments, and if such award does not contain a performance or market condition, the cost of the award is expensed on the grant date. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<ftft:StatutoryReservesPolicyTextBlock contextRef="c0" id="ixv-11558">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Statutory reserves</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end).</p>
</ftft:StatutoryReservesPolicyTextBlock>
<ftft:StatutorySurplusReservesFundPercentage contextRef="c3" decimals="2" id="ixv-15598" unitRef="pure"> 0.10 </ftft:StatutorySurplusReservesFundPercentage>
<ftft:RegisteredCapitalPercentage contextRef="c3" decimals="2" id="ixv-15599" unitRef="pure"> 0.50 </ftft:RegisteredCapitalPercentage>
<ftft:ReserveFundPercentage contextRef="c3" decimals="2" id="ixv-15600" unitRef="pure"> 0.10 </ftft:ReserveFundPercentage>
<ftft:ReserveFundRegisteredCapitalPercentage contextRef="c3" decimals="2" id="ixv-15601" unitRef="pure"> 0.50 </ftft:ReserveFundRegisteredCapitalPercentage>
<us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="c0" id="ixv-11565">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable interest entities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2019, CCM Tianjin, E-commerce Tianjin, and Mr. Zeyao Xue and Mr. Kai Xu, citizens of China and shareholders of E-commerce Tianjin, entered into the following agreements, or collectively, the “Variable Interest Entity Agreements” or “VIE Agreements,” pursuant to which CCM Tianjin has contractual rights to control and operate the business of E-commerce Tianjin (the “VIE”). Therefore, pursuant to ASC 810, E-Commerce Tianjin is included in the Company’s consolidated financial statements since then.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Chinese law and regulations, a foreign owned enterprise cannot apply for and hold a license for operation of certain e-commerce businesses, the category of business which the Company is conducting in China. CCM Tianjin is an indirectly wholly foreign owned enterprise of the Company. In order to comply with Chinese law and regulations, CCM Tianjin agreed to provide E-commerce Tianjin an Exclusive Operation and Use Rights Authorization to operate and use the Chain Cloud Mall System owned by CCM Tianjin.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E-commerce Tianjin was incorporated by Mr. Zeyao Xue and Mr. Kai Xu solely for the purpose of holding the operation license of the Chain Cloud Mall System. Mr. Zeyao Xue is a major shareholder of the Company and the son of Mr. Yongke Xue, the President of the Company. Mr. Kai Xu was the Chief Operating Officer of the Company and currently is the Deputy General Manager of FT Commercial Group Ltd., a wholly owned subsidiary of the Company and the vice president of blockchain division of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIE Agreements are as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Technology Consulting and Service Agreement by and between CCM Tianjin and E-commerce Tianjin. Pursuant to the Exclusive Technology Consulting and Service Agreement, CCM Tianjin agreed to act as the exclusive consultant of E-commerce Tianjin and provide technology consulting and services to E-commerce Tianjin. In exchange, E-commerce Tianjin agreed to pay CCM Tianjin a technology consulting and service fee, the amount of which is to be equivalent to the amount of net profit before tax of E-commerce Tianjin, payable on a quarterly basis after making up losses of previous years (if necessary) and deducting necessary costs, expenses and taxes related to the business operations of E-commerce Tianjin. Without the prior written consent of CCM Tianjin, E-commerce Tianjin may not accept the same or similar technology consulting and services provided by any third party during the term of the agreement. All the benefits and interests generated from the agreement, including but not limited to intellectual property rights, know-how and trade secrets, will be CCM Tianjin’s sole and exclusive property. This agreement has a term of 10 years and may be extended unilaterally by CCM Tianjin with CCM Tianjin’s written confirmation prior to the expiration date. E-commerce Tianjin cannot terminate the agreement early unless CCM Tianjin commits fraud, gross negligence or illegal acts, or becomes bankrupt or winds up.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Purchase Option Agreement by and among CCM Tianjin, E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu. Pursuant to the Exclusive Purchase Option Agreement, Mr. Zeyao Xue and Mr. Kai Xu granted to CCM Tianjin and any party designated by CCM Tianjin the exclusive right to purchase, at any time during the term of this agreement, all or part of the equity interests in E-commerce Tianjin, or the “Equity Interests,” at a purchase price equal to the registered capital paid by Mr. Zeyao Xue and Mr. Kai Xu for the Equity Interests, or, in the event that applicable law requires an appraisal of the Equity Interests, the lowest price permitted under applicable law. Pursuant to powers of attorney executed by Mr. Zeyao Xue and Mr. Kai Xu, they irrevocably authorized any person appointed by CCM Tianjin to exercise all shareholder rights, including but not limited to voting on their behalf on all matters requiring approval of E-commerce Tianjin’s shareholder, disposing of all or part of the shareholder’s equity interest in E-commerce Tianjin, and electing, appointing or removing directors and executive officers. The person designated by CCM Tianjin is entitled to dispose of dividends and profits on the equity interest without reliance on any oral or written instructions of Mr. Zeyao Xue and Mr. Kai Xu. The powers of attorney will remain in force for so long as Mr. Zeyao Xue and Mr. Kai Xu remain the shareholders of E-commerce Tianjin. Mr. Zeyao Xue and Mr. Kai Xu have waived all the rights which have been authorized to CCM Tianjin’s designated person under the powers of attorney.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Pledge Agreements by and among CCM Tianjin, E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu. Pursuant to the Equity Pledge Agreements, Mr. Zeyao Xue and Mr. Kai Xu pledged all of the Equity Interests to CCM Tianjin to secure the full and complete performance of the obligations and liabilities on the part of E-commerce Tianjin and them under this and the above contractual arrangements. If E-commerce Tianjin, Mr. Zeyao Xue, or Mr. Kai Xu breaches their contractual obligations under these agreements, then CCM Tianjin, as pledgee, will have the right to dispose of the pledged equity interests. Mr. Zeyao Xue and Mr. Kai Xu agree that, during the term of the Equity Pledge Agreements, they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests, and they also agree that CCM Tianjin’s rights relating to the equity pledge should not be interfered with or impaired by the legal actions of the shareholders of E-commerce Tianjin, their successors or designees. During the term of the equity pledge, CCM Tianjin has the right to receive all of the dividends and profits distributed on the pledged equity. The Equity Pledge Agreements will terminate on the second anniversary of the date when E-commerce Tianjin, Mr. Zeyao Xue and Mr. Kai Xu have completed all their obligations under the contractual agreements described above.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Operation and Use Rights Authorization letter which authorizes Chain Cloud Mall E-commerce (Tianjin) Co., Ltd, to exclusively operate and use the Chain Cloud Mall System and the authorization period is the same as the term of the Exclusive Technology Consulting and Service Agreement entered into by and between Chain Cloud Mall Network and Technology (Tianjin) Co., Ltd. and Cloud Chain Mall E-commerce (Tianjin) Co., Ltd. dated July 31, 2019. </span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td> <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GlobalKey Shared Mall Shopping Platform Software and System Transfer Agreement by and between Future Supply Chain Co., Ltd. and CCM Tianjin, pursuant to which the GlobalKey Shared Mall Shopping Platform Software and System was transferred from Future Supply China Co., Ltd. to CCM Tianjin and that both parties were wholly owned subsidiaries of the Company and transfer price is $0.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spousal Consent Letters. The spouse of Mr. Kai Xu (Mr. Zeyao Xue is not married), the shareholder of E-Commerce Tianjin has signed a spousal consent letter agreeing that the equity interests in E-Commerce Tianjin held by and registered under the name of such shareholder will be disposed pursuant to the contractual agreements with CCM Tianjin. The spouse of such shareholder agreed not to assert any rights over the equity interest in E-Commerce Tianjin held by such shareholder.</span></td></tr> </table>
</us-gaap:ConsolidationVariableInterestEntityPolicy>
<ftft:SettlementAgreementTerms contextRef="c0" id="ixv-15602"> P10Y </ftft:SettlementAgreementTerms>
<ftft:TransferPrice contextRef="c0" decimals="0" id="ixv-15603" unitRef="usd"> 0 </ftft:TransferPrice>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c0" id="ixv-11642">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Accounting Pronouncements</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”) “Financial Instruments - Credit Losses” (“ASC 326”): Measurement of Credit Losses on Financial Instruments” which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2019, the FASB issued ASU 2019-10 “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)” (“ASC 2019-10”), which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for public entities which meet the definition of a smaller reporting company. The Company will adopt ASU 2016-13 effective January 1, 2023. Management is currently evaluating the effect of the adoption of ASU 2016-13 on the consolidated financial statements. The effect will largely depend on the composition and credit quality of our investment portfolio and the economic conditions at the time of adoption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying consolidated financial statements.</p>
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<us-gaap:VariableInterestEntityDisclosureTextBlock contextRef="c0" id="ixv-11668">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. VARIABLE INTEREST ENTITY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amount of the VIE’s consolidated assets and liabilities are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,684</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">768</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,957</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,823</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,302</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Property and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">98</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,157</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">116,223</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(243,721</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(248,964</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(219,564</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(132,741</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,346</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,657</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,455</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advances from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Amount Due to Related Party</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,204</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">243,721</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">248,964</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">243,721</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">248,964</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The summarized operating results of the VIE’s are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">72,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,188</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,241</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(34,163</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(276,766</td><td style="text-align: left">)</td></tr> </table>
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amount of the VIE’s consolidated assets and liabilities are as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,684</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">768</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,957</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,823</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,302</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Property and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">98</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,157</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">116,223</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(243,721</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(248,964</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(219,564</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(132,741</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,346</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,657</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,455</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advances from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Amount Due to Related Party</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,204</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">243,721</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">248,964</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">243,721</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">248,964</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</srt:ScheduleOfCondensedBalanceSheetTableTextBlock>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c83" decimals="0" id="ixv-15604" unitRef="usd"> 16080 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c84" decimals="0" id="ixv-15605" unitRef="usd"> 12684 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:OtherReceivables contextRef="c83" decimals="0" id="ixv-15606" unitRef="usd"> 49 </us-gaap:OtherReceivables>
<us-gaap:OtherReceivables contextRef="c84" decimals="0" id="ixv-15607" unitRef="usd"> 768 </us-gaap:OtherReceivables>
<us-gaap:OtherAssets contextRef="c83" decimals="0" id="ixv-15608" unitRef="usd"> 7957 </us-gaap:OtherAssets>
<us-gaap:OtherAssets contextRef="c84" decimals="0" id="ixv-15609" unitRef="usd"> 14371 </us-gaap:OtherAssets>
<us-gaap:AssetsCurrent contextRef="c83" decimals="0" id="ixv-15610" unitRef="usd"> 24086 </us-gaap:AssetsCurrent>
<us-gaap:AssetsCurrent contextRef="c84" decimals="0" id="ixv-15611" unitRef="usd"> 27823 </us-gaap:AssetsCurrent>
<us-gaap:IntangibleAssetsCurrent contextRef="c84" decimals="0" id="ixv-15612" unitRef="usd"> 88302 </us-gaap:IntangibleAssetsCurrent>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c83" decimals="0" id="ixv-15613" unitRef="usd"> 71 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c84" decimals="0" id="ixv-15614" unitRef="usd"> 98 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Assets contextRef="c83" decimals="0" id="ixv-15615" unitRef="usd"> 24157 </us-gaap:Assets>
<us-gaap:Assets contextRef="c84" decimals="0" id="ixv-15616" unitRef="usd"> 116223 </us-gaap:Assets>
<us-gaap:Liabilities contextRef="c83" decimals="0" id="ixv-15617" unitRef="usd"> 243721 </us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="c84" decimals="0" id="ixv-15618" unitRef="usd"> 248964 </us-gaap:Liabilities>
<us-gaap:AssetsNet contextRef="c83" decimals="0" id="ixv-15619" unitRef="usd"> -219564 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c84" decimals="0" id="ixv-15620" unitRef="usd"> -132741 </us-gaap:AssetsNet>
<us-gaap:AccountsPayableCurrent contextRef="c83" decimals="0" id="ixv-15621" unitRef="usd"> 18346 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccountsPayableCurrent contextRef="c84" decimals="0" id="ixv-15622" unitRef="usd"> 18657 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="c83" decimals="0" id="ixv-15623" unitRef="usd"> 222771 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="c84" decimals="0" id="ixv-15624" unitRef="usd"> 6455 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<ftft:AdvancesFromCustomers contextRef="c83" decimals="0" id="ixv-15625" unitRef="usd"> 2604 </ftft:AdvancesFromCustomers>
<ftft:AdvancesFromCustomers contextRef="c84" decimals="0" id="ixv-15626" unitRef="usd"> 2648 </ftft:AdvancesFromCustomers>
<us-gaap:OtherLiabilitiesCurrent contextRef="c84" decimals="0" id="ixv-15627" unitRef="usd"> 221204 </us-gaap:OtherLiabilitiesCurrent>
<us-gaap:LiabilitiesCurrent contextRef="c83" decimals="0" id="ixv-15628" unitRef="usd"> 243721 </us-gaap:LiabilitiesCurrent>
<us-gaap:LiabilitiesCurrent contextRef="c84" decimals="0" id="ixv-15629" unitRef="usd"> 248964 </us-gaap:LiabilitiesCurrent>
<us-gaap:Liabilities contextRef="c83" decimals="0" id="ixv-15630" unitRef="usd"> 243721 </us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="c84" decimals="0" id="ixv-15631" unitRef="usd"> 248964 </us-gaap:Liabilities>
<srt:ScheduleOfCondensedIncomeStatementTableTextBlock contextRef="c0" id="ixv-11891">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The summarized operating results of the VIE’s are as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">72,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,188</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,241</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(34,163</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(276,766</td><td style="text-align: left">)</td></tr> </table>
</srt:ScheduleOfCondensedIncomeStatementTableTextBlock>
<us-gaap:Revenues contextRef="c85" decimals="0" id="ixv-15632" unitRef="usd"> 72128 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c86" decimals="0" id="ixv-15633" unitRef="usd"> 2188 </us-gaap:Revenues>
<us-gaap:GrossProfit contextRef="c85" decimals="0" id="ixv-15634" unitRef="usd"> 3241 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c86" decimals="0" id="ixv-15635" unitRef="usd"> 2188 </us-gaap:GrossProfit>
<us-gaap:NetIncomeLoss contextRef="c85" decimals="0" id="ixv-15636" unitRef="usd"> -34163 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="c86" decimals="0" id="ixv-15637" unitRef="usd"> -276766 </us-gaap:NetIncomeLoss>
<us-gaap:AccountsAndNontradeReceivableTextBlock contextRef="c0" id="ixv-11955">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. ACCOUNTS RECEIVABLE</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Supply Chain Financing/Trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,251,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,624,654</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Asset management service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145,518</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,203,442</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total accounts receivable, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,705,877</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,796,672</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth our concentration of accounts receivable, net of specific allowances for doubtful accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Debtor A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21.11</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46.08</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debtor B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.35</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.65</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Debtor C</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15.25</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14.26</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total accounts receivable, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51.71</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">75.99</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table>
</us-gaap:AccountsAndNontradeReceivableTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="c0" id="ixv-11962">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consist of the following:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Supply Chain Financing/Trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,251,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,624,654</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Asset management service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145,518</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,203,442</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total accounts receivable, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,705,877</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,796,672</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:AccountsReceivableNetCurrent contextRef="c87" decimals="0" id="ixv-15638" unitRef="usd"> 3251822 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c88" decimals="0" id="ixv-15639" unitRef="usd"> 6624654 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c89" decimals="0" id="ixv-15640" unitRef="usd"> 1250613 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c90" decimals="0" id="ixv-15641" unitRef="usd"> 1145518 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c91" decimals="0" id="ixv-15642" unitRef="usd"> 1203442 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c92" decimals="0" id="ixv-15643" unitRef="usd"> 26500 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c3" decimals="0" id="ixv-15644" unitRef="usd"> 5705877 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c4" decimals="0" id="ixv-15645" unitRef="usd"> 7796672 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="c0" id="ixv-12051">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth our concentration of accounts receivable, net of specific allowances for doubtful accounts.</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Debtor A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21.11</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46.08</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debtor B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.35</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.65</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Debtor C</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15.25</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14.26</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total accounts receivable, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51.71</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">75.99</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table>
</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c93" decimals="4" id="ixv-15646" unitRef="pure"> 0.2111 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c94" decimals="4" id="ixv-15647" unitRef="pure"> 0.4608 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c95" decimals="4" id="ixv-15648" unitRef="pure"> 0.1535 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c96" decimals="4" id="ixv-15649" unitRef="pure"> 0.1565 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c97" decimals="4" id="ixv-15650" unitRef="pure"> 0.1525 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c98" decimals="4" id="ixv-15651" unitRef="pure"> 0.1426 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c99" decimals="4" id="ixv-15652" unitRef="pure"> 0.5171 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c100" decimals="4" id="ixv-15653" unitRef="pure"> 0.7599 </us-gaap:ConcentrationRiskPercentage1>
<ftft:OtherReceivablesTextBlock contextRef="c0" id="ixv-12125">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. OTHER RECEIVABLES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the balance of other receivables was $10.05 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 22, 2022 and January 31, 2023, FTFT Super Computing Inc. entered into a “Electricity Sales and Purchase Agreement” with a third-party seller. FTFT Super Computing Inc. provided an initial amount of Adequate Assurance to the seller in the form of a cash deposit in the amount of $1.86 million and has receivables from pre purchase electricity $0.07 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 3, 2023, Future Fintech Group Inc. entered into a “Consulting Agreement” with a third party for its professional service of potential acquisition projects. Future Fintech Group Inc. provided initial amount of cash deposit to the third party in the amount of $2.40 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Mobile Software Application Development Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $4.00 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.00 million. Development shall take 250 man-days.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Augmented Reality (AR) Group Development and Service Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $5.00 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.50 million. Development shall take 180 man-days.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, other receivables included total $1.22 million deposit paid and prepayments to third parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the balance of other receivables was $2.64 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2022, FTFT UK Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Khyber Money Exchange Ltd., a company incorporated for £786,887. Buyer deposited £400,000 for cash balance expected to be left in the bank account of Khyber upon the closing (subject to refund to the Buyer upon the actual amount $0.24 million in Khyber’s account at closing) to Buyer’s solicitors to be held by Buyer’s solicitors in their client account upon the final closing of the acquisition. As of January 9, 2023, the Company has received refund $0.24 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 22, 2022, FTFT Super Computing Inc. entered into a “Electricity Sales and Purchase Agreement” with a third party. FTFT Super Computing Inc. provided an initial amount of Adequate Assurance to such party in the form of a cash deposit in the amount of $1.00 million and receivables from resale of electricity $0.24 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, other receivables included total $1.16 million deposit paid and prepayments.</span></p>
</ftft:OtherReceivablesTextBlock>
<us-gaap:OtherReceivables contextRef="c3" decimals="-4" id="ixv-15654" unitRef="usd"> 10050000.00 </us-gaap:OtherReceivables>
<us-gaap:Deposits contextRef="c101" decimals="-4" id="ixv-15655" unitRef="usd"> 1860000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c102" decimals="-4" id="ixv-15656" unitRef="usd"> 1860000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c103" decimals="-4" id="ixv-15657" unitRef="usd"> 70000.00 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c104" decimals="-4" id="ixv-15658" unitRef="usd"> 2400000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c105" decimals="-4" id="ixv-15659" unitRef="usd"> 4000000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c106" decimals="-4" id="ixv-15660" unitRef="usd"> 2000000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c107" decimals="-4" id="ixv-15661" unitRef="usd"> 5000000 </us-gaap:Deposits>
<us-gaap:Deposits contextRef="c108" decimals="-4" id="ixv-15662" unitRef="usd"> 2500000 </us-gaap:Deposits>
<us-gaap:DepositAssets contextRef="c3" decimals="-4" id="ixv-15663" unitRef="usd"> 1220000 </us-gaap:DepositAssets>
<us-gaap:OtherReceivables contextRef="c4" decimals="-4" id="ixv-15664" unitRef="usd"> 2640000 </us-gaap:OtherReceivables>
<us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="c109" decimals="2" id="ixv-15665" unitRef="pure"> 1 </us-gaap:MinorityInterestOwnershipPercentageByParent>
<ftft:CompanyIncorporatedAmount contextRef="c110" decimals="0" id="ixv-15666" unitRef="eur"> 786887 </ftft:CompanyIncorporatedAmount>
<us-gaap:OtherCashEquivalentsAtCarryingValue contextRef="c110" decimals="0" id="ixv-15667" unitRef="eur"> 400000 </us-gaap:OtherCashEquivalentsAtCarryingValue>
<us-gaap:Capital contextRef="c110" decimals="-4" id="ixv-15668" unitRef="usd"> 240000 </us-gaap:Capital>
<us-gaap:AmountOfRegulatoryAssistanceReceived1 contextRef="c111" decimals="-4" id="ixv-15669" unitRef="usd"> 240000 </us-gaap:AmountOfRegulatoryAssistanceReceived1>
<us-gaap:CashReserveDepositRequiredAndMade contextRef="c101" decimals="-4" id="ixv-15670" unitRef="usd"> 1000000 </us-gaap:CashReserveDepositRequiredAndMade>
<us-gaap:AccountsReceivableSale contextRef="c112" decimals="-4" id="ixv-15671" unitRef="usd"> 240000 </us-gaap:AccountsReceivableSale>
<ftft:DepositPaidAndPrepayments contextRef="c0" decimals="-4" id="ixv-15672" unitRef="usd"> 1160000 </ftft:DepositPaidAndPrepayments>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c0" id="ixv-12182">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. LOAN RECEIVABLES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the balance of loan receivables was $14.90 million, which was from a third party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 10, 2022, FTFT HK entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, FTFT HK loaned an amount of $5.00 million to the third party at the annual interest rate of 10% from March 10, 2022 to September 9, 2024. To strengthen the liquidity, the Company negotiated with the borrower to early settle part of the loan. As of April 17, 2023, the Company has received repayment $2.16 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 14, 2022, Future Private Equity Fund Management (Hainan) Co., Limited entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, Future Private Equity Fund Management (Hainan) Co., Limited loaned an amount of $7.28 million (RMB50 million) to the third party at the annual interest rate of 8% from July 15, 2022 to July 14, 2024, guarantee by Junde Chen. To strengthen the liquidity, the Company negotiated with the borrower to early settle part of the loan. As of April 17, 2023, the Company has received repayment $5.09 million (RMB35 million). The amount of $2.12 million (RMB15 million) will be repaid within 12 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 8, 2023, Future Private Equity Fund Management (Hainan) Co., Limited entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, Future Private Equity Fund Management (Hainan) Co., Limited loaned an amount of $4.94 million (RMB35 million) to the third party at the annual interest rate of 5% from December 8, 2022 to December 8, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 8, 2023, Future Fin Tech (Hong Kong) Limited entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, Future Fin Tech (Hong Kong) Limited loaned an amount of $5.00 million to the third party at the annual interest rate of 5% from December 8, 2022 to December 8, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the balance of loan receivables was $19.16 million, which was from a third party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 8, 2021, FUCE Future Supply Chain (Xi’an) Co., Ltd., a wholly owned subsidiary of the Company, entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, FUCE Future Supply Chain (Xi’an) Co., Ltd. loaned an amount of $0.22 million (RMB1.5 million) to the third party at the annual interest rate of 5.25% from September 8, 2021 to September 6, 2023. As of March 30, 2023, the Company has received repayment $0.22 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 10, 2022, FTFT HK entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, FTFT HK loaned an amount of $5.00 million to the third party at the annual interest rate of 10% from March 10, 2022 to September 9, 2024. To strengthen the liquidity, the Company negotiated with the borrower to early settle part of the loan. As of April 17, 2023, the Company has received repayment $2.16 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2022, FTFT HK entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, FTFT HK loaned an amount of $6.36 million to the same third party at the annual interest rate of 10% from May 31, 2022 to May 30,2023. To strengthen the liquidity, the Company negotiated with the borrower to early settle part of the loan. As of April 17, 2023, the Company has received repayment $6.36 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 26, 2022, FTFT HK entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, FTFT HK loaned an amount of $0.40 million to the same third party at the annual interest rate of 10% from December 26, 2022 to March 26, 2023. As of April 17, 2023, the Company has received repayment $0.40 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 14, 2022, Future Private Equity Fund Management (Hainan) Co., Limited entered into a “Loan Agreement” with a third party. Pursuant to the Loan Agreement, Future Private Equity Fund Management (Hainan) Co., Limited loaned an amount of $7.28 million (RMB50 million) to the third party at the annual interest rate of 8% from July 15, 2022 to July 14, 2024, guarantee by Junde Chen. To strengthen the liquidity, the Company negotiated with the borrower to early settle part of the loan. As of April 17, 2023, the Company has received repayment $5.09 million (RMB35 million). The amount of $2.18 million (RMB15 million) will be repaid within 12 months.</span></p>
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<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c114" decimals="-4" id="ixv-15674" unitRef="usd"> 5000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
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<us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription contextRef="c115" id="ixv-15676"> March 10, 2022 to September 9, 2024 </us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription>
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<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c117" decimals="-4" id="ixv-15678" unitRef="usd"> 7280000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c117" decimals="-6" id="ixv-15679" unitRef="cny"> 50000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c117" decimals="2" id="ixv-15680" unitRef="pure"> 0.08 </us-gaap:InvestmentInterestRate>
<us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription contextRef="c118" id="ixv-15681"> July 15, 2022 to July 14, 2024 </us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c119" decimals="-4" id="ixv-15682" unitRef="usd"> 5090000.00 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c119" decimals="-6" id="ixv-15683" unitRef="cny"> 35000000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment contextRef="c120" decimals="-4" id="ixv-15684" unitRef="usd"> 2120000 </us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment>
<us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment contextRef="c120" decimals="-6" id="ixv-15685" unitRef="cny"> 15000000 </us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment>
<ftft:RepaidTerm contextRef="c120" id="ixv-15686"> P12M </ftft:RepaidTerm>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c121" decimals="-4" id="ixv-15687" unitRef="usd"> 4940000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c121" decimals="-6" id="ixv-15688" unitRef="cny"> 35000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c121" decimals="2" id="ixv-15689" unitRef="pure"> 0.05 </us-gaap:InvestmentInterestRate>
<us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription contextRef="c122" id="ixv-15690"> December 8, 2022 to December 8, 2024 </us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c123" decimals="-4" id="ixv-15691" unitRef="usd"> 5000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c123" decimals="2" id="ixv-15692" unitRef="pure"> 0.05 </us-gaap:InvestmentInterestRate>
<us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription contextRef="c124" id="ixv-15693"> December 8, 2022 to December 8, 2024 </us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription>
<us-gaap:NotesAndLoansReceivableNetCurrent contextRef="c4" decimals="-4" id="ixv-15694" unitRef="usd"> 19160000 </us-gaap:NotesAndLoansReceivableNetCurrent>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c125" decimals="-4" id="ixv-15695" unitRef="usd"> 220000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c125" decimals="-5" id="ixv-15696" unitRef="cny"> 1500000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c125" decimals="4" id="ixv-15697" unitRef="pure"> 0.0525 </us-gaap:InvestmentInterestRate>
<us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription contextRef="c126" id="ixv-15698"> September 8, 2021 to September 6, 2023 </us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c127" decimals="-4" id="ixv-15699" unitRef="usd"> 220000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c128" decimals="-4" id="ixv-15700" unitRef="usd"> 5000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c128" decimals="2" id="ixv-15701" unitRef="pure"> 0.10 </us-gaap:InvestmentInterestRate>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c129" decimals="-4" id="ixv-15702" unitRef="usd"> 2160000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c130" decimals="-4" id="ixv-15703" unitRef="usd"> 6360000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c131" decimals="2" id="ixv-15704" unitRef="pure"> 0.10 </us-gaap:InvestmentInterestRate>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c132" decimals="-4" id="ixv-15705" unitRef="usd"> 6360000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c133" decimals="-4" id="ixv-15706" unitRef="usd"> 400000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c133" decimals="2" id="ixv-15707" unitRef="pure"> 0.10 </us-gaap:InvestmentInterestRate>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c134" decimals="-4" id="ixv-15708" unitRef="usd"> 400000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c135" decimals="-4" id="ixv-15709" unitRef="usd"> 7280000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="c135" decimals="-6" id="ixv-15710" unitRef="cny"> 50000000 </us-gaap:LoansAndLeasesReceivableRelatedParties>
<us-gaap:InvestmentInterestRate contextRef="c135" decimals="2" id="ixv-15711" unitRef="pure"> 0.08 </us-gaap:InvestmentInterestRate>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c136" decimals="-4" id="ixv-15712" unitRef="usd"> 5090000.00 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="c136" decimals="-6" id="ixv-15713" unitRef="cny"> 35000000 </us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment contextRef="c136" decimals="-4" id="ixv-15714" unitRef="usd"> 2180000 </us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment>
<us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment contextRef="c136" decimals="-6" id="ixv-15715" unitRef="cny"> 15000000 </us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment>
<ftft:RepaidTerm contextRef="c136" id="ixv-15716"> P12M </ftft:RepaidTerm>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. SHORT - TERM INVESTMENTS</b>  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023 and 2022, the balance of short - term investments was $0.96 million and $0.99 million. On September 6, 2021, Future Private Equity Fund Management (Hainan) Co., Ltd. invested $1.87 million (RMB13,000,000) 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 $ 0.98 and $0.99 million on December 31, 2023 and 2022. Due to fluctuations of the quoted shares included in its investment portfolios, the Company recognized an impairment to the investment portfolio of $12,633 and $0.91 million for the years ended December 31, 2023 and 2022.</span></p>
</us-gaap:CashCashEquivalentsAndShortTermInvestmentsTextBlock>
<us-gaap:ShortTermInvestments contextRef="c3" decimals="-4" id="ixv-15717" unitRef="usd"> 960000 </us-gaap:ShortTermInvestments>
<us-gaap:ShortTermInvestments contextRef="c4" decimals="-4" id="ixv-15718" unitRef="usd"> 990000 </us-gaap:ShortTermInvestments>
<us-gaap:AlternativeInvestment contextRef="c137" decimals="-4" id="ixv-15719" unitRef="usd"> 1870000 </us-gaap:AlternativeInvestment>
<us-gaap:AlternativeInvestment contextRef="c137" decimals="0" id="ixv-15720" unitRef="cny"> 13000000 </us-gaap:AlternativeInvestment>
<us-gaap:ShortTermInvestments contextRef="c138" decimals="-4" id="ixv-15721" unitRef="usd"> 980000 </us-gaap:ShortTermInvestments>
<us-gaap:ShortTermInvestments contextRef="c139" decimals="-4" id="ixv-15722" unitRef="usd"> 990000 </us-gaap:ShortTermInvestments>
<us-gaap:InterestIncomeShortTermInvestmentOther contextRef="c140" decimals="0" id="ixv-15723" unitRef="usd"> 12633 </us-gaap:InterestIncomeShortTermInvestmentOther>
<us-gaap:InterestIncomeShortTermInvestmentOther contextRef="c141" decimals="-4" id="ixv-15724" unitRef="usd"> 910000 </us-gaap:InterestIncomeShortTermInvestmentOther>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. OTHER CURRENT ASSETS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of other current assets consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayments for Supply Chain Financing/Trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,743,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,766,643</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,064,519</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">831,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,837,752</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,670,264</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
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<us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock contextRef="c0" id="ixv-12267">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of other current assets consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayments for Supply Chain Financing/Trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,743,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,766,643</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,064,519</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">831,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,837,752</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,670,264</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
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<us-gaap:Supplies contextRef="c3" decimals="0" id="ixv-15725" unitRef="usd"> 2743539 </us-gaap:Supplies>
<us-gaap:Supplies contextRef="c4" decimals="0" id="ixv-15726" unitRef="usd"> 3766643 </us-gaap:Supplies>
<us-gaap:PrepaidExpenseCurrent contextRef="c3" decimals="0" id="ixv-15727" unitRef="usd"> 29694 </us-gaap:PrepaidExpenseCurrent>
<us-gaap:PrepaidExpenseCurrent contextRef="c4" decimals="0" id="ixv-15728" unitRef="usd"> 72544 </us-gaap:PrepaidExpenseCurrent>
<us-gaap:OtherAssets contextRef="c3" decimals="0" id="ixv-15729" unitRef="usd"> 1064519 </us-gaap:OtherAssets>
<us-gaap:OtherAssets contextRef="c4" decimals="0" id="ixv-15730" unitRef="usd"> 831077 </us-gaap:OtherAssets>
<ftft:AdvancesToSuppliersAndOtherCurrentAssets contextRef="c3" decimals="0" id="ixv-15731" unitRef="usd"> 3837752 </ftft:AdvancesToSuppliersAndOtherCurrentAssets>
<ftft:AdvancesToSuppliersAndOtherCurrentAssets contextRef="c4" decimals="0" id="ixv-15732" unitRef="usd"> 4670264 </ftft:AdvancesToSuppliersAndOtherCurrentAssets>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. GOODWILL</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, the balance of goodwill mainly represented an amount of <span style="-sec-ix-hidden: hidden-fact-95">nil</span> that arose from acquisition of Nice Talent Asset Management Limited (“Nice Talent”) in 2021, Khyber Money Exchange Ltd., in 2022, FTFT International Securities and Futures Limited (Hong Kong) and Future information service (Shenzhen) Co., Ltd in 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 6, 2021, the Company through its wholly owned subsidiary Future FinTech (Hong Kong) Limited., completed its acquisition of 90% of the issued and outstanding shares of Nice Talent from Joy Rich Enterprises Limited for HK$144,000,000 (the “Purchase Price”) which shall be paid in the shares of common stock of the Company (the “Company Shares”). 60% of the Purchase Price ($11.22 million) was paid in 2,244,156 pre reverse stock split shares of common stock of the Company on August 4, 2021. 40% of the Purchase Price ($7.39 million) was paid in 299,221 shares of common stock of the Company on October 17, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2022, FTFT UK Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Khyber Money Exchange Ltd., a company incorporated for £786,887 ($0.95 million). The Company has changed its name from Khyber Money Exchange Ltd. to FTFT Finance UK Limited on October 11, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha International Securities (Hong Kong) Limited a company incorporated in Hong Kong for $1,791,174 (HKD14,010,421). The Company is securities business. The Company has changed its name from Alpha International Securities (Hong Kong) Limited to FTFT International Securities and Futures Limited on November 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd for $210,788 (HKD1,649,528). The Company is provided information services for FTFT International Securities and Futures Limited. The Company has changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded $14.15 million of impairment loss in fiscal year 2023 related with goodwill mainly arose from acquisition of Nice Talent Asset Management Limited, Khyber Money Exchange Ltd., Alpha International Securities (Hong Kong) Limited and Alpha Information Services (Shenzhen). Goodwill impairment test a s of December 31, 2023 using compare the carrying amount of the reporting unit (including goodwill) with its fair value. If the carrying amount exceeds the fair value, compare the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss should be recognized.</p>
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<ftft:PercentageOfSharesIssued contextRef="c143" decimals="2" id="ixv-15733" unitRef="pure"> 0.90 </ftft:PercentageOfSharesIssued>
<ftft:SharesOutstandingPecentage contextRef="c143" decimals="2" id="ixv-15734" unitRef="pure"> 0.90 </ftft:SharesOutstandingPecentage>
<ftft:CommonStockPurchasePrice contextRef="c143" decimals="0" id="ixv-15735" unitRef="hkd"> 144000000 </ftft:CommonStockPurchasePrice>
<ftft:PercentageOfPurchasePrice contextRef="c144" decimals="2" id="ixv-15736" unitRef="pure"> 0.60 </ftft:PercentageOfPurchasePrice>
<ftft:CommonStockPurchasePrice contextRef="c144" decimals="-4" id="ixv-15737" unitRef="usd"> 11220000 </ftft:CommonStockPurchasePrice>
<us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits contextRef="c145" decimals="0" id="ixv-15738" unitRef="shares"> 2244156 </us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits>
<ftft:PercentageOfPurchasePrice contextRef="c146" decimals="2" id="ixv-15739" unitRef="pure"> 0.40 </ftft:PercentageOfPurchasePrice>
<ftft:CommonStockPurchasePrice contextRef="c146" decimals="-4" id="ixv-15740" unitRef="usd"> 7390000 </ftft:CommonStockPurchasePrice>
<us-gaap:CommonStockSharesIssued contextRef="c147" decimals="0" id="ixv-15741" unitRef="shares"> 299221 </us-gaap:CommonStockSharesIssued>
<us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage contextRef="c148" decimals="2" id="ixv-15742" unitRef="pure"> 1 </us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c149" decimals="0" id="ixv-15743" unitRef="eur"> 786887 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c149" decimals="-4" id="ixv-15744" unitRef="usd"> 950000 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage contextRef="c150" decimals="2" id="ixv-15745" unitRef="pure"> 1 </us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c151" decimals="0" id="ixv-15746" unitRef="usd"> 1791174 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c152" decimals="0" id="ixv-15747" unitRef="hkd"> 14010421 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage contextRef="c153" decimals="2" id="ixv-15748" unitRef="pure"> 1 </us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c152" decimals="0" id="ixv-15749" unitRef="usd"> 210788 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:ProceedsFromSaleOfInterestInCorporateUnit contextRef="c154" decimals="0" id="ixv-15750" unitRef="hkd"> 1649528 </us-gaap:ProceedsFromSaleOfInterestInCorporateUnit>
<us-gaap:GoodwillImpairmentLoss contextRef="c155" decimals="-4" id="ixv-15751" unitRef="usd"> 14150000 </us-gaap:GoodwillImpairmentLoss>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. ACQUISITION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nice Talent</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 6, 2021 (“Acquisition Date”), the Company through its wholly owned subsidiary Future FinTech (Hong Kong) Limited., completed its acquisition of 90% of the issued and outstanding shares of Nice Talent from Joy Rich Enterprises Limited for HK$144,000,000 (the “Purchase Price”) which shall be paid in the shares of common stock of the Company (the “Company Shares”). 60% of the Purchase Price ($11.22 million) was paid in shares of common stock of the Company on August 4, 2021. 40% of the Purchase Price ($7.39 million) was paid in 299,221 shares of common stock of the Company on October 17, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The transaction was accounted for in accordance with the provisions of ASC 805-10, Business Combinations. The Company retained an independent appraisal firm to advise management in the determination of the fair value of the various assets acquired and liabilities assumed. The values assigned in these financial statements represent management’s best estimate of fair values as of the Acquisition Date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As required by ASC 805-20, Business Combinations—Identifiable Assets and Liabilities, and Any - Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,407,902</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,039</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,577</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due from related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,323</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(498,515</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,036,027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: non-controlling interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,165</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,164,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $275,624 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,069,460</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has included the operating results of Nice Talent in its consolidated financial statements since the Acquisition Date. US$1,291,391 in net sales and US$114,623 in net gain of Nice Talent were included in the consolidated financial statements for the years ended December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Khyber Money Exchange Ltd.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2022, FTFT UK Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Khyber Money Exchange Ltd., a company incorporated for £786,887 ($0.95 million). The Company has changed its name from Khyber Money Exchange Ltd. to FTFT Finance UK Limited on October 11, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Other receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">242,087</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,888</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">152,783</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">628,938</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $166,676 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">781,721</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has included the operating results of FTFT Finance UK Limited in its consolidated financial statements since the Acquisition Date. <span style="-sec-ix-hidden: hidden-fact-97">Nil</span> in net sales and US$20,440 in net loss of FTFT Finance UK Limited were included in the consolidated financial statements for the years ended December 31, 2022. Had the acquisition been completed from beginning of the current year, the revenue and the net loss of the Company would have been US$24.03 million and US$14.32 million, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> Alpha International Securities (Hong Kong) Limited</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha International Securities (Hong Kong) Limited a company incorporated in Hong Kong for $1,791,174 (HKD14,010,421). The Company is securities business. The Company has changed its name from Alpha International Securities (Hong Kong) Limited to FTFT International Securities and Futures Limited on November 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Alpha Information Services (Shenzhen) Co., Ltd</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd for $210,788 (HKD1,649,528). The Company is provided information services for FTFT International Securities and Futures Limited. The Company has changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,526,360</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">171,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,846</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right of use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Lease liability-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,875</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,123,903</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(552,484</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,849,685</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">172,213</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $4,679,434 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,677,472</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has included the operating results of FTFT International Securities and Futures Limited in its consolidated financial statements since the Acquisition Date. US$294,437 in net sales and US$88,408 in net income of FTFT International Securities and Futures Limited were included in the consolidated financial statements for the years ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has included the operating results of Future information service (Shenzhen) Co., Ltd in its consolidated financial statements since the Acquisition Date. US$1,390 in net sales and US$<span style="-sec-ix-hidden: hidden-fact-96">50,80</span> in net loss of Future information service (Shenzhen) Co., Ltd were included in the consolidated financial statements for the years ended December 31, 2023.</span></p>
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,407,902</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,039</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,577</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due from related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,323</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(498,515</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,036,027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: non-controlling interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,165</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,164,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $275,624 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,069,460</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Other receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">242,087</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,888</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">152,783</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">628,938</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $166,676 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">781,721</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,526,360</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">171,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,846</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right of use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Lease liability-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,875</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,123,903</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other payables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(552,484</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,849,685</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Add: goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">172,213</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total purchase price for acquisition net of $4,679,434 of cash</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,677,472</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>
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<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment contextRef="c176" decimals="0" id="ixv-15793" unitRef="usd"> 1458 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets contextRef="c176" decimals="0" id="ixv-15794" unitRef="usd"> 127846 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets>
<us-gaap:OperatingLeaseRightOfUseAsset contextRef="c176" decimals="0" id="ixv-15795" unitRef="usd"> 8875 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:OperatingLeaseLiabilityCurrent contextRef="c176" decimals="0" id="ixv-15796" unitRef="usd"> 8875 </us-gaap:OperatingLeaseLiabilityCurrent>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable contextRef="c176" decimals="0" id="ixv-15797" unitRef="usd"> 4123903 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable>
<ftft:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherPayables contextRef="c176" decimals="0" id="ixv-15798" unitRef="usd"> 552484 </ftft:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherPayables>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet contextRef="c176" decimals="0" id="ixv-15799" unitRef="usd"> -2849685 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet contextRef="c176" decimals="0" id="ixv-15800" unitRef="usd"> 172213 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet>
<us-gaap:OtherPaymentsToAcquireBusinesses contextRef="c177" decimals="0" id="ixv-15801" unitRef="usd"> 4679434 </us-gaap:OtherPaymentsToAcquireBusinesses>
<ftft:PaymentsToAcquireBusinessGross contextRef="c177" decimals="0" id="ixv-15802" unitRef="usd"> -2677472 </ftft:PaymentsToAcquireBusinessGross>
<ftft:BusinessCombinationAcquiredNetSales contextRef="c171" decimals="0" id="ixv-15803" unitRef="usd"> 294437 </ftft:BusinessCombinationAcquiredNetSales>
<us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss contextRef="c172" decimals="0" id="ixv-15804" unitRef="usd"> 88408 </us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss>
<ftft:BusinessCombinationAcquiredNetSales contextRef="c173" decimals="0" id="ixv-15805" unitRef="usd"> 1390 </ftft:BusinessCombinationAcquiredNetSales>
<us-gaap:LesseeOperatingLeasesTextBlock contextRef="c0" id="ixv-12656">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. LEASES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s noncancelable operating leases consist of leases for office spaces and computer processing center. The Company is the lessee under the terms of the operating leases. For the year ended December 31, 2023, the operating lease cost was $1.29 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s operating leases have remaining lease terms of approximately 42 months. As of December 31, 2023, the weighted average remaining lease term and weighted average discount rate were 3.52 years and 4.75%, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities of lease liabilities were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Operating</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Lease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">From January 1, 2024 to December 31, 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">556,658</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>From January 1, 2025 to December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>From January 1, 2026 to December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>From January 1, 2027 to December 31, 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">From January 1, 2028 to March 31, 2028</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">133,684</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,400,774</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: amounts representing interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">104,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Present Value of future minimum lease payments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,296,080</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">498,736</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Long term obligations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">797,344</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company leases office space and equipment under various short-term operating leases. As permitted by ASC 842, the Company has elected the practical expedient for short-term leases, whereby lease assets and lease liabilities are not recognized on the balance sheet. Short term leases cost was $0.26 million for the year ended December 31, 2023.</span></p>
</us-gaap:LesseeOperatingLeasesTextBlock>
<us-gaap:OperatingLeaseCost contextRef="c0" decimals="-4" id="ixv-15806" unitRef="usd"> 1290000 </us-gaap:OperatingLeaseCost>
<us-gaap:LesseeOperatingLeaseRemainingLeaseTerm contextRef="c3" id="ixv-15807"> P42M </us-gaap:LesseeOperatingLeaseRemainingLeaseTerm>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="c3" id="ixv-15808"> P3Y6M7D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="c3" decimals="4" id="ixv-15809" unitRef="pure"> 0.0475 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock contextRef="c0" id="ixv-12685">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities of lease liabilities were as follows:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Operating</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Lease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">From January 1, 2024 to December 31, 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">556,658</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>From January 1, 2025 to December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>From January 1, 2026 to December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>From January 1, 2027 to December 31, 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">From January 1, 2028 to March 31, 2028</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">133,684</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,400,774</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: amounts representing interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">104,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Present Value of future minimum lease payments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,296,080</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">498,736</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Long term obligations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">797,344</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="c3" decimals="0" id="ixv-15810" unitRef="usd"> 556658 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="c3" decimals="0" id="ixv-15811" unitRef="usd"> 254953 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="c3" decimals="0" id="ixv-15812" unitRef="usd"> 254953 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour contextRef="c3" decimals="0" id="ixv-15813" unitRef="usd"> 200526 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive contextRef="c3" decimals="0" id="ixv-15814" unitRef="usd"> 133684 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="c3" decimals="0" id="ixv-15815" unitRef="usd"> 1400774 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount contextRef="c3" decimals="0" id="ixv-15816" unitRef="usd"> 104694 </us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount>
<us-gaap:OperatingLeaseLiability contextRef="c3" decimals="0" id="ixv-15817" unitRef="usd"> 1296080 </us-gaap:OperatingLeaseLiability>
<us-gaap:OperatingLeaseLiabilityCurrent contextRef="c3" decimals="0" id="ixv-15818" unitRef="usd"> 498736 </us-gaap:OperatingLeaseLiabilityCurrent>
<us-gaap:OperatingLeaseLiabilityNoncurrent contextRef="c3" decimals="0" id="ixv-15819" unitRef="usd"> 797344 </us-gaap:OperatingLeaseLiabilityNoncurrent>
<us-gaap:ShortTermLeaseCost contextRef="c0" decimals="-4" id="ixv-15820" unitRef="usd"> 260000 </us-gaap:ShortTermLeaseCost>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0" id="ixv-12768">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. PROPERTY, PLANT AND EQUIPMENT, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Office equipment, fixtures and furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">633,936</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">489,184</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Vehicle</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">730,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,955</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Building</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">146,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,784</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,510,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,325,923</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(716,828</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(276,851</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Construction in progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,790,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,165,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,594</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,688</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,579,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,209,189</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense included in general and administration expenses for the years ended December 31, 2023 and 2022 was $273,106 and $185,151 respectively. Depreciation expense included in cost of sales for the year ended December 31, 2023 and 2022 was $0 and $0, respectively.</span></p>
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<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c0" id="ixv-12775">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment consist of the following:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Office equipment, fixtures and furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">633,936</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">489,184</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Vehicle</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">730,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,955</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Building</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">146,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,784</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,510,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,325,923</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(716,828</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(276,851</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Construction in progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,790,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,165,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,594</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,688</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,579,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,209,189</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
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<us-gaap:PropertyPlantAndEquipmentGross contextRef="c180" decimals="0" id="ixv-15821" unitRef="usd"> 633936 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c181" decimals="0" id="ixv-15822" unitRef="usd"> 489184 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c82" decimals="0" id="ixv-15823" unitRef="usd"> 730998 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c182" decimals="0" id="ixv-15824" unitRef="usd"> 798955 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c77" decimals="0" id="ixv-15825" unitRef="usd"> 146053 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c183" decimals="0" id="ixv-15826" unitRef="usd"> 37784 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c3" decimals="0" id="ixv-15827" unitRef="usd"> 1510987 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c4" decimals="0" id="ixv-15828" unitRef="usd"> 1325923 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c3" decimals="0" id="ixv-15829" unitRef="usd"> 716828 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c4" decimals="0" id="ixv-15830" unitRef="usd"> 276851 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:ConstructionInProgressGross contextRef="c3" decimals="0" id="ixv-15831" unitRef="usd"> 3790623 </us-gaap:ConstructionInProgressGross>
<us-gaap:ConstructionInProgressGross contextRef="c4" decimals="0" id="ixv-15832" unitRef="usd"> 3165805 </us-gaap:ConstructionInProgressGross>
<ftft:ImpairmentOfPropertyAndEquipment contextRef="c3" decimals="0" id="ixv-15833" unitRef="usd"> 5594 </ftft:ImpairmentOfPropertyAndEquipment>
<ftft:ImpairmentOfPropertyAndEquipment contextRef="c4" decimals="0" id="ixv-15834" unitRef="usd"> 5688 </ftft:ImpairmentOfPropertyAndEquipment>
<us-gaap:PrepaidExpenseAndOtherAssets contextRef="c3" decimals="0" id="ixv-15835" unitRef="usd"> 4579188 </us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:PrepaidExpenseAndOtherAssets contextRef="c4" decimals="0" id="ixv-15836" unitRef="usd"> 4209189 </us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:Depreciation contextRef="c178" decimals="0" id="ixv-15837" unitRef="usd"> 273106 </us-gaap:Depreciation>
<us-gaap:Depreciation contextRef="c179" decimals="0" id="ixv-15838" unitRef="usd"> 185151 </us-gaap:Depreciation>
<us-gaap:CostOfGoodsAndServicesSoldDepreciation contextRef="c0" decimals="0" id="ixv-15839" unitRef="usd"> 0 </us-gaap:CostOfGoodsAndServicesSoldDepreciation>
<us-gaap:CostOfGoodsAndServicesSoldDepreciation contextRef="c7" decimals="0" id="ixv-15840" unitRef="usd"> 0 </us-gaap:CostOfGoodsAndServicesSoldDepreciation>
<us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="c0" id="ixv-12906">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. INTANGIBLE ASSETS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Trademarks</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">847</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">System and software</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,730,549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,578,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,731,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,579,509</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(311,131</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(199,151</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,831,283</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,862,289</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">588,982</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,069</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expense included in general and administration expenses for the years ended December 31, 2023 and 2022 was $57,035 and $63,552, respectively. Amortization expense included in cost of sales for the years ended December 31, 2023 and 2022 was $0 and $0, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated amortization is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As of December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Estimated <br/> amortization <br/> expense</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-indent: -9pt; padding-left: 9pt">From January 1, 2024 to December 31, 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">57,035</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2025 to December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2026 to December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2027 to December 31, 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2028 to December 31, 2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">175,859</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">461,034</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trading rights of license plates 1 and 2 on the Hong Kong Stock Exchange have no expiration date and do not require amortization, amount was $127,948.</span></p>
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<us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock contextRef="c0" id="ixv-12914">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consist of the following:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Trademarks</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">847</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">System and software</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,730,549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,578,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,731,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,579,509</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(311,131</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(199,151</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,831,283</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,862,289</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">588,982</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,069</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c184" decimals="0" id="ixv-15841" unitRef="usd"> 847 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c185" decimals="0" id="ixv-15842" unitRef="usd"> 862 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c186" decimals="0" id="ixv-15843" unitRef="usd"> 2730549 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c187" decimals="0" id="ixv-15844" unitRef="usd"> 2578647 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c3" decimals="0" id="ixv-15845" unitRef="usd"> 2731396 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c4" decimals="0" id="ixv-15846" unitRef="usd"> 2579509 </us-gaap:FiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c3" decimals="0" id="ixv-15847" unitRef="usd"> 311131 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c4" decimals="0" id="ixv-15848" unitRef="usd"> 199151 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<us-gaap:ImpairmentOfLeasehold contextRef="c0" decimals="0" id="ixv-15849" unitRef="usd"> 1831283 </us-gaap:ImpairmentOfLeasehold>
<us-gaap:ImpairmentOfLeasehold contextRef="c7" decimals="0" id="ixv-15850" unitRef="usd"> 1862289 </us-gaap:ImpairmentOfLeasehold>
<us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c3" decimals="0" id="ixv-15851" unitRef="usd"> 588982 </us-gaap:IntangibleAssetsNetExcludingGoodwill>
<us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c4" decimals="0" id="ixv-15852" unitRef="usd"> 518069 </us-gaap:IntangibleAssetsNetExcludingGoodwill>
<us-gaap:AdjustmentForAmortization contextRef="c0" decimals="0" id="ixv-15853" unitRef="usd"> 57035 </us-gaap:AdjustmentForAmortization>
<us-gaap:AdjustmentForAmortization contextRef="c7" decimals="0" id="ixv-15854" unitRef="usd"> 63552 </us-gaap:AdjustmentForAmortization>
<us-gaap:CostOfGoodsAndServicesSoldAmortization contextRef="c0" decimals="0" id="ixv-15855" unitRef="usd"> 0 </us-gaap:CostOfGoodsAndServicesSoldAmortization>
<us-gaap:CostOfGoodsAndServicesSoldAmortization contextRef="c7" decimals="0" id="ixv-15856" unitRef="usd"> 0 </us-gaap:CostOfGoodsAndServicesSoldAmortization>
<us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="c0" id="ixv-13011">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated amortization is as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As of December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Estimated <br/> amortization <br/> expense</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-indent: -9pt; padding-left: 9pt">From January 1, 2024 to December 31, 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">57,035</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2025 to December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2026 to December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2027 to December 31, 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">From January 1, 2028 to December 31, 2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">175,859</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">461,034</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c3" decimals="0" id="ixv-15857" unitRef="usd"> 57035 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="c3" decimals="0" id="ixv-15858" unitRef="usd"> 57035 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c3" decimals="0" id="ixv-15859" unitRef="usd"> 57035 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="c3" decimals="0" id="ixv-15860" unitRef="usd"> 57035 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="c3" decimals="0" id="ixv-15861" unitRef="usd"> 57035 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive contextRef="c3" decimals="0" id="ixv-15862" unitRef="usd"> 175859 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive>
<us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c3" decimals="0" id="ixv-15863" unitRef="usd"> 461034 </us-gaap:FiniteLivedIntangibleAssetsNet>
<us-gaap:AmortizationOfIntangibleAssets contextRef="c0" decimals="0" id="ixv-15864" unitRef="usd"> 127948 </us-gaap:AmortizationOfIntangibleAssets>
<us-gaap:ShortTermDebtTextBlock contextRef="c0" id="ixv-13074">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. NOTE PAYABLE</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, note payable was <span style="-sec-ix-hidden: hidden-fact-98">nil</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, note payable consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issue date</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>amount</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Mature date</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effective</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>interest rate</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">August 10, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,435,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">August 10, 2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.05</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">August 12, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">August 12, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">July 28, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">July 28, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">December 19, 2022</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">December 19, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,589,582</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At maturity, the Notes are payable at their principal amount thereon. There occurring with respect to any of the Company’s indebtedness, an event of default resulting in accelerated maturity or a failure to pay principal, interest or premium when due, the overdue interest shall be charged at 0.05% per day, without the need to notify the applicant and sign another loan contract. As of December 31, 2022, there was no such event of default.</span></p>
</us-gaap:ShortTermDebtTextBlock>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="c0" id="ixv-13086">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, note payable consist of the following:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issue date</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>amount</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Mature date</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effective</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>interest rate</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">August 10, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,435,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">August 10, 2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.05</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">August 12, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">August 12, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">July 28, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">July 28, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">FUCE Future Supply Chain (Xi’an) Co., Ltd.</td><td> </td> <td style="text-align: center">December 19, 2022</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">717,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">December 19, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,589,582</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfDebtTableTextBlock>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c188" id="ixv-15865"> 2022-08-10 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:NotesPayableCurrent contextRef="c189" decimals="0" id="ixv-15866" unitRef="usd"> 1435834 </us-gaap:NotesPayableCurrent>
<us-gaap:DebtInstrumentMaturityDate contextRef="c188" id="ixv-15867"> 2023-08-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c189" decimals="4" id="ixv-15868" unitRef="pure"> 0.0005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c190" id="ixv-15869"> 2022-08-12 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:NotesPayableCurrent contextRef="c191" decimals="0" id="ixv-15870" unitRef="usd"> 717916 </us-gaap:NotesPayableCurrent>
<us-gaap:DebtInstrumentMaturityDate contextRef="c190" id="ixv-15871"> 2023-08-12 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c191" decimals="4" id="ixv-15872" unitRef="pure"> 0.0005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c192" id="ixv-15873"> 2022-07-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:NotesPayableCurrent contextRef="c193" decimals="0" id="ixv-15874" unitRef="usd"> 717916 </us-gaap:NotesPayableCurrent>
<us-gaap:DebtInstrumentMaturityDate contextRef="c192" id="ixv-15875"> 2023-07-28 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c193" decimals="4" id="ixv-15876" unitRef="pure"> 0.0005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c194" id="ixv-15877"> 2022-12-19 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:NotesPayableCurrent contextRef="c195" decimals="0" id="ixv-15878" unitRef="usd"> 717916 </us-gaap:NotesPayableCurrent>
<us-gaap:DebtInstrumentMaturityDate contextRef="c194" id="ixv-15879"> 2023-12-19 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c195" decimals="4" id="ixv-15880" unitRef="pure"> 0.0005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<us-gaap:NotesPayableCurrent contextRef="c4" decimals="0" id="ixv-15881" unitRef="usd"> 3589582 </us-gaap:NotesPayableCurrent>
<ftft:OverdueInterestShallBeChargedPercentage contextRef="c0" decimals="4" id="ixv-15882" unitRef="pure"> 0.0005 </ftft:OverdueInterestShallBeChargedPercentage>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="c0" id="ixv-13210">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. ACCOUNT PAYABLES</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of account payables were consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Supply Chain Financing/Trading payment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">728,010</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,584,920</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,592,051</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,657</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,320,061</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,603,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<ftft:ScheduleOfAccountPayablesTableTextBlock contextRef="c0" id="ixv-13217">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of account payables were consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Supply Chain Financing/Trading payment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">728,010</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,584,920</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,592,051</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,657</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,320,061</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,603,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</ftft:ScheduleOfAccountPayablesTableTextBlock>
<us-gaap:EnergyMarketingAccountsPayable contextRef="c3" decimals="0" id="ixv-15883" unitRef="usd"> 728010 </us-gaap:EnergyMarketingAccountsPayable>
<us-gaap:EnergyMarketingAccountsPayable contextRef="c4" decimals="0" id="ixv-15884" unitRef="usd"> 3584920 </us-gaap:EnergyMarketingAccountsPayable>
<us-gaap:AccountsPayableOtherCurrent contextRef="c3" decimals="0" id="ixv-15885" unitRef="usd"> 2592051 </us-gaap:AccountsPayableOtherCurrent>
<us-gaap:AccountsPayableOtherCurrent contextRef="c4" decimals="0" id="ixv-15886" unitRef="usd"> 18657 </us-gaap:AccountsPayableOtherCurrent>
<us-gaap:AccountsPayableCurrent contextRef="c3" decimals="0" id="ixv-15887" unitRef="usd"> 3320061 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccountsPayableCurrent contextRef="c4" decimals="0" id="ixv-15888" unitRef="usd"> 3603577 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock contextRef="c0" id="ixv-13281">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. ACCRUED EXPENSES AND OTHER PAYABLES</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of accrued expenses and other payables were consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Legal fee and other professionals</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">832,263</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">533,048</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Wages and employee reimbursement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509,288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">763,983</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Provision for legal case</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,875,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">731,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,287</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Accruals</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,049,144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">103,459</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,997,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,108,777</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2021, FT Global Capital, Inc. (“FT Global”), a former placement agent of the Company filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia. FT Global served the complaint upon the Company in January 2021. In the complaint, FT Global alleges claims, most of which attempt to hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement between FT Global and the Company in July 2020 which had a term of three months. FT Global claims that the Company failed to compensate FT Global for securities purchase transactions between December 2020 and April 2021, pursuant to the terms of the expired exclusive placement agent agreement. On April 11, 2024, on which date the jury returned a verdict in favor of FT Global and the Court entered a judgment awarding FT Global $8,875,265.</p>
</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>
<us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="c0" id="ixv-13288">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of accrued expenses and other payables were consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Legal fee and other professionals</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">832,263</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">533,048</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Wages and employee reimbursement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509,288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">763,983</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Provision for legal case</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,875,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">731,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,287</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Accruals</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,049,144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">103,459</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,997,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,108,777</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="c3" decimals="0" id="ixv-15889" unitRef="usd"> 832263 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="c4" decimals="0" id="ixv-15890" unitRef="usd"> 533048 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedEmployeeBenefitsCurrent contextRef="c3" decimals="0" id="ixv-15891" unitRef="usd"> 509288 </us-gaap:AccruedEmployeeBenefitsCurrent>
<us-gaap:AccruedEmployeeBenefitsCurrent contextRef="c4" decimals="0" id="ixv-15892" unitRef="usd"> 763983 </us-gaap:AccruedEmployeeBenefitsCurrent>
<us-gaap:AccruedProfessionalFeesCurrentAndNoncurrent contextRef="c3" decimals="0" id="ixv-15893" unitRef="usd"> 8875265 </us-gaap:AccruedProfessionalFeesCurrentAndNoncurrent>
<us-gaap:PurchaseObligation contextRef="c3" decimals="0" id="ixv-15894" unitRef="usd"> 731521 </us-gaap:PurchaseObligation>
<us-gaap:PurchaseObligation contextRef="c4" decimals="0" id="ixv-15895" unitRef="usd"> 708287 </us-gaap:PurchaseObligation>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="c3" decimals="0" id="ixv-15896" unitRef="usd"> 1049144 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="c4" decimals="0" id="ixv-15897" unitRef="usd"> 103459 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="c3" decimals="0" id="ixv-15898" unitRef="usd"> 11997481 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="c4" decimals="0" id="ixv-15899" unitRef="usd"> 2108777 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<ftft:JudgementAmount contextRef="c196" decimals="0" id="ixv-15900" unitRef="usd"> 8875265 </ftft:JudgementAmount>
<us-gaap:DebtDisclosureTextBlock contextRef="c0" id="ixv-13384">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. CONVERTIBLE NOTES PAYABLE</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023 and 2022, convertible debt consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Beginning</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">               -</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%">Addition</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Conversion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,100,723</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:ConvertibleDebtTableTextBlock contextRef="c0" id="ixv-13392">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023 and 2022, convertible debt consisted of the following:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Beginning</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">               -</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%">Addition</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Conversion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,100,723</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ConvertibleDebtTableTextBlock>
<ftft:ConvertibleNotesPayableAddition contextRef="c0" decimals="0" id="ixv-15901" unitRef="usd"> 1100723 </ftft:ConvertibleNotesPayableAddition>
<us-gaap:ConvertibleNotesPayableCurrent contextRef="c3" decimals="0" id="ixv-15902" unitRef="usd"> 1100723 </us-gaap:ConvertibleNotesPayableCurrent>
<us-gaap:OtherLiabilitiesDisclosureTextBlock contextRef="c0" id="ixv-13484">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. DEFERRED LIABILITIES</b>  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023 and 2022, the balance of deferred liabilities mainly represented an amount of <span style="-sec-ix-hidden: hidden-fact-107">nil</span> and $7.39 million that arose from the payment for the remaining 40% of the Purchase Price of the acquisition of Nice Talent Asset Management Limited (“Nice Talent”). 40% of the Purchase Price ($7.39 million) was paid in 299,221 shares of common stock of the Company on October 17, 2023.</span></p>
</us-gaap:OtherLiabilitiesDisclosureTextBlock>
<us-gaap:DeferredTaxLiabilities contextRef="c4" decimals="-4" id="ixv-15903" unitRef="usd"> 7390000 </us-gaap:DeferredTaxLiabilities>
<us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage contextRef="c142" decimals="2" id="ixv-15904" unitRef="pure"> 0.40 </us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage>
<ftft:PercentageOfPurchasePrice contextRef="c197" decimals="2" id="ixv-15905" unitRef="pure"> 0.40 </ftft:PercentageOfPurchasePrice>
<us-gaap:SupplementalDeferredPurchasePrice contextRef="c198" decimals="-4" id="ixv-15906" unitRef="usd"> 7390000 </us-gaap:SupplementalDeferredPurchasePrice>
<ftft:SharesOfCommonStock contextRef="c199" decimals="0" id="ixv-15907" unitRef="shares"> 299221 </ftft:SharesOfCommonStock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0" id="ixv-13510">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. RELATED PARTY TRANSACTION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the amount due to the related parties was consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Chao Li</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">73,893</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left"><p style="margin: 0pt 0">Corporate legal representative</p></td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ming Yi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,513</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Accrued expenses, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xiaochen Zhao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Corporate legal representative</td><td> </td> <td style="vertical-align: top; text-align: justify">Accrued expenses, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">Chan Siu Kei</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">401,516</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">NTAM’s Director</td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 4pt">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">505,046</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the amount due from the related parties was consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left; padding-bottom: 1.5pt">Kai Xu</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">12,151</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; width: 28%; text-align: left; padding-bottom: 1.5pt">Deputy General Manager of a subsidiary of the Company</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; width: 28%; text-align: justify; padding-bottom: 1.5pt">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,151</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company had the following transactions with related parties:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,664</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">A company owned by the minority shareholder of NTAM</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Other income, net</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">978,801</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Nice Talent Partner Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,867</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2023, the Company extended advances amounting to $351,004 to five key management personnel, and a total of $341,190 had been either repaid or classified as business expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2023, one key management personnel advanced a total of $4,330 to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2023, the Company did not pay a bonus to a key management personnel a total of $401,516.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the amount due to the related parties was consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Reits (Beijing) Technology Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,538</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">Zhi Yan is the legal representative of this company</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Acquisition of intangibles upon the full completion of the online platform pursuant to an agreement originally entered between parties before Zhi Yan was the general manager of our subsidiary.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Zhi Yan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">221,204</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">General Manager of a subsidiary of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">235,742</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the amount due from the related parties was consisted of the followings:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Kai Xu</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">Deputy General Manager of a subsidiary of the Company</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ming Yi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,135</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Jing Chen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">971</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Vice president of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ola Johannes Lind</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,168</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Executive Officer of the FTFT Capital Investments L.L.C. and Chief Strategy Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Wong Tai Kue</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,836</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">NTAM’s Director</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 1.5pt">Advance to pay for directors* <br/> Amount is interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">53,126</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2022, the Company had the following transactions with related parties:  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 30%; text-indent: -9pt; padding-left: 9pt; vertical-align: top">NDC</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">559,786</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">A company owned by the minority  shareholder of NTAM</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249,666</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Alpha Yield Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164,779</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A director of the Company is a shareholder of this company</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">NDC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Nice Talent Partner Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,564</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2022, the Company extended advances amounting to $160,539 to six key management personnel, and a total of $171,863 had been either repaid or classified as business expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During fiscal year 2022, five key management personnel advanced a total of $132,770 to the Company, and the Company repaid $29,830 to them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The related party transactions have been approved by the Company’s Audit Committee.</span></td></tr> </table>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<ftft:ScheduleOfDueToRelatedPartiesTableTextBlock contextRef="c0" id="ixv-13518">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the amount due to the related parties was consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Chao Li</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">73,893</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left"><p style="margin: 0pt 0">Corporate legal representative</p></td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ming Yi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,513</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Accrued expenses, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xiaochen Zhao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Corporate legal representative</td><td> </td> <td style="vertical-align: top; text-align: justify">Accrued expenses, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">Chan Siu Kei</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">401,516</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">NTAM’s Director</td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 4pt">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">505,046</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the amount due to the related parties was consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Reits (Beijing) Technology Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,538</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">Zhi Yan is the legal representative of this company</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Acquisition of intangibles upon the full completion of the online platform pursuant to an agreement originally entered between parties before Zhi Yan was the general manager of our subsidiary.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Zhi Yan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">221,204</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">General Manager of a subsidiary of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Other payables, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">235,742</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table>
</ftft:ScheduleOfDueToRelatedPartiesTableTextBlock>
<us-gaap:OtherLiabilitiesCurrent contextRef="c200" decimals="0" id="ixv-15908" unitRef="usd"> 73893 </us-gaap:OtherLiabilitiesCurrent>
<ftft:DueToRelatedPartiesRelationship contextRef="c200" id="ixv-15909"> Corporate legal representative </ftft:DueToRelatedPartiesRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c201" id="ixv-15910"> Other payables, interest free and payment on demand. </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:OtherLiabilitiesCurrent contextRef="c202" decimals="0" id="ixv-15911" unitRef="usd"> 29513 </us-gaap:OtherLiabilitiesCurrent>
<ftft:DueToRelatedPartiesRelationship contextRef="c202" id="ixv-15912"> Chief Financial Officer of the Company </ftft:DueToRelatedPartiesRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c203" id="ixv-15913"> Accrued expenses, interest free and payment on demand. </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:OtherLiabilitiesCurrent contextRef="c204" decimals="0" id="ixv-15914" unitRef="usd"> 124 </us-gaap:OtherLiabilitiesCurrent>
<ftft:DueToRelatedPartiesRelationship contextRef="c204" id="ixv-15915"> Corporate legal representative </ftft:DueToRelatedPartiesRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c205" id="ixv-15916"> Accrued expenses, interest free and payment on demand. </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:OtherLiabilitiesCurrent contextRef="c206" decimals="0" id="ixv-15917" unitRef="usd"> 401516 </us-gaap:OtherLiabilitiesCurrent>
<ftft:DueToRelatedPartiesRelationship contextRef="c206" id="ixv-15918"> NTAM’s Director </ftft:DueToRelatedPartiesRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c207" id="ixv-15919"> Other payables, interest free and payment on demand. </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:OtherLiabilitiesCurrent contextRef="c5" decimals="0" id="ixv-15920" unitRef="usd"> 505046 </us-gaap:OtherLiabilitiesCurrent>
<ftft:ScheduleOfDueFromRelatedPartiesTableTextBlock contextRef="c0" id="ixv-13587">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the amount due from the related parties was consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left; padding-bottom: 1.5pt">Kai Xu</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">12,151</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; width: 28%; text-align: left; padding-bottom: 1.5pt">Deputy General Manager of a subsidiary of the Company</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; width: 28%; text-align: justify; padding-bottom: 1.5pt">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,151</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the amount due from the related parties was consisted of the followings:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left">Kai Xu</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">Deputy General Manager of a subsidiary of the Company</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ming Yi</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,135</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Jing Chen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">971</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Vice president of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Ola Johannes Lind</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,168</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">Chief Executive Officer of the FTFT Capital Investments L.L.C. and Chief Strategy Officer of the Company</td><td> </td> <td style="vertical-align: top; text-align: justify">Loan receivables*, interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Wong Tai Kue</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,836</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">NTAM’s Director</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 1.5pt">Advance to pay for directors* <br/> Amount is interest free and payment on demand.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">53,126</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: justify; padding-bottom: 4pt"> </td></tr> </table>
</ftft:ScheduleOfDueFromRelatedPartiesTableTextBlock>
<us-gaap:OtherAssetsCurrent contextRef="c212" decimals="0" id="ixv-15921" unitRef="usd"> 12151 </us-gaap:OtherAssetsCurrent>
<ftft:DueFromRelatedPartiesRelationship contextRef="c212" id="ixv-15922"> Deputy General Manager of a subsidiary of the Company </ftft:DueFromRelatedPartiesRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c213" id="ixv-15923"> Loan receivables*, interest free and payment on demand. </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:OtherAssetsCurrent contextRef="c5" decimals="0" id="ixv-15924" unitRef="usd"> 12151 </us-gaap:OtherAssetsCurrent>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="c0" id="ixv-13625">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company had the following transactions with related parties:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 30%; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,664</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">A company owned by the minority shareholder of NTAM</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Other income, net</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">978,801</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Nice Talent Partner Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,867</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> </table>During 2022, the Company had the following transactions with related parties:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 30%; text-indent: -9pt; padding-left: 9pt; vertical-align: top">NDC</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">559,786</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: left">A company owned by the minority  shareholder of NTAM</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 28%; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">JKNDC Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249,666</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Cost of revenue- Asset management service</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Alpha Yield Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164,779</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A director of the Company is a shareholder of this company</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">NDC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Nice Talent Partner Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,564</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left">A company owned by the minority shareholder of NTAM</td><td> </td> <td style="vertical-align: top; text-align: justify">Consultancy fee</td></tr> </table>
</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="c224" decimals="0" id="ixv-15925" unitRef="usd"> 7664 </us-gaap:RelatedPartyTransactionAmountsOfTransaction>
<ftft:RelatedPartiesTransactionRelationship contextRef="c224" id="ixv-15926"> A company owned by the minority shareholder of NTAM </ftft:RelatedPartiesTransactionRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c224" id="ixv-15927"> Other income, net </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="c225" decimals="0" id="ixv-15928" unitRef="usd"> 978801 </us-gaap:RelatedPartyTransactionAmountsOfTransaction>
<ftft:RelatedPartiesTransactionRelationship contextRef="c225" id="ixv-15929"> A company owned by the minority shareholder of NTAM </ftft:RelatedPartiesTransactionRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c225" id="ixv-15930"> Cost of revenue- Asset management service </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="c226" decimals="0" id="ixv-15931" unitRef="usd"> 459867 </us-gaap:RelatedPartyTransactionAmountsOfTransaction>
<ftft:RelatedPartiesTransactionRelationship contextRef="c226" id="ixv-15932"> A company owned by the minority shareholder of NTAM </ftft:RelatedPartiesTransactionRelationship>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c226" id="ixv-15933"> Consultancy fee </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:PaymentsForAdvanceToAffiliate contextRef="c0" decimals="0" id="ixv-15934" unitRef="usd"> 351004 </us-gaap:PaymentsForAdvanceToAffiliate>
<us-gaap:OtherGeneralExpense contextRef="c0" decimals="0" id="ixv-15935" unitRef="usd"> 341190 </us-gaap:OtherGeneralExpense>
<ftft:KeyManagementPersonnelAdvanced contextRef="c0" decimals="0" id="ixv-15936" unitRef="usd"> 4330 </ftft:KeyManagementPersonnelAdvanced>
<us-gaap:AccruedBonusesCurrentAndNoncurrent contextRef="c3" decimals="0" id="ixv-15937" unitRef="usd"> 401516 </us-gaap:AccruedBonusesCurrentAndNoncurrent>
<us-gaap:OtherLiabilitiesCurrent contextRef="c208" decimals="0" id="ixv-15938" unitRef="usd"> 14538 </us-gaap:OtherLiabilitiesCurrent>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20. INCOME TAX</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is incorporated in the United States of America and is subject to United States federal taxation. The applicable tax rate is 21% in 2023 and 2022. No provisions for income taxes have been made, as the Company had no U.S. taxable income for the years ended December 31, 2023 and 2022. For the years ended December 31, 2023 and 2022, the Company had current income tax expenses of <span style="-sec-ix-hidden: hidden-fact-112">nil</span> and $456,598, respectively. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the year ended December 31, 2023, the Company had no unrecognized tax benefits. Due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient future income to realize the deferred tax assets for certain subsidiaries and a VIE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of unrecognized deferred tax liabilities for temporary differences related to the dividend from foreign subsidiaries is not determined because such determination is not practical.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has not provided deferred taxes on undistributed earnings attributable to its PRC and Hong Kong subsidiaries as they are to be permanently reinvested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740, Income Taxes. Since the Company intends to reinvest its earnings to further expand its businesses in mainland China, its PRC subsidiaries do not intend to declare dividends to their immediate foreign holding companies in the foreseeable future. Accordingly, the Company has not recorded any deferred taxes in relation to US tax on the cumulative amount of undistributed retained earnings since January 1, 2008.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 1, 2008, the PRC Enterprise Income Tax Law, EIT Law, and Implementing Rules imposed a unified enterprise income tax rate of 25% on all domestic-invested enterprises and foreign-invested enterprises in the PRC, unless they qualify under certain limited exceptions. The tax rate for pre-tax profits below RMB 1 million to RMB 3 million is 5%; the tax rate for pre-tax profits between RMB1 million to RMB3 million is 10%. Other Subsidiaries and VIE were subject to an enterprise income tax rate of 25%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of Future Fin-Tech (Hong Kong) Limited, QR (HK) Limited and Nice Talent Asset Management Limited is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate below HKD2 million is 8.5%, exceeding <span style="-sec-ix-hidden: hidden-fact-110"><span style="-sec-ix-hidden: hidden-fact-111">HKD2</span></span> million is 16.5% in Hong Kong.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTFT UK Limited is incorporated in United Kingdom and is subject to United Kingdom Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant United Kingdom tax laws. The applicable tax rate is 19% in United Kingdom.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTFT Capital Investments L.L.C is incorporated in Dubai, United Arab Emirates. The applicable tax rate is <span style="-sec-ix-hidden: hidden-fact-113">nil</span> in Dubai, United Arab Emirates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digipay Fintech Limited is incorporated in British Virgin Island. The applicable tax rate is <span style="-sec-ix-hidden: hidden-fact-114">nil</span> in British Virgin Island.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant components of the provision for income taxes are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Current tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">456,598</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax - book-tax difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,552</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,504</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">The provision for income taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,552</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">517,102</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Loss before taxation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(34,399,829</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(13,492,067</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Notional tax on profit before CIT and Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Computed expected tax expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,599,957</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,373,017</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Others, primarily the difference in tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,942,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,341,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax assets losses not recognized</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,657,826</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,488,250</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">456,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
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<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c232" decimals="2" id="ixv-15980" unitRef="pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c233" decimals="2" id="ixv-15981" unitRef="pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-15982" unitRef="usd"> 456598 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c0" decimals="2" id="ixv-15983" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax contextRef="c234" decimals="-6" id="ixv-15984" unitRef="cny"> 1000000 </us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax>
<us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax contextRef="c235" decimals="-6" id="ixv-15985" unitRef="cny"> 3000000 </us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="c236" decimals="2" id="ixv-15986" unitRef="pure"> 0.05 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax contextRef="c237" decimals="-6" id="ixv-15987" unitRef="cny"> 1000000 </us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax>
<us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax contextRef="c238" decimals="-6" id="ixv-15988" unitRef="cny"> 3000000 </us-gaap:VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="c0" decimals="2" id="ixv-15989" unitRef="pure"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="c0" decimals="2" id="ixv-15990" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c239" decimals="3" id="ixv-15991" unitRef="pure"> 0.085 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c240" decimals="3" id="ixv-15992" unitRef="pure"> 0.165 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c167" decimals="2" id="ixv-15993" unitRef="pure"> 0.19 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant components of the provision for income taxes are as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Current tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">456,598</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax - book-tax difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,552</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,504</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">The provision for income taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,552</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">517,102</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-15994" unitRef="usd"> 456598 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<ftft:DeferredIncomeTaxExpenseBenefits contextRef="c0" decimals="0" id="ixv-15995" unitRef="usd"> 2552 </ftft:DeferredIncomeTaxExpenseBenefits>
<ftft:DeferredIncomeTaxExpenseBenefits contextRef="c7" decimals="0" id="ixv-15996" unitRef="usd"> 60504 </ftft:DeferredIncomeTaxExpenseBenefits>
<us-gaap:OtherTaxExpenseBenefit contextRef="c0" decimals="0" id="ixv-15997" unitRef="usd"> 2552 </us-gaap:OtherTaxExpenseBenefit>
<us-gaap:OtherTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-15998" unitRef="usd"> 517102 </us-gaap:OtherTaxExpenseBenefit>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="c0" id="ixv-14037">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Loss before taxation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(34,399,829</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(13,492,067</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Notional tax on profit before CIT and Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Computed expected tax expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,599,957</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,373,017</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Others, primarily the difference in tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,942,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,341,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax assets losses not recognized</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,657,826</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,488,250</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">456,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet contextRef="c0" decimals="0" id="ixv-15999" unitRef="usd"> -34399829 </us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet>
<us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet contextRef="c7" decimals="0" id="ixv-16000" unitRef="usd"> -13492067 </us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet>
<us-gaap:IncomeTaxReconciliationTaxExemptIncome contextRef="c0" decimals="0" id="ixv-16001" unitRef="usd"> 8599957 </us-gaap:IncomeTaxReconciliationTaxExemptIncome>
<us-gaap:IncomeTaxReconciliationTaxExemptIncome contextRef="c7" decimals="0" id="ixv-16002" unitRef="usd"> 3373017 </us-gaap:IncomeTaxReconciliationTaxExemptIncome>
<us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate contextRef="c0" decimals="0" id="ixv-16003" unitRef="usd"> 5942131 </us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate>
<us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate contextRef="c7" decimals="0" id="ixv-16004" unitRef="usd"> 1341365 </us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c0" decimals="0" id="ixv-16005" unitRef="usd"> 2657826 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c7" decimals="0" id="ixv-16006" unitRef="usd"> 2488250 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-16007" unitRef="usd"> 456598 </us-gaap:IncomeTaxExpenseBenefit>
<ftft:ImpairmentLossTextBlock contextRef="c0" id="ixv-14136">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21. IMPAIRMENT LOSS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded $14.16 million of impairment loss in the year ended 2023 relating to the short - term investments $12,633 and impairment of goodwill $14.15 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future Private Equity Fund Management (Hainan) Co., Ltd. invested $1.83 million (RMB13,000,000) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types of investment portfolios. The Company may still suffer significant impairment loss or downward adjustments of our investments in the future, due to the potential worsening global economic conditions and the recent disruptions to, and volatility in, the continuing low market price of shares caused the Company to recognize a fair-value loss in 2023. According to the market value, the Company’s balance of the short - term investments was $12,633 on December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. The Company evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Based on the impairment analysis performed in the fourth quarter. The Company recorded $14.15 million of impairment loss in fiscal year 2023 related with goodwill mainly arose from acquisition of Nice Talent Asset Management Limited, Khyber Money Exchange Ltd., Alpha International Securities (Hong Kong) Limited and Alpha Information Services (Shenzhen). Goodwill impairment test as of December 31, 2023 using compare the carrying amount of the reporting unit (including goodwill) with its fair value. If the carrying amount exceeds the fair value, compare the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss should be recognized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded $3.25 million of impairment loss in the year ended 2022 relating to the short - term investments $0.91 million, impairment of goodwill $2.21 million and impairment of intangible assets $0.13 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has intangible assets for certain acquired trade names and trademarks which are determined to have indefinite useful lives. The Company test indefinite-lived intangible assets for impairment annually the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Based on annual analysis, impairment of intangible assets $0.13 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future Private Equity Fund Management (Hainan) Co., Ltd. invested $1.83 million (RMB13,000,000) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types of investment portfolios. The Company may still suffer significant impairment loss or downward adjustments of our investments in the future, due to the potential worsening global economic conditions and the recent disruptions to, and volatility in, the continuing low market price of shares caused the Company to recognize a fair-value loss in 2022. According to the market value, the Company’s balance of the short - term investments was $0.99 million on December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. The Company evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Based on the impairment analysis performed in the fourth quarter. The Company recorded $2.21 million of impairment loss in fiscal year 2022 related with goodwill mainly arose from acquisition of Nice Talent Asset Management Limited and FTFT Finance UK Limited (formerly known as Khyber Money Exchange Ltd.). Goodwill impairment test as of December 31, 2022 using compare the carrying amount of the reporting unit (including goodwill) with its fair value. If the carrying amount exceeds the fair value, compare the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss should be recognized.</span></p>
</ftft:ImpairmentLossTextBlock>
<us-gaap:AssetImpairmentCharges contextRef="c0" decimals="-4" id="ixv-16008" unitRef="usd"> 14160000 </us-gaap:AssetImpairmentCharges>
<us-gaap:OtherShortTermInvestments contextRef="c3" decimals="0" id="ixv-16009" unitRef="usd"> 12633 </us-gaap:OtherShortTermInvestments>
<us-gaap:GoodwillImpairmentLossNetOfTax contextRef="c0" decimals="-4" id="ixv-16010" unitRef="usd"> 14150000 </us-gaap:GoodwillImpairmentLossNetOfTax>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c3" decimals="-4" id="ixv-16011" unitRef="usd"> 1830000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c3" decimals="0" id="ixv-16012" unitRef="cny"> 13000000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:OtherShortTermInvestments contextRef="c243" decimals="0" id="ixv-16013" unitRef="usd"> 12633 </us-gaap:OtherShortTermInvestments>
<us-gaap:GoodwillImpairmentLossNetOfTax contextRef="c244" decimals="-4" id="ixv-16014" unitRef="usd"> 14150000 </us-gaap:GoodwillImpairmentLossNetOfTax>
<us-gaap:AssetImpairmentCharges contextRef="c7" decimals="-4" id="ixv-16015" unitRef="usd"> 3250000 </us-gaap:AssetImpairmentCharges>
<us-gaap:OtherShortTermInvestments contextRef="c4" decimals="-4" id="ixv-16016" unitRef="usd"> 910000 </us-gaap:OtherShortTermInvestments>
<us-gaap:GoodwillImpairmentLossNetOfTax contextRef="c7" decimals="-4" id="ixv-16017" unitRef="usd"> 2210000 </us-gaap:GoodwillImpairmentLossNetOfTax>
<us-gaap:GoodwillAndIntangibleAssetImpairment contextRef="c7" decimals="-4" id="ixv-16018" unitRef="usd"> 130000 </us-gaap:GoodwillAndIntangibleAssetImpairment>
<us-gaap:GoodwillAndIntangibleAssetImpairment contextRef="c0" decimals="-4" id="ixv-16019" unitRef="usd"> 130000 </us-gaap:GoodwillAndIntangibleAssetImpairment>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c4" decimals="-4" id="ixv-16020" unitRef="usd"> 1830000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c4" decimals="0" id="ixv-16021" unitRef="cny"> 13000000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:OtherShortTermInvestments contextRef="c245" decimals="-4" id="ixv-16022" unitRef="usd"> 990000 </us-gaap:OtherShortTermInvestments>
<us-gaap:GoodwillImpairmentLossNetOfTax contextRef="c246" decimals="-4" id="ixv-16023" unitRef="usd"> 2210000 </us-gaap:GoodwillImpairmentLossNetOfTax>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c0" id="ixv-14183">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22. SHARE BASED COMPENSATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 1, 2023, the Company has authorized and approved a 1-for-5 reverse stock split of the Company’s authorized shares of common stock from 300,000,000 shares to 60,000,000 shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Consulting Service Agreement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 25, 2020, the Company entered into a Consulting Service Agreement (the “Agreement”) with Dragon Investment Holding Limited (Malta) (the “Consultant”), a company incorporated in Malta, pursuant to which Consultant will: (i) help the Company to locate new merger projects globally, develop new merger strategy and provide the Company with at least five (5) merger and acquisition targets that have synergy with the Company’s business and development plans and could clearly contribute to the Company’s strategic goals each year; (ii) help the Company to map out new growth strategies in addition to its current business; (iii) work with the Company to explore new lines of business and associated growth strategies; and (iv) conduct market research and evaluating variable projects and providing feasibility studies per Company’s request from time to time. The term of the Agreement is three years. In consideration of the services to be provided by the Consultant to the Company, the Company agrees to pay the Consultant a three-year consulting fee totaling $3.0 million. The Company shall issue a total of 3,750,000 restricted shares of the Company Common Stock (the “Consultant Shares”) at a price of $0.794 per share (the closing price of the Agreement date), as the payment for the above mentioned consultant fee to the Consultant. On February 23, 2020, the Company issued the Consultant Shares pursuant to the Agreement, of which 1,500,000 shares were released to the Consultant immediately, 1,125,000 and 1,125,000 shares, respectively, will be held by the Company and released to the Consultant on January 25, 2021 and January 25, 2022 if this Agreement has not been terminated and there has been no breach of the Agreement by the Consultant at such time. If the second and/or third release of the shares mentioned above does not occur, such shares shall be returned to the Company as treasury shares. The shares contemplated in the Agreement were issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. For the year ended December 31, 2020, the Company recorded stock related compensation of $1.19 million, based on the stock closing price of $0.794 on the Agreement date, for the 1,500,000 shares which were released to the Consultant immediately upon issuance. On January 25, 2021, the Company recorded stock related compensation of $0.89 million, based on the stock closing price of $0.794 on the date of the Agreement, for the 1,125,000 shares which were released to the Consultant on January 25, 2021. On January 25, 2022, the Company released the final 1,125,000 shares to the Consultant and the Company has recognized stock related compensation of $0.89 million for the 1,125,000 shares. The share numbers in this Note 25 are pre-reverse stock split effected on February 1, 2023. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Statutory reserve</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the years ended December 31, 2023 and 2022, the Company collectively attributed <span style="-sec-ix-hidden: hidden-fact-115">nil</span> and $36,975 of retained earnings for their statutory reserves, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Restricted net assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC laws and regulations permit payments of dividends by the Company’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Company’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company in the form of dividends. The restriction amounted to $25,677,345 (RMB181,864,932) as of December 31, 2023. Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries to satisfy any obligations of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Payments-omnibus equity plan</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 12, 2022 (the “Grant Date”), the Compensation Committee of the Board of Directors (the “Board”) of the Company granted 3,047,000 shares of common stock of the Company, par value $0.001 (the “Shares”), pursuant to the Company’s 2020 Omnibus Equity Plan, to certain officers and employees of the Company and its subsidiaries (the “Grantees”), including: 800,000 shares to Shanchun Huang, Chief Executive Officer of the Company; 800,000 shares to Yongke Xue, President of the Company; 100,000 shares to Ming Yi, Chief Financial Officer of the Company, 547,000 shares to Peng Lei, general manager of a subsidiary of the Company, 300,000 shares to Pang Dong, general manager of a subsidiary the Company, and 500,000 shares to Kai Xu, Deputy General Manager of a subsidiary of the Company and vice president of blockchain division of the Company (collectively, the “Grants”). The Grants vested immediately on the Grant Date and each of the Grantees also entered into an Unrestricted Stock Award Agreement with the Company on July 12, 2022. As the closing price of the Company stock was $0.42 on July 12, 2022, the Company recorded an expense of $1.28 million in the third quarter of fiscal year 2022. As of the date of this report, the Shares have been issued to the Grantees. The share numbers in this Note 22 are pre-reverse stock split effected on February 1, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 12, 2023, the Compensation Committee of the Board of Directors of the Company granted 2,890,000 shares of common stock of the Company, par value $0.001, pursuant to the Company’s 2023 Omnibus Equity Plan, to certain officers and employees of the Company and its subsidiaries (the “Grantees”). As the closing price of the Company stock was $1.20 on December 23, 2023, the Company recorded an expense of $3.47 million in the third quarter of fiscal year 2023. As of the date of this report, the Shares have been issued to the Grantees.</span></p>
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<us-gaap:AllocatedShareBasedCompensationExpense contextRef="c261" decimals="-4" id="ixv-16040" unitRef="usd"> 890000 </us-gaap:AllocatedShareBasedCompensationExpense>
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<us-gaap:SharePrice contextRef="c263" decimals="3" id="ixv-16048" unitRef="usdPershares"> 0.001 </us-gaap:SharePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c264" decimals="0" id="ixv-16049" unitRef="shares"> 800000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c265" decimals="0" id="ixv-16050" unitRef="shares"> 800000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c266" decimals="0" id="ixv-16051" unitRef="shares"> 100000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c267" decimals="0" id="ixv-16052" unitRef="shares"> 547000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c268" decimals="0" id="ixv-16053" unitRef="shares"> 300000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c269" decimals="0" id="ixv-16054" unitRef="shares"> 500000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:StockOptionExercisePriceDecrease contextRef="c270" decimals="2" id="ixv-16055" unitRef="usdPershares"> 0.42 </us-gaap:StockOptionExercisePriceDecrease>
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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c272" decimals="0" id="ixv-16057" unitRef="shares"> 2890000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:SharePrice contextRef="c273" decimals="3" id="ixv-16058" unitRef="usdPershares"> 0.001 </us-gaap:SharePrice>
<us-gaap:StockOptionExercisePriceDecrease contextRef="c274" decimals="2" id="ixv-16059" unitRef="usdPershares"> 1.2 </us-gaap:StockOptionExercisePriceDecrease>
<us-gaap:OtherExpenses contextRef="c275" decimals="-4" id="ixv-16060" unitRef="usd"> 3470000 </us-gaap:OtherExpenses>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23. COMMON STOCK</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Securities Purchase Agreement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 24, 2020, the Company entered into a securities purchase agreement with certain purchasers, pursuant to which the Company sold to the purchasers in a registered direct offering, an aggregate of 4,210,530 units, each consisting of one share of our common stock and a warrant to purchase 1 share of our Common Stock, at a purchase price of $1.90 per unit, for aggregate gross proceeds to the Company of $8,000,007, before deducting fees to the placement agent and other offering expenses payable by the Company. On December 29, 2020, the Company issued Units consisting of an aggregate of 4,210,530 shares of our Common Stock and warrants to purchase up to an aggregate of 4,210,530 shares of our Common Stock at an exercise price of $2.15 per share (the “Investors’ Warrants”). The Investors’ Warrants have a term of five years and are exercisable by the holder at any time after the date of issuance. In connection with the offering, the Company also issued placement agent a warrant to purchase 210,526 shares of our Common Stock (the “Placement Agent Warrant”) on substantially the same terms as the Investors’ Warrants, except that the Placement Agent Warrant has an exercise price of $2.375 per share and are not exercisable until June 24, 2021. December 31, 2022 and 2023, outstanding warrant has 210,526 shares of our Common Stock. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 6, 2021, the Company, through its wholly owned subsidiary Future FinTech (Hong Kong) Limited., completed its acquisition of 90% of the issued and outstanding shares of Nice Talent Asset Management Limited from Joy Rich Enterprises Limited (the “Nice Shares”) for HK$144,000,000 (the “Purchase Price”) which shall be paid in the shares of common stock of the Company (the “Company Shares”). 60% of the purchase price ($11.22 million) was paid in 2,244,156 shares of common stock of the Company on August 4, 2021, at a price of $5 per share. 40% of the Purchase Price ($7.39 million) was paid in 299,221 shares of common stock of the Company on October 17, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share numbers in this Note 22 are pre-reverse stock split effected on February 1, 2023.</span></p>
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<us-gaap:SharesIssued contextRef="c276" decimals="0" id="ixv-16061" unitRef="shares"> 4210530 </us-gaap:SharesIssued>
<us-gaap:SharesIssuedPricePerShare contextRef="c276" decimals="2" id="ixv-16062" unitRef="usdPershares"> 1.9 </us-gaap:SharesIssuedPricePerShare>
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<us-gaap:SharesIssued contextRef="c278" decimals="0" id="ixv-16064" unitRef="shares"> 4210530 </us-gaap:SharesIssued>
<us-gaap:SharesIssued contextRef="c279" decimals="0" id="ixv-16065" unitRef="shares"> 4210530 </us-gaap:SharesIssued>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="c280" decimals="2" id="ixv-16066" unitRef="usdPershares"> 2.15 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:SharesIssued contextRef="c281" decimals="0" id="ixv-16067" unitRef="shares"> 210526 </us-gaap:SharesIssued>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="c0" decimals="3" id="ixv-16068" unitRef="usdPershares"> 2.375 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<ftft:WarrantsOutstanding contextRef="c0" decimals="0" id="ixv-16069" unitRef="shares"> 210526 </ftft:WarrantsOutstanding>
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<ftft:PurchasePricePercentage contextRef="c145" decimals="2" id="ixv-16077" unitRef="pure"> 0.40 </ftft:PurchasePricePercentage>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24. DISCONTINUED OPERATIONS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2022, Chain Cloud Mall Logistics Center (Shanxi) Co., Ltd. was dissolved and deregistered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 16, 2023, QR (HK) Limited was dissolved and deregistered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 5, 2023, FTFT PARAGUAY S.A. was dissolved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from discontinued operations for fiscal years 2023 and 2022 was as follows: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>REVENUES</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">COST OF SALES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">GROSS PROFIT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING EXPENSES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">General and administrative</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">299,082</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">299,082</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,696</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,737</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,959</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss from discontinued operations before income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(307,041</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Income tax provision</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss from discontinued operation before noncontrolling interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain (loss) on disposal of discontinued operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(154</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">LOSS FROM DISCONTINUED OPERATION</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">386,482</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(307,195</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The major components of assets and liabilities related to discontinued operations are summarized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">            -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">74,250</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,312</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,092</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total assets related to discontinued operations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">296,654</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other payables</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">105,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount Due to Related Party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,077</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total liabilities related to discontinued operations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">114,556</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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Loss from discontinued operations for fiscal years 2023 and 2022 was as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>REVENUES</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">COST OF SALES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">GROSS PROFIT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING EXPENSES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">General and administrative</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">299,082</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">299,082</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,696</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,737</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,959</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss from discontinued operations before income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(307,041</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Income tax provision</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss from discontinued operation before noncontrolling interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain (loss) on disposal of discontinued operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(154</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">LOSS FROM DISCONTINUED OPERATION</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">386,482</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(307,195</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>
</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense contextRef="c7" decimals="0" id="ixv-16081" unitRef="usd"> 299082 </us-gaap:DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingExpense contextRef="c7" decimals="0" id="ixv-16082" unitRef="usd"> 299082 </us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingExpense>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationInterestExpense contextRef="c7" decimals="0" id="ixv-16083" unitRef="usd"> 11696 </us-gaap:DisposalGroupIncludingDiscontinuedOperationInterestExpense>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherIncome contextRef="c7" decimals="0" id="ixv-16084" unitRef="usd"> 3737 </us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherIncome>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="c7" decimals="0" id="ixv-16085" unitRef="usd"> -7959 </us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
<us-gaap:DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax contextRef="c7" decimals="0" id="ixv-16086" unitRef="usd"> -307041 </us-gaap:DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="c0" decimals="0" id="ixv-16087" unitRef="usd"> 386482 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="c7" decimals="0" id="ixv-16088" unitRef="usd"> -154 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c0" decimals="0" id="ixv-16089" unitRef="usd"> 386482 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
<us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c7" decimals="0" id="ixv-16090" unitRef="usd"> -307195 </us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
<ftft:ScheduleOfAssetsAndLiabilitiesRelatedToDiscontinuedOperationTableTextBlock contextRef="c0" id="ixv-14528">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The major components of assets and liabilities related to discontinued operations are summarized below:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">            -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">74,250</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,312</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,092</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total assets related to discontinued operations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">296,654</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other payables</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">105,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount Due to Related Party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,077</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total liabilities related to discontinued operations</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">114,556</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</ftft:ScheduleOfAssetsAndLiabilitiesRelatedToDiscontinuedOperationTableTextBlock>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents contextRef="c4" decimals="0" id="ixv-16091" unitRef="usd"> 74250 </us-gaap:DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents>
<ftft:DisposalGroupIncludingDiscontinuedOperationOtherReceivable contextRef="c4" decimals="0" id="ixv-16092" unitRef="usd"> 14312 </ftft:DisposalGroupIncludingDiscontinuedOperationOtherReceivable>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentCurrent contextRef="c4" decimals="0" id="ixv-16093" unitRef="usd"> 208092 </us-gaap:DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentCurrent>
<us-gaap:AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent contextRef="c4" decimals="0" id="ixv-16094" unitRef="usd"> 296654 </us-gaap:AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilitiesCurrent contextRef="c4" decimals="0" id="ixv-16095" unitRef="usd"> 105479 </us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilitiesCurrent>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities contextRef="c4" decimals="0" id="ixv-16096" unitRef="usd"> 9077 </us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities>
<us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation contextRef="c4" decimals="0" id="ixv-16097" unitRef="usd"> 114556 </us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="c0" id="ixv-14647">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25. SEGMENT REPORTING</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with GAAP. The Company operates in three segments: supply chain financing service and trading business, asset management service and others.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company began to provide supply chain financing services during the second quarter of 2021 and the Company acquired Nice Talent and started to provide asset management services since August 2021. The Company began to provide sand and steel supply chain financing services during the first quarter of 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some of our operation might not individually meet the quantitative thresholds for determining reportable segments and we determine the reportable segments based on the discrete financial information provided to the chief operating decision maker. The chief operating decision maker evaluates the results of each segment in assessing performance and allocating resources among the segments. Since there is an overlap of services and products between different subsidiaries of the Company, the Company does not allocate operating expenses and assets based on the product segments. Therefore, operating expenses and asset information by segment are not presented. Segment profit represents the gross profit of each reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For fiscal year 2023:  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Asset <br/> management <br/> service</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Supply chain<br/> financing/<br/> trading</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Others</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt">Reportable segment revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,882,521</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,769,323</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,213,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">34,865,553</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Inter-segment loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenue from external customers</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,882,521</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,769,323</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,213,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34,865,553</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Segment gross profit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,656,650</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">465,020</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">766,025</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,887,695</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For fiscal year 2022:  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Asset <br/> management <br/> service</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Supply chain<br/> financing/<br/> trading</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Others</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt">Reportable segment revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,630,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,107,996</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142,502</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,881,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Inter-segment loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenue from external customers</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,630,508</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,107,996</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142,502</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">23,881,006</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Segment gross profit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,948,314</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">338,970</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">108,162</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,395,446</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from Continuing Operations before Income Tax:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Supply chain financing/trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">660,040</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(494,229</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Asset management service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,037,857</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,431,254</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(561,525</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,337,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Corporate and Unallocated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,151,152</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,612,794</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating expenses and other expense</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,287,524</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,887,513</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Loss from Continuing Operations before Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,399,829</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,492,067</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Supply chain financing/trading </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,437,136</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,487,090</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Asset management service </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,640,811</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,387,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,855,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,090,091</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Corporate and Unallocated </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,007,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,756,378</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Assets related to discontinued operation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">296,654</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,940,750</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,017,719</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets subject to attribution to business segments largely include property, plant and equipment, receivable and right of use assets. All other items are reflected in Corporate and Unallocated.</span></p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="c0" id="ixv-16098">
For fiscal year 2023:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Asset <br/> management <br/> service</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Supply chain<br/> financing/<br/> trading</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Others</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt">Reportable segment revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,882,521</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,769,323</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,213,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">34,865,553</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Inter-segment loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenue from external customers</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,882,521</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,769,323</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,213,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34,865,553</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Segment gross profit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,656,650</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">465,020</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">766,025</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,887,695</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>For fiscal year 2022:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Asset <br/> management <br/> service</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Supply chain<br/> financing/<br/> trading</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Others</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt">Reportable segment revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,630,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,107,996</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142,502</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,881,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Inter-segment loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenue from external customers</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,630,508</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,107,996</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142,502</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">23,881,006</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Segment gross profit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,948,314</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">338,970</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">108,162</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,395,446</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<ftft:RevenuethirdParty contextRef="c285" decimals="0" id="ixv-16099" unitRef="usd"> 12882521 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c286" decimals="0" id="ixv-16100" unitRef="usd"> 20769323 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c287" decimals="0" id="ixv-16101" unitRef="usd"> 1213709 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c0" decimals="0" id="ixv-16102" unitRef="usd"> 34865553 </ftft:RevenuethirdParty>
<us-gaap:Revenues contextRef="c285" decimals="0" id="ixv-16103" unitRef="usd"> 12882521 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c286" decimals="0" id="ixv-16104" unitRef="usd"> 20769323 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c287" decimals="0" id="ixv-16105" unitRef="usd"> 1213709 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c0" decimals="0" id="ixv-16106" unitRef="usd"> 34865553 </us-gaap:Revenues>
<us-gaap:GrossProfit contextRef="c285" decimals="0" id="ixv-16107" unitRef="usd"> 3656650 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c286" decimals="0" id="ixv-16108" unitRef="usd"> 465020 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c287" decimals="0" id="ixv-16109" unitRef="usd"> 766025 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c0" decimals="0" id="ixv-16110" unitRef="usd"> 4887695 </us-gaap:GrossProfit>
<ftft:RevenuethirdParty contextRef="c288" decimals="0" id="ixv-16112" unitRef="usd"> 13630508 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c289" decimals="0" id="ixv-16113" unitRef="usd"> 10107996 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c290" decimals="0" id="ixv-16114" unitRef="usd"> 142502 </ftft:RevenuethirdParty>
<ftft:RevenuethirdParty contextRef="c7" decimals="0" id="ixv-16115" unitRef="usd"> 23881006 </ftft:RevenuethirdParty>
<us-gaap:Revenues contextRef="c288" decimals="0" id="ixv-16116" unitRef="usd"> 13630508 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c289" decimals="0" id="ixv-16117" unitRef="usd"> 10107996 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c290" decimals="0" id="ixv-16118" unitRef="usd"> 142502 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c7" decimals="0" id="ixv-16119" unitRef="usd"> 23881006 </us-gaap:Revenues>
<us-gaap:GrossProfit contextRef="c288" decimals="0" id="ixv-16120" unitRef="usd"> 4948314 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c289" decimals="0" id="ixv-16121" unitRef="usd"> 338970 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c290" decimals="0" id="ixv-16122" unitRef="usd"> 108162 </us-gaap:GrossProfit>
<us-gaap:GrossProfit contextRef="c7" decimals="0" id="ixv-16123" unitRef="usd"> 5395446 </us-gaap:GrossProfit>
<us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock contextRef="c0" id="ixv-14880">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from Continuing Operations before Income Tax:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Supply chain financing/trading</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">660,040</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(494,229</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Asset management service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,037,857</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,431,254</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(561,525</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,337,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Corporate and Unallocated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,151,152</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,612,794</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating expenses and other expense</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,287,524</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,887,513</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Loss from Continuing Operations before Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,399,829</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,492,067</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table>
</us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock>
<us-gaap:OtherExpenses contextRef="c286" decimals="0" id="ixv-16124" unitRef="usd"> 660040 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c289" decimals="0" id="ixv-16125" unitRef="usd"> -494229 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c285" decimals="0" id="ixv-16126" unitRef="usd"> 4037857 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c288" decimals="0" id="ixv-16127" unitRef="usd"> 2431254 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c287" decimals="0" id="ixv-16128" unitRef="usd"> -561525 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c290" decimals="0" id="ixv-16129" unitRef="usd"> 1337694 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c291" decimals="0" id="ixv-16130" unitRef="usd"> 35151152 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c292" decimals="0" id="ixv-16131" unitRef="usd"> 15612794 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c0" decimals="0" id="ixv-16132" unitRef="usd"> 39287524 </us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="c7" decimals="0" id="ixv-16133" unitRef="usd"> 18887513 </us-gaap:OtherExpenses>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="c0" decimals="0" id="ixv-16134" unitRef="usd"> -34399829 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="c7" decimals="0" id="ixv-16135" unitRef="usd"> -13492067 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="c0" id="ixv-14962">
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment assets:</span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Supply chain financing/trading </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,437,136</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,487,090</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Asset management service </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,640,811</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,387,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,855,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,090,091</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Corporate and Unallocated </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,007,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,756,378</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Assets related to discontinued operation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">296,654</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,940,750</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,017,719</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
<us-gaap:Assets contextRef="c293" decimals="0" id="ixv-16136" unitRef="usd"> 12437136 </us-gaap:Assets>
<us-gaap:Assets contextRef="c294" decimals="0" id="ixv-16137" unitRef="usd"> 26487090 </us-gaap:Assets>
<us-gaap:Assets contextRef="c295" decimals="0" id="ixv-16138" unitRef="usd"> 3640811 </us-gaap:Assets>
<us-gaap:Assets contextRef="c296" decimals="0" id="ixv-16139" unitRef="usd"> 3387506 </us-gaap:Assets>
<us-gaap:Assets contextRef="c297" decimals="0" id="ixv-16140" unitRef="usd"> 23855261 </us-gaap:Assets>
<us-gaap:Assets contextRef="c298" decimals="0" id="ixv-16141" unitRef="usd"> 14090091 </us-gaap:Assets>
<us-gaap:Assets contextRef="c299" decimals="0" id="ixv-16142" unitRef="usd"> 21007542 </us-gaap:Assets>
<us-gaap:Assets contextRef="c300" decimals="0" id="ixv-16143" unitRef="usd"> 40756378 </us-gaap:Assets>
<us-gaap:Assets contextRef="c302" decimals="0" id="ixv-16144" unitRef="usd"> 296654 </us-gaap:Assets>
<us-gaap:Assets contextRef="c3" decimals="0" id="ixv-16145" unitRef="usd"> 60940750 </us-gaap:Assets>
<us-gaap:Assets contextRef="c4" decimals="0" id="ixv-16146" unitRef="usd"> 85017719 </us-gaap:Assets>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26. COMMITMENTS AND CONTINGENCIES</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Legal case with FT Global Litigation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2021, FT Global Capital, Inc. (“FT Global”), a former placement agent of the Company filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia. FT Global served the complaint upon the Company in January 2021. In the complaint, FT Global alleges claims, most of which attempt to hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement between FT Global and the Company in July 2020 which had a term of three months. FT Global claims that the Company failed to compensate FT Global for securities purchase transactions between December 2020 and April 2021, pursuant to the terms of the expired exclusive placement agent agreement. Allegedly, the exclusive placement agent agreement required the Company to pay FT Global for capital received during the term of the agreement and for the 12-month period following the termination of the agreement involving any investors that FT Global introduced and/or wall-crossed to the Company. However, the Company believes the securities purchase transactions at issue did not involve the one investor which FT Global introduced or wall-crossed to the Company during the term of the agreement. FT Global claims approximately $7,000,000 in damages and attorneys’ fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company timely removed the case to the United States District Court for the Northern District of Georgia (the (“Court”) on February 9, 2021 based on diversity of jurisdiction. On March 9, 2021, the Company filed a motion to dismiss based on FT Global’s failure to state a claim which is pending before the Court. On March 23, 2021, FT Global filed its response to the Company’s motion to dismiss. FT Global argues that the Court should deny the Company’s motion to dismiss. However, if the Court is inclined to grant the Company’s motion to dismiss, FT Global requested that the Court permit it to file an amended complaint. On April 8, 2021, the parties filed a Joint Preliminary Report and Discovery Plan. On April 12, 2021, the Court approved the Joint Preliminary Report and Discovery Plan and issued a Scheduling Order placing this case on a six-month discovery tract. On April 30, 2021, the Company served FT Global with its Initial Disclosures. On May 6, 2021, FT Global served the Company with its Initial Disclosures. On May 17, 2021, FT Global served the Company with its First Amended Initial Disclosures. On November 10, 2021, the Court entered an Order granting the Company’s motion to dismiss FT Global’s fraud claim and breach of contract claim as to the disclosure of its confidential and proprietary information. The Court denied the Company’s motion to dismiss FT Global’s i) breach of contract claim for failure to pay FT Global pursuant to the terms of the exclusive placement agent agreement; ii) claim for breach of the covenant of good faith and fair dealing; and iii) claim for attorney’s fees, and the court concluded that additional information can be obtained through discovery. The Company timely filed an answer and defenses to FT Global’s complaint on November 24, 2021. On January 3, 2022 the Company propounded discovery requests upon FT Global, including interrogatories and requests for production of documents. On March 23, 2022, the Company propounded requests for admission upon FT Global. On March 24, 2022, FT Global propounded discovery requests upon the Company, including requests for production of documents and requests for admission. On April 1, 2022, FT Global served its response to the Company’s requests for production of documents. On May 13, 2022, FT Global served its responses to the Company’s interrogatories and requests for admissions. On May 13, 2022, FT Global produced documents in response to the Company’s requests for production of documents. On June 3, 2022, the Company produced documents in response to FT Global’s requests for production of documents. On August 3, 2022, the Company took the deposition of FT Global. On August 4, 2022, FT Global took the deposition of the Company. On August 3, 2022, the Court granted the parties’ Consent Motion to Extend Discovery Period extending the discovery period from August 5, 2022 to September 14, 2022 and the deadline to file dispositive motions to October 12, 2022. On October 12, 2022, the Company filed a motion for summary judgment on all claims asserted by FT Global in this lawsuit. On November 2, 2022, FT Global filed its opposition to the Company’s motion for summary judgment. On November 16, 2022, the Company filed its reply in support of its motion for summary judgment on all claims asserted by FT Global in this lawsuit. On August 31, 2023, the Court entered an Order denying the Company’s motion for summary judgment. On September 20, 2023, the parties filed a joint motion to extend the deadline to file the consolidated pretrial order pending mediation of the case by the parties. On September 21, 2023, the Court granted the parties’ joint motion to extend the deadline to file the consolidated pretrial order to October 27, 2023. On October 16, 2023, the parties mediated the case. On October 24, 2023, the parties filed another joint motion to extend the deadline to file the consolidated pretrial order. On October 27, 2023, the Court granted the parties’ joint motion to extend the deadline to file the consolidated pretrial order to November 17, 2023 and set the case for trial on January 8, 2024. Subsequently, the Court approved an extension of the deadline to file a pretrial order to December 1, 2023. The Court has also rescheduled the trial to commence on April 8, 2024. The trial began on April 8, 2024 and ended on April 11, 2024, on which date the jury returned a verdict in favor of FT Global and the Court entered a judgment awarding FT Global $8,875,265.31. On April 12, 2024, FT Global requested that the Court add $1,723,136.44 in prejudgment interest to the judgment amount. The Company will continue to vigorously defend the action against FT Global, including by appealing the judgment to the United States Court of Appeals for the Eleventh Circuit.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27. RISKS AND UNCERTAINTIES</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Impact of COVID-19</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, a novel strain of coronavirus was reported and has spread throughout China and other parts of the world. On March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic”. In early 2020, Chinese government took emergency measures to combat the spread of the virus, including quarantines, travel restrictions, and the temporary closure of office buildings and facilities in China.  In response to the evolving dynamics related to the COVID-19 outbreak, the Company was following the guidelines of local authorities as it prioritizes the health and safety of its employees, contractors, suppliers and business partners. Our offices in China were closed and the employees worked from home at the end of January 2020 until late March 2020. The quarantines, travel restrictions, and the temporary closure of office buildings have materially negatively impacted our business. The outbreak has had and might continue to have disruption to our supply chain, logistics providers, customers or our marketing activities with the new variants of COVID-19, which could materially adversely impact our business and results of operations. There were outbreaks in various cities and provinces in China due to Omicron variant, such as Xi’an city, Hong Kong, Shanghai, Beijing and other cities in 2022, which have resulted quarantines, travel restrictions, and temporary closure of office buildings and facilities in these cities. In December 2022, the Chinese government eased its strict zero COVID-19 policy which resulted in a surge of new COVID-19 cases during December 2022 and January 2023, which has disrupted our business operations in China.  The Company’s promotion strategy of CCM Shopping Mall previously mainly relied on the training of members and distributors through meetings and conferences. Chinese government put a restriction on large gatherings in 2020 and 2021, which made the promotion strategy for our online e-commerce platforms difficult to implement and the Company experienced difficulties to subscribe new members for its online e-commerce platforms. Since 2021, CCM generated minimal revenue and business for the Company. The Company started a process to close it down in November 2023 and completed deregistration and dissolution of the VIE with local authority on March 7, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the potential economic impact brought by new variants of COVID-19 may be difficult to assess or predict, a widespread pandemic could result in significant disruption of global financial markets, reducing our ability to access capital, which could negatively affect our liquidity. Further, as we do not have access to a revolving credit facility, there can be no assurance that we would be able to secure commercial debt financing in the future in the event that we require additional capital. In the event that we do need to raise capital in the future and there is any outbreak due to new variants, outbreak-related instability in the securities markets could adversely affect our ability to raise additional capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">PRC Regulations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business and the enforcement and performance of our arrangements with customers in certain circumstances. We are considered foreign persons or foreign funded enterprises under PRC laws and, as a result, we are required to comply with PRC laws and regulations related to foreign persons and foreign funded enterprises. These laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness of newly enacted laws, regulations or amendments may be delayed, resulting in detrimental reliance. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customer concentration risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, two customers accounted for 53.59% and 32.74% of the Company’s total revenues. For the year ended December 31, 2022, two customers accounted for 52.86% and 12.29% of the Company’s total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vendor concentration risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, one vendor accounted for 71.96% of the Company’s total purchases. For the year ended December 31, 2022, two vendors accounted for 18.85% and 15.87% of the Company’s total purchases.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>28. SUBSEQUENT EVENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 7, 2024, Chain Cloud Mall Network and Technology (Tianjin) Co., Limited was dissolved and deregistered, amount was $616,411.</span></p>
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23 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/14/24  Future FinTech Group Inc.         8-K:1,9     2/11/24   11:214K                                   EdgarAgents LLC/FA
 1/08/24  Future FinTech Group Inc.         8-K:1,3,9   1/05/24   11:304K                                   EdgarAgents LLC/FA
12/29/23  Future FinTech Group Inc.         8-K:1,3,9  12/27/23   12:495K                                   EdgarAgents LLC/FA
12/26/23  Future FinTech Group Inc.         8-K:5,9    12/23/23   11:209K                                   EdgarAgents LLC/FA
 8/10/23  Future FinTech Group Inc.         8-K/A:4,9   8/02/23   11:203K                                   EdgarAgents LLC/FA
 8/08/23  Future FinTech Group Inc.         8-K:4       8/02/23   10:190K                                   EdgarAgents LLC/FA
 8/02/23  Future FinTech Group Inc.         8-K:5,8,9   7/27/23   12:267K                                   EdgarAgents LLC/FA
 3/01/23  Future FinTech Group Inc.         8-K:1,8,9   2/27/23   12:327K                                   EdgarAgents LLC/FA
 1/31/23  Future FinTech Group Inc.         8-K:3,5,9   1/26/23   11:214K                                   EdgarAgents LLC/FA
 7/15/22  Future FinTech Group Inc.         8-K:5,9     7/12/22   11:207K                                   EdgarAgents LLC/FA
12/17/21  Future FinTech Group Inc.         8-K:1,9    12/13/21   11:247K                                   EdgarAgents LLC/FA
 9/07/21  Future FinTech Group Inc.         8-K:1,9     9/01/21   12:1M                                     EdgarAgents LLC/FA
 3/23/21  Future FinTech Group Inc.         8-K:5,9     3/18/21    2:26K                                    EdgarAgents LLC/FA
12/28/20  Future FinTech Group Inc.         8-K:1,8,9  12/24/20    7:500K                                   EdgarAgents LLC/FA
 7/17/20  Future FinTech Group Inc.         8-K:5,9     7/14/20    2:43K                                    EdgarAgents LLC/FA
 1/29/20  Future FinTech Group Inc.         8-K:1,3,9   1/25/20    2:55K                                    EdgarAgents LLC/FA
 8/06/19  Future FinTech Group Inc.         8-K:1,9     7/31/19    8:457K                                   EdgarAgents LLC/FA
 3/16/18  Future FinTech Group Inc.         8-K:5,9     3/14/18    2:23K                                    EdgarAgents LLC/FA
 6/09/17  Future FinTech Group Inc.         8-K:5,8,9   6/06/17    4:192K                                   EdgarAgents LLC/FA
 4/13/17  Future FinTech Group Inc.         8-K:1,3,8,9 4/12/17    4:394K                                   EdgarAgents LLC/FA
 3/15/16  Future FinTech Group Inc.         8-K:3,5,9   3/10/16    2:1.6M                                   EdgarAgents LLC/FA
 7/14/11  Future FinTech Group Inc.         8-K:1,5     7/11/11    3:129K                                   SEC Connect
 2/28/08  Future FinTech Group Inc.         8-K:1,5,9   2/22/08    4:2.1M                                   Toppan Merrill/FA
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