Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | AGM Group Holdings Inc. |
Trading Symbol | AGMH |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001705402 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38309 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | Room 1502-3 15/F. |
Entity Address, Address Line Two | Connaught Commercial Building |
Entity Address, Address Line Three | 185 Wanchai Road |
Entity Address, City or Town | Wanchai |
Entity Address, Country | HK |
Title of 12(b) Security | Class A ordinary shares, par value $0.001 per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Auditor Location | United States |
Auditor Name | KCCW Accountancy Corp. |
Auditor Firm ID | 2851 |
Entity Address, Postal Zip Code | 0000000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Room 1502-3 15/F. |
Entity Address, Address Line Two | Connaught Commercial Building |
Entity Address, Address Line Three | 185 Wanchai Road |
Entity Address, City or Town | Wanchai |
Entity Address, Country | HK |
Contact Personnel Name | Bo Zhu |
City Area Code | +86 |
Local Phone Number | 010-65020507 |
Entity Address, Postal Zip Code | 0000000 |
Class A Ordinary Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 24,254,842 |
Class B Ordinary Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 2,100,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,073,440 | $ 18,426,622 |
Accounts receivable, net | 92,755,701 | 2,608,325 |
Inventories | 3,915,456 | 22,433,140 |
Advances to suppliers | 13,139,128 | 40,485,521 |
Prepayment and other current assets | 2,935,644 | 3,326,425 |
Due from related parties | 39,238 | |
Total current assets | 116,819,369 | 87,319,271 |
NON - CURRENT ASSETS: | ||
Property and equipment, net | 689,361 | 322,397 |
Intangible assets, net | 55,486 | 8,633 |
Operating lease right-of-use assets | 492,984 | 241,554 |
Deferred tax assets | 7,172,814 | 129,034 |
Total non - current assets | 8,410,645 | 701,618 |
TOTAL ASSETS | 125,230,014 | 88,020,889 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 1,568,455 | |
Accounts payable | 64,500,197 | 14,116,569 |
Accrued expenses and other payables | 2,874,126 | 459,682 |
Advances from customers | 4,572,765 | 42,231,914 |
Due to related parties | 8,087,981 | 1,215,573 |
Deferred government grant, current | 36,529 | 38,111 |
Operating lease liabilities, current | 162,576 | 51,239 |
Income tax payable | 14,285,918 | 3,137,758 |
Total current liabilities | 94,520,092 | 62,819,301 |
NON - CURRENT LIABILITIES: | ||
Operating lease liabilities, non-current | 167,428 | |
Deferred government grant, non-current | 98,784 | 147,812 |
Total non - current liabilities | 266,212 | 147,812 |
TOTAL LIABILITIES | 94,786,304 | 62,967,113 |
SHAREHOLDERS’ EQUITY: | ||
Class A Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 24,254,842 and 24,254,842 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | 24,255 | 24,255 |
Class B Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 2,100,000 and 2,100,000 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | 2,100 | 2,100 |
Additional paid-in capital | 26,502,856 | 26,010,366 |
Statutory reserves | 335,696 | 63,659 |
Retained earnings/(Accumulated deficit) | 9,743,823 | (1,459,779) |
Accumulated other comprehensive (loss)/income | (6,165,020) | 413,175 |
Total shareholders’ equity | 30,443,710 | 25,053,776 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 125,230,014 | 88,020,889 |
Related Party [Member] | ||
CURRENT ASSETS: | ||
Due from related parties | 39,238 | |
CURRENT LIABILITIES: | ||
Due to related parties | $ 8,087,981 | $ 1,215,573 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class A Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | 24,254,842 | 24,254,842 |
Ordinary shares, shares outstanding | 24,254,842 | 24,254,842 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | 2,100,000 | 2,100,000 |
Ordinary shares, shares outstanding | 2,100,000 | 2,100,000 |
Consolidated Statements of Opea
Consolidated Statements of Opeations and Comprehensive Income/(Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Revenues | $ 242,395,556 | $ 36,709,931 | $ 53,305 |
Total Revenues | 242,395,556 | 36,709,931 | 53,305 |
Cost of Revenues | |||
Cost of revenues | (195,807,066) | (30,112,363) | (38,534) |
Gross profit | 46,588,490 | 6,597,568 | 14,771 |
Operating expenses | |||
Selling, general & administrative expenses | 30,395,048 | 1,607,393 | 964,470 |
Research and development expenses | 36,317 | 63,450 | |
Total operating expenses | 30,395,048 | 1,643,710 | 1,027,920 |
Income/(Loss) from operations | 16,193,442 | 4,953,858 | (1,013,149) |
Other income/(expenses) | |||
Other income | 118,265 | 47,167 | 1,687 |
Other expenses | (491,299) | (43,171) | (9,343) |
Total other (expenses)/income | (373,034) | 3,996 | (7,656) |
Income/(Loss) from continuing operations before provision of income taxes | 15,820,408 | 4,957,854 | (1,020,805) |
Provision for income taxes expenses | (4,344,769) | (1,406,159) | (76,343) |
Net income/(loss) from continuing operations | 11,475,639 | 3,551,695 | (1,097,148) |
Discontinued operations | |||
Loss from discontinued operations, net of income tax | (322,490) | ||
Gain from disposal | 347,990 | ||
Income from discontinued operations, net of income tax | 25,500 | ||
Net income/(loss) | 11,475,639 | 3,551,695 | (1,071,648) |
Comprehensive income/(loss) | |||
Net income/(loss) | 11,475,639 | 3,551,695 | (1,071,648) |
Other comprehensive loss | |||
Foreign currency translation adjustment | (6,578,195) | 169,472 | (154,768) |
Total comprehensive income/(loss) | $ 4,897,444 | $ 3,721,167 | $ (1,226,416) |
Income/(Loss) earnings per common share | |||
Continuing operations - Basic (in Dollars per share) | $ 0.47 | $ 0.17 | $ (0.05) |
Continuing operations - Diluted (in Dollars per share) | 0.47 | 0.17 | (0.05) |
Discontinued operations - Basic (in Dollars per share) | |||
Discontinued operations - Diluted (in Dollars per share) | |||
Net income/(loss) per common share - basic (in Dollars per share) | 0.47 | 0.17 | (0.05) |
Net income/(loss) per common share - diluted (in Dollars per share) | $ 0.47 | $ 0.17 | $ (0.05) |
Weighted average Class A ordinary shares outstanding, basic (in Shares) | 24,254,842 | 21,491,291 | 21,787,892 |
Weighted average Class A ordinary shares outstanding, diluted (in Shares) | 24,254,842 | 21,511,469 | 21,787,892 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income/(loss) | $ 11,475,639 | $ 3,551,695 | $ (1,071,648) |
Net gain from discontinued operations, net of tax | 25,500 | ||
Net gain/(loss) from continuing operations | 11,475,639 | 3,551,695 | (1,097,148) |
Adjustment to reconcile net income to net cash used in operating activities | |||
Depreciation and amortization | 201,944 | 38,363 | 33,437 |
Allowance for doubtful accounts | 27,469,288 | ||
Amortization of operating lease right-of-use asset | 138,709 | 63,347 | |
Other income | (42,431) | (22,119) | |
Gain from disposal of subsidiary | (347,990) | ||
Deferred tax | (7,061,293) | (129,034) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (119,006,660) | (2,608,325) | |
Inventories | 17,210,179 | (22,433,140) | |
Advances to suppliers | 23,795,007 | (40,485,521) | |
Prepayment and other current assets | 198,990 | 2,094,491 | 103,145 |
Accounts payable | 50,070,180 | 14,111,595 | 1,763 |
Accrued expenses and other payables | 1,713,032 | 272,411 | (76,969) |
Income tax payable | 12,509,424 | 1,505,485 | 28,432 |
Advances from customers | (35,891,398) | 42,231,914 | |
Deferred government grant | 3,454 | ||
Operating lease liabilities | (122,878) | (49,074) | |
Net cash used in operating activities from continuing operations | (17,342,268) | (1,854,458) | (1,355,330) |
Net cash used in operating activities from discontinued operations | (296,692) | ||
Net cash used in operating activities | (17,342,268) | (1,854,458) | (1,652,022) |
Cash flows from investing activities | |||
Purchase of property and equipment | (282,308) | (339,657) | (810) |
Purchase of intangible asset | (50,000) | ||
Net cash used in investing activities from continuing operations | (332,308) | (339,657) | (810) |
Net cash used in investing activities from discontinued operations | (385) | ||
Net cash used in investing activities | (332,308) | (339,657) | (1,195) |
Cash flows from financing activities | |||
Proceeds from issuance of ordinary shares | 17,639,999 | 667,901 | |
Proceeds from related parties | 10,000,000 | 907,135 | 241,822 |
Proceeds from short-term borrowings | 1,568,455 | ||
Receipt of financing deposit | 492,490 | ||
Repayments of loans and borrowings | (1,486,746) | ||
Borrowings to related parties | (39,238) | (116,610) | |
Repayments to related parties | (2,000,000) | (517,670) | (594,887) |
Net cash provided by financing activities from continuing operations | 7,005,744 | 19,558,681 | 198,226 |
Net cash used in financing activities from discontinued operations | (86,348) | ||
Net cash provided by financing activities | 7,005,744 | 19,558,681 | 111,878 |
Effect of exchange rate changes on cash and cash equivalents | (3,684,350) | 397,451 | 129,375 |
Net change in cash and cash equivalents | (14,353,182) | 17,762,017 | (1,411,964) |
Cash and cash equivalents, beginning of the year | 18,426,622 | 664,605 | 2,076,569 |
Cash and cash equivalents, end of the year | 4,073,440 | 18,426,622 | 664,605 |
Less cash and cash equivalents of discontinued operations–end of year | |||
Cash and cash equivalents of continuing operations–end of year | 4,073,440 | 18,426,622 | 664,605 |
Supplemental cash flow information | |||
Interest paid | 6,938 | 34,721 | |
Income taxes paid | 218,121 | ||
Non-cash investing and financing activities | |||
Free operating lease due to government grant | 204,588 | ||
Additions of ROU Assets | 416,013 | 100,313 | |
Cancelled common stocks issued | $ 5,000 | $ 7,600,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) | Number of Class A Ordinary Shares | Number of Class B Ordinary Shares | Class A Ordinary Share | Class A | Class B Ordinary Share | Class B | Additional paid-in capital | Statutory Reserves | (Accumulated loss)/ Retained earnings | Accumulated Other Comprehensive Income | Total |
Balance at Dec. 31, 2019 | $ 21,791 | $ 7,100 | $ 15,299,930 | $ (3,876,167) | $ 398,471 | $ 11,851,125 | |||||
Balance (in Shares) at Dec. 31, 2019 | 21,791,055 | 7,100,000 | |||||||||
Net income (loss) | (1,071,648) | (1,071,648) | |||||||||
Issuance of common shares for acquisition equities of Anyi | 40 | 667,861 | 667,901 | ||||||||
Issuance of common shares for acquisition equities of Anyi (in Shares) | 40,235 | ||||||||||
Cancellation of Class B ordinary shares | (475) | (7,599,525) | (7,600,000) | ||||||||
Cancellation of Class B ordinary shares (in Shares) | (475,000) | ||||||||||
Foreign currency translation adjustment | (154,768) | (154,768) | |||||||||
Balance at Dec. 31, 2020 | 21,356 | 7,100 | 8,368,266 | (4,947,815) | 243,703 | 3,692,610 | |||||
Balance (in Shares) at Dec. 31, 2020 | 21,356,290 | 7,100,000 | |||||||||
Net income (loss) | 3,551,695 | 3,551,695 | |||||||||
Issuance of common shares | 2,899 | 17,637,100 | 17,639,999 | ||||||||
Issuance of common shares (in Shares) | 2,898,552 | ||||||||||
Appropriation to statutory reserve | 63,659 | (63,659) | |||||||||
Cancellation of Class B ordinary shares | (5,000) | 5,000 | |||||||||
Cancellation of Class B ordinary shares (in Shares) | (5,000,000) | ||||||||||
Foreign currency translation adjustment | 169,472 | 169,472 | |||||||||
Balance at Dec. 31, 2021 | 24,255 | 2,100 | 26,010,366 | 63,659 | (1,459,779) | 413,175 | 25,053,776 | ||||
Balance (in Shares) at Dec. 31, 2021 | 24,254,842 | 2,100,000 | 24,254,842 | 2,100,000 | |||||||
Net income (loss) | 11,475,639 | 11,475,639 | |||||||||
Appropriation to statutory reserve | 272,037 | (272,037) | |||||||||
Deposit received on issuance of common shares | 492,490 | 492,490 | |||||||||
Foreign currency translation adjustment | (6,578,195) | (6,578,195) | |||||||||
Balance at Dec. 31, 2022 | $ 24,255 | $ 2,100 | $ 26,502,856 | $ 335,696 | $ 9,743,823 | $ (6,165,020) | $ 30,443,710 | ||||
Balance (in Shares) at Dec. 31, 2022 | 24,254,842 | 2,100,000 | 24,254,842 | 2,100,000 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | Note 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES AGM Group Holdings Inc. (“AGM Holdings”) was incorporated on April 27, 2015 under the laws of the British Virgin Islands. AGM Holdings is a holding company and do not own any material assets or liabilities other than holding equity interest of multiple entities and certain cash and cash equivalents. On May 21, 2015, AGM Holdings incorporated a wholly owned subsidiary, AGM Technology Limited (“AGM Technology”) in Hong Kong. AGM Technology provides advanced online trading service for financial institutions in Asian areas. On October 13, 2015, AGM Technology incorporated a Chinese limited liability subsidiary, AGM Tianjin Construction Development Co., Ltd. (“AGM Tianjin”) formerly known as Shenzhen AnGaoMeng Financial Technology Service Co., Ltd., for the purpose of being a holding company for the equity interests in China. On October 19, 2020, AGM Holdings also incorporated a wholly owned subsidiary, AGM Tianjin International Financial Leasing Co. Ltd. (“AGM Leasing”) was in China under the laws of PRC. On November 13, 2015 and September 28, 2016, AGM Tianjin incorporated two wholly owned Chinese limited liability subsidiaries, Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”), and Nanjing Xingaomeng Software Technology Co., Ltd. (“AGM Nanjing”), respectively. AGM Nanjing was dissolved under the laws of China on May 19, 2020. On June 14, 2017, AGM Software Service LTD (“AGM Software”) was incorporated under the laws of BVI. AGM Software is a wholly-owned subsidiary of AGM Holdings and its principal activity will be assisting AGM Technology in providing core technology services to customers. On July 26, 2019, AGM Holdings acquired 100% of Anyi Network Inc. (“Anyi Network”) and its subsidiaries and paid $400,000 in cash and issued an aggregate of 475,000 duly authorized, fully paid and nonassessable Class A ordinary shares of the Company, valued at $16.00 per share to the shareholders of Anyi. The total consideration underlying the Share Exchange was $8,000,000. Anyi Network was incorporated on September 29, 2017 under the laws of the Cayman Islands. Anyi Network and its subsidiaries (“Anyi”) provide information accounting software technology and services for small and medium enterprises in China. On May 19, 2020, Nanjing Xingaomeng Software Technology Co., Ltd. (“AGM Nanjing”) was dissolved. On December 14, 2020, AGM Holdings sold all the equity interest of Anyi Network by entering into a share purchase agreement with certain buyers, pursuant to which the Company sold to the buyers 100% equity interest in Anyi Network in exchange for a total consideration of $8,000,000, payable in the form of canceling 475,000 ordinary shares of AGM Holdings held by the buyers, valued at $16.00 per share, and payment of $400,000 in cash. The disposition of Anyi Network includes the disposition of the subsidiaries of Anyi Network. On June 17, 2021, AGM Technology incorporated a wholly owned Chinese limited liability subsidiary, Nanjing Lucun Semiconductor Co. Ltd. (“Nanjing Lucun”) in China under the laws of PRC. Nanjing Lucun is primarily engaged in the sale of cryptocurrency mining machines and standardized computing equipment. On July 30, 2021 AGM Holdings incorporated a wholly owned limited liability subsidiary, AGM Defi Lab Ptd Limited (“AGM Defi Lab”) under the laws of Singapore. On August 8, 2021 AGM Holdings incorporated a wholly owned limited liability subsidiary, AGM Defi Tech Limited (“AGM Defi Tech”) in Hong Kong. On October 21, 2021, AGM Defi Tech incorporated a wholly owned subsidiary, Beijing Keen Sense Technology Service Co., Ltd (“Beijing Keen Sense”) in China under the laws of PRC. These three subsidiaries are mainly engaged in software development. AGM Holdings’ subsidiaries are as follows: Name Date of Place of Percentage of Principal Activities AGM Technology Limited (“AGM Technology “) May 21, 2015 Hong Kong 100 % Sale of cryptocurrency mining machines and standardized computing equipment AGM Tianjin Construction Development Co., Ltd. (“AGM Tianjin”) formerly Shenzhen AnGaoMeng Financial Technology Service Co., Ltd. October 13, 2015 China 100 % Holding entity Beijing AnGaoMeng Technology Service Co., Ltd. November 13, 2015 China 100 % Software development and provider AGM Software Service LTD (“AGM Software”) June 14, 2017 BVI 100 % Core technology service provider Nanjing Lucun Semiconductor Co., Ltd. (“Nanjing Lucun”) June 17, 2021 China 100 % Sale of cryptocurrency mining machines and standardized computing equipment AGM Defi Lab Ptd Limited (“AGM Defi Lab”) July 30, 2021 Singapore 100 % Software development and provider AGM Defi Tech Limited (“AGM Defi Tech”) August 8, 2021 Hong Kong 100 % Software development and provider Beijing Keen Sense Technology Service Co., Ltd (“Beijing Keen Sense”) October 21, 2021 China 100 % Software development and provider AGM Technology, AGM Tianjin, AGM Beijing, AGM Nanjing, AGM Software, Nanjing Lucun, AGM Defi Lab, AGM Defi Tech, and Beijing Keen Sense, are referred to as subsidiaries. AGM Holdings and its consolidated subsidiaries are collectively referred to herein as the “Company” unless specific reference is made to an entity. |
Summary of Significant Policies
Summary of Significant Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Policies [Abstract] | |
SUMMARY OF SIGNIFICANT POLICIES | Note 2 - SUMMARY OF SIGNIFICANT POLICIES Basis of Presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. Principles of Consolidation The accompanying consolidated financial statements include the accounts for AGM Holdings and all its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. For the subsidiaries whose functional currencies are Renminbi (“RMB”), results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income or loss. Transaction gains and losses are reflected in the consolidated statements of income. The consolidated balance sheet balances, with the exception of equity at December 31, 2022 and December 31, 2021 were translated at RMB6.9646 and RMB6.3757 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to consolidated statements of income and cash flows for the year ended December 31, 2022, 2021 and 2020 were RMB6.7261, RMB6.4515 and RMB6.9003 to $1.00, respectively. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, allowance for doubtful accounts, and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Cash and cash equivalents Cash and cash equivalents are financial assets that are either cash or highly liquid investments with an original maturity term of 90 days or less. At December 31, 2022 and December 31, 2021, the Company’s cash equivalents primarily consist cash in various financial institutions. Inventories Inventories, primarily consisting of standardized computing equipment, which are finished goods from manufacturers. Inventories are stated at the lower of cost or net realizable value, with net realized value represented by estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Cost of inventory is determined using the first-in first-out cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged products, which is dependent upon factors such as historical and forecasted consumer demand. No inventory write-down was recorded for 2022 and 2021. Advances to suppliers Advances to suppliers primarily consists of prepayments for purchase of cryptocurrency mining machines and standardized computing equipment. The Company maintains an allowance for doubtful accounts to state prepayments at their estimated realizable value based on a variety of factors, including the possibility of applying the prepayments to products, significant one-time events, and historical experience. Fair Value of Financial Instruments The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, advance to suppliers, prepayment and other current assets, short-term borrowings, accounts payable, and other payables, due to related parties and income tax payable approximate their fair value based on the short-term maturity of these instruments. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists principally of amounts due from trade customers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not generally required. The Company maintains allowances for doubtful accounts for estimated losses from the receivable amount that cannot be collected. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. In determining these estimates, the Company examines historical write-offs of its receivables and reviews each client’s account to identify any specific customer collection issues. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. Factoring Arrangements The Company used a factoring arrangement with a third party financial institution to manage working capital and cash flows (See Note 5). Under these programs, the Company transferred receivables to a financial institution. Available capacity under these programs is dependent on the level of the trade accounts receivable eligible to be sold and the financial institutions’ willingness to purchase such receivables. As such, the factoring arrangement can be reduced or eliminated at any time due to market conditions and changes in the credit worthiness of our customers, which would negatively impact our liquidity. There was no factoring arrangement as of December 31, 2022. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Identifiable significant improvements are capitalized and expenditures for maintenance, repairs, and betterments, including replacement of minor items, are charged to expense. Depreciation is computed based on cost, less the estimated residual value, if any, using the straight-line method over the estimated useful life. The residual value rate and useful life of property and equipment are summarized as follows: Property and Equipment Residual Useful Electronic equipment 5 % 3 years Office equipment 5 % 5 years Leasehold improvement 0 % Shorter of the lease term or the estimated Intangible Assets Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Intangible assets mainly represent the domain name at cost, less accumulated amortization on a straight-line basis over an estimated life of ten years. Intangible Asset Residual Useful AGM domain name 0 % 10 years Software 0 % 5 years Lease Commitments On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company determined if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and short and long-term lease liabilities in the consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the consolidated balance sheets. There were no finance leases for the years ended December 31, 2022, 2021 and 2020. Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all years presented. The core principle of this new revenue standard is that a company should recognize revenue when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle by the Company in its determination of revenue recognition: ● Step 1: Identify the contract(s) with the customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price; ● Step 4: Allocate the transaction price to the performance obligations in the contract; and ● Step 5: Recognize revenue when or as the Company satisfies a performance obligation. The Company is a server and software developer, engaging in research, development and sale of server and enterprise application software, including ASIC miner, accounting software and ERP software, and the software-related after sales services. The Company derives revenue from the sales of (1) cryptocurrency mining machines and standardized computing equipment and (2) technical support plans, and bundle of products or services that may include a combination of these items. The Company enters into contracts with customers that include promises to transfer various products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The Company acts as a principal as it takes control of the merchandises, is primarily obligated for the merchandise sold to the consumers, bears inventory risks and has the latitude in establishing prices. Revenue is recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration allocated to the respective performance obligation. The Company records and recognizes revenues from both products and services in one account, which is presented as revenues in the accompanying consolidated statements of operations and comprehensive income. During 2022, 2021 and 2020, the Company derives revenue from the sale of the following two items: (1) Sales of Cryptocurrency Mining Machines and Standardized Computing Equipment The Company recognizes product revenues on a gross basis as the Company is responsible to fulfill the promise to provide specified goods. Revenue is recognized at a point in time upon the transfer of control of products to customers. (2) Technical Support Plans The Company sells technical support plans either as a package with the sale of software products or separately on its own. Each technical support plan has a contractual period of one year. Revenue is recognized over a period of time throughout the contract period for the technical support plan, generally is recognized over twelve months period. However, the Company did not record this revenue stream on total revenue for December 31, 2022 and December 31, 2021 since the Company discontinued business related to these services in 2020. Contract liability The contract liabilities consist of advances from customers, which relate to unsatisfied performance obligations at the end of each reporting period and consists of cash payments received in advance from customers in sales of server products. As of December 31, 2022 and December 31, 2021, the Company’s advances from customers amounted to $4,572,765 and $42,231,914, respectively. The Company reports revenues net of applicable sales taxes and related surcharges. Costs of Revenues Cost of revenues primarily consist of: (1) cost of product revenue, which includes direct costs of cryptocurrency mining machines, standardized computing equipment and software products; labor costs and employee benefits for software development, data testing, bug fixes and hacker prevention; research and development expenses; (2) cost of services and other revenue, which reflects direct costs associated with providing services, including data center and support costs related to delivering online services. Operating Leases The Company determines if an arrangement is a lease upon inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. Upon adoption of ASU 2016-02 and related standards, operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is the Company’s incremental borrowing rate or, if available, the rate implicit in the lease. The Company includes options to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option. The Company also takes into considerations when certain lease contains fair value purchase and termination options with an associated penalty. The Company reviews all leases for capital or operating classification at their inception. The Company conducts its operations primarily under operating leases as of adoption of ASC 842 on January 1, 2021. Selling, general & administrative expenses Selling, general and administrative expenses consist primarily of sales and administrative employee-related expenses, bad debt expense, professional fees, travel costs, and other corporate expenses. Research and Development Expenses Research and development costs are expensed as incurred. The costs primarily consist of the wage expenses incurred to continuously improve and upgrade the Company’s services. Government grants Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. From June 15, 2021, Nanjing Pukou Economic Development Zone Management Committee (the “Committee”) provided an office to the Company for free for 5 years to attract the enterprise for the development of the integrated circuit industry in Nanjing. As of December 31, 2022 and 2021, the balance of deferred government grant was $135,313 and $185,923, respectively. The amount of other income for the government grant recognized during the years ended December 31, 2022 and 2021 was $42,431 and $22,119, respectively. Income Taxes The Company is governed by the Income Tax Law of China, Inland Revenue Ordinance of Hong Kong and the U.S. Internal Revenue Code of 1986, as amended. Based on a review of surrounding facts and circumstances, the revenue generated from AGM Technology belongs to offshore revenue as its operation is outside Hong Kong. Therefore, the Company considers AGM Technology is not subject to tax at 16.5% on the assessable profits arising in or derived from Hong Kong or 8.25% if the net profit under $2,000,000 for 2019 and beyond under Inland Revenue Ordinance of Hong Kong. The Company accounts for income taxes using the asset/liability method prescribed by ASC 740, “Accounting for Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Act has caused the Company’s deferred income taxes to be revalued. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. Pursuant to the guidance within SEC Staff Accounting Bulletin No. 118 (“SAB 118”), as of December 31, 2017, the Company recognized the provisional effects of the enactment of the Act for which measurement could be reasonably estimated. The ultimate impact of the Act may differ from these estimates due to the Company’s continued analysis or further regulatory guidance that may be issued as a result of the Act. The Company applied the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes,” which provides clarification related to the process associated with accounting for uncertain tax positions recognized in the Company’s financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of December 31, 2022, December 31, 2021 and December 31, 2020, the Company had uncertain tax positions accrued, and will continue to evaluate for uncertain positions in the future. Value Added Tax The amount of VAT liability is determined by applying the applicable tax rate to the invoiced amount of software service provided. The Company reports revenue net of China’s VAT for all the periods presented in the accompanying consolidated statements of operations. Comprehensive Income ASC 220 “Comprehensive Income” established standards for reporting and display of comprehensive income, its components and accumulated balances. Components of comprehensive income include net income and foreign currency translation adjustments. For the fiscal years ended 2022, 2021 and 2020, the only component of accumulated other comprehensive income was foreign currency translation adjustments. Related Party Transactions A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company’s securities (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. Concentration and risks a) Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are cash and cash equivalents, and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions or trading platforms. The Company routinely assesses the financial strength of the customer and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, consequently, believes that its accounts receivable credit risk exposure beyond such allowance is limited. b) Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are RMB and U.S. dollars, respectively. The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, accounts receivable and accounts payable. Any significant fluctuation of RMB against U.S. dollars may materially and adversely affect the Company’s cash flows, revenues, earnings and financial positions. c) Currency convertibility risk The Company transacts some of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China (the “PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Reclassification Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on the net earnings and financial position. Income tax payable was disclosed as separate line item which presented in accrued expenses and other payables in prior year. Net Income/(Loss) per Common Share Basic earnings/(loss) per ordinary share is computed by dividing net earnings/(loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the sum of the weighted-average number of ordinary shares outstanding and dilutive potential ordinary shares during the period. Statutory reserves In accordance with the PRC Company Laws, the Group’s PRC subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. For the years ended December 31, 2022, 2021 and 2020, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was $272,037, $63,659 and nil Discontinued operation A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operation if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). The results of operations of discontinued operation for the years ended December 31, 2022, 2021 and 2020 have been reflected separately in the Consolidated Statements of Income/(Loss) as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operation of the three categories for the years ended December 31, 2022, 2021 and 2020 were separately presented in the Consolidated Statements of Cash Flows for all periods presented in accordance with U.S. GAAP. Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses”, which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. The ASU is effective for public company for fiscal years, and interim periods within those fiscal years beginning after December 15, 2019. For all other entities including emerging growth companies, the ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has adopted ASU 2016-13 since January 1, 2021, the impact of which on the Company’s consolidated financial statements was immaterial. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2022. The Company does not expect to early adopt this guidance and is in the process of evaluating the impact of adoption of this guidance on the Company’s consolidated financial statements. Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows, or disclosures. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern Abstract | |
GOING CONCERN | Note 3 - GOING CONCERN For the fiscal years ended December 31, 2022, the Company had net income of $11,475,639 and recorded net cash used in operating activities of $17,342,268. As of December 31, 2022, the Company has working capital of $22,299,277. Therefore, the management assesses that current working capital will be sufficient to meet its obligations for the next 12 months from the issuance date of this report. The financial statements are prepared on going concern basis. |
Discontinued Operations and Dis
Discontinued Operations and Disposition | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposition [Abstract] | |
DISCONTINUED OPERATIONS AND DISPOSITION | Note 4 - DISCONTINUED OPERATIONS AND DISPOSITION On December 14, 2020, the Company entered into a share purchase agreement (the “Agreement”) with Haiyan Huang, Feng Zhi and Yinglu Gao (the “Buyers”), pursuant to which the Company agreed to sell to the Buyers 100% equity interest in Anyi Network including its subsidiaries, in exchange for a total consideration of $8,000,000, payable in the form of canceling 475,000 ordinary shares of the Company held by the Buyers, valued at $16.00 per share, and payment of $400,000 in cash (the “Cash Consideration”). The Buyers are former shareholders of Anyi Network. and there is no affiliation between the Buyers and the Company. The Buyers entered into a promissory note (the “Promissory Note”), pursuant to which the Buyers agreed to pay the Cash Consideration to the Company on or prior to June 30, 2021. The Company received $400,000 in July 2021. On December 14, 2020, the AGM Shares were duly cancelled pursuant to the Agreement. On December 20, 2020, the Buyers amended the register of members of Anyi Network Inc. with the Cayman Islands corporate registry. Pursuant to ASC Topic 205-20, Presentation of Financial Statements - Discontinued Operations, the results of operations for the fiscal years ended December 31, 2020 from Anyi Network have been classified to loss from discontinued operations line on the accompanying consolidated statements of operations and comprehensive loss presented herein. No assets and liabilities of discontinued operation as of December 31, 2022, December 31, 2021 and December 31, 2020. The summarized operating result of discontinued operations included in the Company’s consolidated statements of operations consist of the following: For The Years Ended December 31, 2022 2021 2020 Revenues $ - $ - $ 237,431 Cost of revenues - - 160,810 Gross profit - - 76,621 Operating expenses - - 353,219 Other income, net - - (45,125 ) Loss before income taxes - - (321,723 ) Income tax expense - - 767 Loss from discontinued operations - - (322,490 ) Gain from disposal, net of taxes - - 347,990 Total income from discontinued operations $ - $ - $ 25,500 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable [Abstract] | |
ACCOUNTS RECEIVABLE, NET | Note 5 - ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, Accounts receivable $ 120,224,989 $ 2,608,325 Allowance for doubtful accounts (27,469,288 ) - $ 92,755,701 $ 2,608,325 The Company recorded bad debt expense of $27,469,288 for the year ended 2023. No On July 29, 2021, the Company entered into an accounts receivable factoring agreement (the “Factoring Agreement”) with Zhongyuan Bank Co.,Ltd (“Zhongyuan Bank”). The Factoring Agreement allows for up to RMB10 million in advances, which are collateralized by assigned eligible accounts receivable and are subject to funds usage, no discount, and other fees, as well as service charges. The Factoring Agreement has a scheduled term of 160 days and is subject to automatic one year extension unless written notice of intention to terminate is obtained from the Company or unapproved by both parties. The current Factoring Agreement has a maturity date on January 9, 2022. The annual interest rate of factoring is 5.60%. At January 19, 2022, the Company repaid $1,435,833 (RMB10,000,000) to Zhongyuan Bank. The total interest of $40,241 (RMB 270,667) accrued and all interests were paid under the Factoring Agreement as of December 31, 2022. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | Note 6 - INVENTORIES Inventories, primarily consisted of cryptocurrency mining machines and standardized computing equipment, which are finished goods from manufactures. As of December 31, 2022 and December 31, 2021 inventories consisted of the following: December 31, December 31, 2022 2021 Finished goods $ 3,915,456 $ 22,433,140 No inventory write-down was recorded for the years ended 2022, 2021 and 2020. |
Prepayment and Other Current As
Prepayment and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepayment And Other Current Assets [Abstract] | |
PREPAYMENT AND OTHER CURRENT ASSETS | Note 7 - Prepayment and Prepayment and other current assets consist of prepaid expenses, other receivables, and deposits. As of December 31, 2022 and December 31, 2021 prepayment and other current assets consisted of the following: December 31, December 31, Prepaid expenses $ - $ 51,301 Loan receivable (1) 1,605,000 400,000 Prepaid input VAT 1,106,489 2,848,547 Deposits and others 224,155 26,577 Total prepayment and other current assets $ 2,935,644 $ 3,326,425 (1) In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd., who is the shareholder of the Company holding 20 class A shares. As AGM Group Ltd. (i) held less than 10% of the Company’s securities shares, (ii) was not the company’s management, (iii) could not directly or indirectly control the Company, (iv) could not significantly influence the financial and operating decisions of the Company, the Company is not regarded it as a related party. On April 5, 2022, the Company extended an additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% for one year as working capital support. On April 10, 2022 and 31 July, 2022, the Company entered into a loan agreement with a third party, Muliang Agriculture Limited, to lend $280,000 and $25,000 at the interest rate of 1% for one year as working capital support. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT, NET | Note 8 - PROPERTY AND EQUIPMENT, NET As of December 31, 2022 and December 31, 2021, property and equipment, net consisted of the following: December 31, December 31, Electronic equipment $ 541,931 $ 168,308 Office equipment 13,777 14,391 Leasehold improvement 510,915 339,657 Total property and equipment 1,066,623 522,356 Less: accumulated depreciation (377,262 ) (199,959 ) Total property and equipment, net $ 689,361 $ 322,397 The Company added leasehold improvement of $207,069 for the fiscal years ended December 31, 2022. Leasehold amortization expenses for the fiscal years ended December 31, 2022, 2021 and 2020 were $145,989, nil nil |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | Note 9 - INTANGIBLE ASSETS, NET As of December 31, 2022 and December 31, 2021, intangible assets, net consisted of the following: December 31, December 31, AGM domain name $ 14,800 $ 14,800 Software 50,000 - Total intangible assets 64,800 14,800 Less: accumulated amortization (9,314 ) (6,167 ) Total intangible assets, net 55,486 8,633 For the fiscal years ended December 31, 2022, 2021 and 2020, amortization expenses amounted to $3,147, $1,480 and $1,480 respectively. The following is a schedule, by fiscal years, of amortization amount of intangible asset, 2023 $ 11,480 2024 11,480 2025 11,480 2026 11,480 2027 9,566 Total $ 55,486 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 10 - RELATED PARTY TRANSACTIONS As of December 31, 2022, related parties of the Company consist of the following: Name of Related Party Nature of Relationship Zhentao Jiang Former Director and principal shareholder Wenjie Tang Chief Executive Officer (“CEO”), Director, and shareholder Yufeng Mi Chief Technical Officer (“CTO”) and shareholder Yang Cao Director of Nanjing Lucun HongKong Kisen Co., Limited (“HongKong Kisen”) Company ultimately controlled by Chief Strategy Officer (“CSO”) Due to related parties The Company mainly finance its operations through proceeds borrowed from related parties. As of December 31, 2022 and December 31, 2021, due to related parties consisted the following: December 31, December 31, Zhentao Jiang (2) $ - $ 1,119,465 Yufeng Mi 1,831 2,000 Yang Cao 86,150 94,108 HongKong Kisen (1) 8,000,000 - Total due to related parties $ 8,087,981 $ 1,215,573 (1) On April 7, 2022, the Company entered into a loan agreement with HongKong Kisen to borrow $10,000,000 at the interest rate of 0.1% for 10 months as working capital support. The loan can be extended on both parties’ consensus. (2) As of December 31, 2022, the Company did not regard Zhentao Jiang as a related party since he held only 2.474% of class A shares and could not significantly influence the financial and operating decisions of the Company. Apart from loan from HongKong Kisen, the balance of due to related parties represents expenses incurred by related parties in the ordinary course of business. These amounts are interest free, unsecured and could be settled on demand. From time to time, the Company borrowed $10,000,000 from related parties and repaid $2,000,000 to related parties in the year ended December 31, 2022. The Company borrowed $907,135 from related parties and repaid $517,670 to related parties in the year ended December 31, 2021. Due from related parties As of December 31, 2022 and December 31, 2021, due from related parties consisted the following: December 31, December 31, Wenjie Tang - 39,238 Total due from related parties $ - $ 39,238 Amounts due from related parties are interest free, unsecured and could be settled on demand. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | Note 11 – SHORT-TERM BORROWINGS As of December 31, 2022 and December 31, 2021, the short-term borrowings were for working capital and capital expenditure purposes. Short-term borrowings include an accounts receivable factoring arrangement with a third-party financial institution of Zhongyuan Bank Co., Ltd consist of the following: Annual Maturity Principal December 31, December 31, US$ US$ US$ Short-term borrowings: ZHONGYUAN BANK CO., LTD (1) 5.60 % January, 2022 1,568,455 - 1,568,455 Total - 1,568,455 The interest expenses were $4,625 and $37,132 for the fiscal years ended December 31, 2022 and 2021, respectively. (1) On July 29, 2021, the Company entered into a factoring agreement without recourse right (see Note 5) with Zhongyuan Bank for 160 days and maturity date is January 9, 2022, $1,568,455 (RMB10,000,000) accounts receivable factoring to the bank and received accordingly amount of cash. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | Note 12 - SEGMENT INFORMATION The Company disaggregated its revenues into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company derives revenue from the sale of the following two items: (1) sales of cryptocurrency mining machine and standardized computing equipment and (2) technical support plans All of the Company’s long-lived assets are located in China. The Company and its subsidiaries do not have long-lived assets in the United States for the reporting periods. Revenues from products and services, and gross profit are as follows: For The Years Ended December 31, 2022 2021 2020 Segment revenue: Sales of cryptocurrency mining machine and standardized computing equipment $ 242,395,556 $ 36,709,931 $ - Technical support plans - - 53,305 Total revenue from continuing operations $ 242,395,556 $ 36,709,931 $ 53,305 Cost of revenue Sales of cryptocurrency mining machine and standardized computing equipment $ (195,807,066 ) $ (30,112,363 ) $ - Technical support plans - - (38,534 ) Total cost of revenue from continuing operations $ (195,807,066 ) $ (30,112,363 ) $ (38,534 ) Gross profit $ 46,588,490 $ 6,597,568 $ 14,771 |
Operating Lease
Operating Lease | 12 Months Ended |
Dec. 31, 2022 | |
Operating Lease [Abstract] | |
OPERATING LEASE | Note 13 - OPERATING LEASE On February 1, 2021, the Company entered into a lease agreement to lease an office in Beijing with a term of two years under the lease fee of $4,392 per month. On December 15, 2022, the Company renewed the lease agreement with extended term of other 2 years till February 2025 under the lease fee of $4,161 (RMB28,000) per month. On June 15, 2021, in order to attract enterprises for the development of the integrated circuit industry in Nanjing, Nanjing Pukou Economic Development Zone Management Committee (the “Committee”) entered into an investment agreement with Nanjing Lucun. Pursuant to the investment agreement, the Company leased an office from the Commitment with nil rental consideration for 5 years. On November 1, 2021, the Company entered into a lease agreement to lease an office in Nanjing with a term of three years under the lease fee of $46,692 (RMB 314,057) per year. On September 20, 2022, the Company entered into a lease agreement to lease an office in Beijing with a term of two years under the lease fee of $1,933 (RMB13,000) per month. On October 24, 2022, the Company entered into a lease agreement to lease an office in Beijing with a term of three years under the lease fee of $4,041 (RMB27,000) per month. On November 8, 2022, the Company entered into a lease agreement to lease an office in Beijing with a term of two years under the lease fee of $12,489 (RMB 84,000) per year. As mentioned above, the estimated effect of lease renewal and termination options, as applicable, was included in the consolidated financial statements in current period. The balance of right-of-use assets and operating lease liabilities are as follow: December 31, December 31, Right-of-use assets $ 492,984 $ 241,554 Operating lease liabilities, current $ 162,576 $ 51,239 Operating lease liabilities, non-current 167,428 - Total operating lease liabilities $ 330,004 $ 51,239 Supplemental information related to operating leases for the year ended December 31, 2022 and 2021: For the Year Ended 2022 2021 Weighted-average remaining lease term of operating leases 2.33 years 3.5 years Weighted-average discount rate of operating leases 4.62 % 4.81 % The following table summarizes the maturity of the operating lease liabilities as of December 31, 2022: Operating Year of 2023 $ 180,499 Year of 2024 142,434 Year of 2025 36,128 Total lease payments $ 359,061 Less: imputed interest 29,057 Present value of operating lease liabilities 330,004 Less: current obligation 162,576 Long-term obligation on December 31, 2022 $ 167,428 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | Note 14 – SHAREHOLDERS’ EQUITY On July 26, 2019, the Company entered into Acquisition Agreement with Anyi Network and the shareholders of Anyi. In connection with the Acquisition Agreement, the Company acquired 100% of the equity of Anyi and pay $400,000 in cash and issue an aggregate of 475,000 duly authorized, fully paid and nonassessable Class A ordinary shares of the Company, valued at $16.00 per share to the shareholders of Anyi. On December 14, 2020, the Company cancelled an aggregate of 475,000 ordinary shares of the Company held by Haiyan Huang, Feng Zhi and Yinglu Gao, who purchased back 100% of the equity of Anyi Network, valued at $16.00 per share. In July 2020, the Company issued an aggregated of 40,235 Class A ordinary shares of the Company to a total of 106 non- affiliate individual investors, valued at 16.00 per share, and the Company received proceeds in a total amount of $667,901. In August 2021, Firebull Holding Limited, holder of 5,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares of the Company sold and transferred 5,000,000 Class A ordinary shares to Firebull Tech Limited. Pursuant to section 11 of the Company’s memorandum and articles of association, the 5,000,000 Class B ordinary shares held by Firebull Holding was cancelled accordingly. On December 14, 2021, the Company issued 2,898,552 Class A ordinary shares to investors. As of December 31, 2022, 24,254,842 shares of class A ordinary share and 2,100,000 shares of Class B ordinary shares were issued and outstanding. The Company deposited with the Escrow Agent an aggregate amount of $500,000 in order to provide a source of funding for certain indemnification obligations of the Company. In December 2022, the Company received the refund of the deposit of $492,490, deducting the charge fee. Warrants For each Class A ordinary share purchased on December 14, 2021, an investor received from the Company one-half unregistered warrant, for an aggregate of 1,449,276 warrants. The 3.5-year warrants are exercisable immediately from the date of issuance and have an exercise price of US$8.3. The purchase price for one ordinary share and one-half corresponding warrant is US$6.90. Additionally, the Company has retained FT Global Capital, Inc. (the “Placement Agent”) to act as exclusive placement agent in connection with this offering. The Company agreed to issue to the Placement Agent or its designees warrants to purchase up to 202,899 Class A ordinary shares (“Placement Agent’s Warrants”). Such Placement Agent’s Warrants will be exercisable commencing on the date of issuance at a per share price of $8.3, subject to certain adjustments, and will expire three and a half (3.5) years from the date of issuance. The Company’s outstanding warrants are classified as equity since they qualify for exception from derivative accounting as they are considered to be indexed to the Company’s own stock and require net share settlement. The fair value of the warrants of $12.2 million is valued based on the Black-Scholes-Merton model and is recorded as additional paid-in capital from common stock on the relative fair value of net proceeds received using the following assumptions: Annual dividend yield - Expected life (years) 3.5 Risk-free interest rate 1.01 % Expected volatility 152.16 % As of December 31, 2022, the Company had 1,652,175 warrants outstanding to purchase 1,652,175 class A ordinary shares with weighted average exercise price of $8.3 per share and remaining contractual lives of 2.45 years. Following is a summary of the status of warrants outstanding and exercisable as of December 31, 2022: Warrants Weighted Average Exercise Price Warrants outstanding, as of December 31, 2020 $ Issued 1,652,175 8.3 Exercised - - Expired - - Warrants outstanding, as of December 31, 2021 1,652,175 $ 8.3 Issued - - Exercised - - Expired - - Warrants outstanding, as of December 31, 2022 1,652,175 $ 8.3 Warrants exercisable, as of December 31, 2022 1,652,175 $ 8.3 |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Net Assets [Abstract] | |
RESTRICTED NET ASSETS | Note 15 - RESTRICTED NET ASSETS Part of the Group’s operations are conducted through its PRC subsidiaries, and the Group’s ability to pay dividends is primarily dependent on receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by its subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. Paid-in capital and additional paid-in capital of its subsidiaries included in the Group’s consolidated net assets are also non-distributable for dividend purposes. In accordance with the Company Law of the PRC and the PRC regulations on enterprises with foreign investment, whether a domestic enterprise or a wholly owned foreign enterprise (“WFOE”) established in the PRC are both required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. Both a domestic enterprise and a WFOE are required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. All of the Company’s PRC consolidated subsidiaries are subject to the above mandated restrictions on distributable profits. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group. As of December 31, 2022 and 2021, net assets restricted in the aggregate included in the Group’s consolidated net assets were $335,696 and $63,659, respectively |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
INCOME TAX | Note 16 - INCOME TAX British Virgin Islands (“BVI”) Under the tax laws of BVI, AGM Holdings and AGM Software are not subject to tax on income or capital gain. In addition, payments of dividends by the Company to their shareholders are not subject to withholding tax in the BVI. Hong Kong Under the tax laws of Hong Kong, AGM Technology and AGM Defi Tech is subject to tax at 16.5% on the assessable profits arising in or derived from Hong Kong or 8.25% if the net profit under $2,000,000 for 2019 and beyond, and allowed to offset their future tax taxable income with taxable operating losses with carried forward indefinitely. Based on a review of surrounding facts and circumstances, the revenue generated from AGM Technology belongs to offshore revenue as its operation is in mainland China instead of in Hong Kong, and therefore AGM Technology was considered as a PRC resident enterprise. Cayman Islands Under the tax laws of Cayman Islands, Anyi Network are not subject to tax on income or capital gain. In addition, payments of dividends by such entities to their shareholders are not subject to withholding tax in Cayman Islands. Singapore Under the tax laws of Singapore, AGM Defi Lab are subject to tax at 10% on income or capital gain. China On March 16, 2007, the National People’s Congress passed the Enterprise Income Tax Law (“the China EIT Law”), which was effective as of January 1, 2008. Companies incorporated in China are allowed to offset future tax taxable income with taxable operating losses carried forward in a 5-year period. The China EIT Law also provides that an enterprise established under the laws of foreign countries or regions but whose “de facto management body” is located in China be treated as a resident enterprise for PRC tax purpose and consequently be subject to China income tax at the rate of 25% for its worldwide income. The Implementing Rules of the China EIT Law merely defines the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” On April 22, 2009, China State Administration of Taxation further issued a notice entitled “Notice regarding Recognizing Offshore-Established Enterprises Controlled by PRC Shareholders as Resident Enterprises Based on Their place of Effective Management.” Under this notice, a foreign company controlled by a PRC company or a group of PRC companies shall be deemed as a PRC resident enterprise, if (i) the senior management and the core management departments in charge of its daily operations mainly function in China; (ii) its financial decisions and human resource decisions are subject to decisions or approvals of persons or institutions in China; (iii) its major assets, accounting books, company sales, minutes and files of board meetings and shareholders’ meetings are located or kept in China; and (iv) more than half of the directors or senior management personnel with voting rights reside in China. Based on a review of surrounding facts and circumstances, the Company believe that there is an uncertain tax position as to whether its operations outside of China will be considered a resident enterprise for PRC tax purposes due to limited guidance and implementation history of the China EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC tax on worldwide income at a uniform tax rate of 25%. For the fiscal year ended December 31, 2019, and 2020, the Company has evaluated this uncertain tax position and recorded a tax liability on the Consolidated Balance Sheet. In 2021, as the business line of the Company was completely change, the Company adjusted the management and institutions accordingly. Therefore, companies outside of mainland China were no longer applicable to the identification of PRC resident enterprises, and the Company did not record tax liability of the uncertain tax position for the fiscal year ended December 31, 2021. The China EIT Law also imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. Such withholding income tax was exempted under the previous income tax regulations. British Virgin Islands, where the Company is incorporated, did not have such tax treaty with China. AGM Beijing, AGM Tianjin, Nanjing Lucun, and Beijing Keen Sense are subject to 25% China statutory tax rate. AGM Beijing, AGM Tianjin, Beijing Keen Sense and AGM Defi Lab incurred net loss for the year ended December 31, 2022. The provision for income taxes consisted of the following: For the Years Ended 2022 2021 2020 Current $ (11,406,062 ) $ (1,535,193 ) $ (77,110 ) Deferred 7,061,293 129,034 - Less from discontinued operations $ - $ - $ (767 ) Total from continuing operations $ (4,344,769 ) $ (1,406,159 ) $ (76,343 ) The reconciliations of the statutory income tax rate and the Company’s effective income tax rate are as follows: For the Years Ended 2022 2021 2020 Statutory income tax rate 25 % 25 % 25 % Tax effect of different tax rates in other jurisdictions 2 % 3 % 3 % Tax effect of non-deductible expenses 1 % - % - % Changes in valuation allowance - % - % (21 )% Effective tax rate 28 % 28 % 8 % The summary of cumulative net operating losses carried forward for the Company’s subsidiaries in different regions is as follows: For the Years Ended 2022 2021 2020 PRC Region $ 1,262,629 $ 508,737 $ 445,060 HK Region - - 45,090 Singapore Region 6,444 3,385 - Total cumulative net operating loss carry-forward from continuing operation $ 1,269,073 $ 512,122 $ 490,150 Components of the Company’s net deferred tax assets are set forth below: December 31, December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 6,867,322 $ - Net operating loss carry-forwards 305,492 129,034 Total of deferred tax assets $ 7,172,814 $ 129,034 Less: valuation allowance - - Net deferred tax assets $ 7,172,814 $ 129,034 As of December 31, 2022 and 2021, deferred tax assets of the Company were of $7,172,814 and $129,034, respectively, which was consisted of allowance for doubtful accounts . As of December 31, 2022, the Management believes that the Company’s cumulative losses arising from recurring business of subsidiaries constituted significant strong evidence that most of the deferred tax assets would be realizable, and therefore, no valuation allowance was accrued accordingly. Accounting for Uncertainty in Income Taxes The Company and certain subsidiaries are established in various foreign countries with significant operations located in China. The Company might not be subject to PRC income tax and did not pay any income tax to PRC however it is uncertain as to whether China tax authority may take different views about the Company’s tax positions which may lead to additional tax liabilities. The tax authority of China Government conducts periodic and ad hoc tax filing reviews on business enterprises operating in China after those enterprises complete their relevant tax filings. Therefore, the Company’s PRC entities’ tax filings results are subject to change. It is therefore uncertain as to whether China tax authority may take different views about the Company’s PRC entities’ tax filings, which may lead to additional tax liabilities. ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the company’s tax position and recognized liabilities for uncertain tax positions for the years ended December 31, 2022, 2021 and 2020, and the period from inception (April 27, 2015) to December 31, 2015. The Company recognized liabilities for uncertain tax positions, which was included in income tax payable on the Consolidated Balance Sheets for the fiscal year ended December 31, 2020, 2021 and 2022. The activity of the unrecognized tax positions related to the Company’s uncertain tax positions is summarized as follows: For the For the Year Ended For the Year Ended Gross beginning balance $ 2,960,155 $ 1,638,673 $ 1,562,330 Gross increase to tax positions in the current period 3,606,873 1,321,482 76,343 Gross increase to tax position in the prior period - - - Gross decrease to tax position in the prior period - - - Lapse of statute limitations - - - Less from discontinued operations $ - $ - $ - Gross ending balance from continuing operations $ 6,567,028 $ 2,960,155 $ 1,638,673 There were no interests and penalties in relation to the Company uncertain tax positions for the fiscal years ended December 31, 2022,2021 and 2020. |
Concentrations of Credit Risk a
Concentrations of Credit Risk and Major Customers | 12 Months Ended |
Dec. 31, 2022 | |
Concentrations of Credit Risk and Major Customers [Abstract] | |
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS | Note 17 - CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. The Company place cash with high credit quality financial institutions in Singapore, Hongkong and China. As of December 31, 2022 and December 31, 2021, the Company had $154,311 and $16,566,953 of cash balance held in China banks, respectively. China banks protect consumers against loss if their bank or thrift institution fails, and each of the Company’s bank accounts are insured up to RMB500,000 (approximately $72,000). As a result, cash held in China financial institutions of nil December 31, 2022 December 31, 2021 Country: Singapore $ 240,204 6 % $ 259,686 1 % China (Hongkong) 3,678,925 90 % 1,599,983 9 % China (Mainland) 154,311 4 % 16,566,953 90 % Total cash and cash equivalents $ 4,073,440 100 % $ 18,426,622 100 % Almost all of the Company’s sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, the Company believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. The Company also perform ongoing credit evaluations of customers to help further reduce potential credit risk. Customers For the fiscal years ended December 31, 2022, five customers accounted for 20%, 19%, 14%, 13% and 12% of the Company’s revenues, respectively. For the fiscal years ended December 31, 2021, two customers accounted for 70% and 30% of the Company’s revenues, respectively. For the fiscal year ended December 31, 2020, one customer accounted for 100% of the Company’s total revenue. As of December 31, 2022, the Company had $92,755,701 accounts receivable balance, and $2,608,325 receivable balance as of December 31, 2021. Suppliers For the fiscal years ended December 31, 2022, two suppliers accounted for 75% and 11% of the Company’s total cost of revenues. For the fiscal years ended December 31, 2021, two suppliers accounted for 72% and 12% of the Company’s cost of revenues, respectively. For the fiscal year ended December 31, 2020, one supplier accounted for 100% of the Company’s total cost of revenues. As of December 31, 2022, the Company had $99,914,629 accounts payable balance, and $14,116,569 payable balance as of December 31, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 18 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance of the consolidated financial statements as of November 13, 2023 and noted that there are no other subsequent events. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts for AGM Holdings and all its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. For the subsidiaries whose functional currencies are Renminbi (“RMB”), results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income or loss. Transaction gains and losses are reflected in the consolidated statements of income. The consolidated balance sheet balances, with the exception of equity at December 31, 2022 and December 31, 2021 were translated at RMB6.9646 and RMB6.3757 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to consolidated statements of income and cash flows for the year ended December 31, 2022, 2021 and 2020 were RMB6.7261, RMB6.4515 and RMB6.9003 to $1.00, respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, allowance for doubtful accounts, and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are financial assets that are either cash or highly liquid investments with an original maturity term of 90 days or less. At December 31, 2022 and December 31, 2021, the Company’s cash equivalents primarily consist cash in various financial institutions. |
Inventories | Inventories Inventories, primarily consisting of standardized computing equipment, which are finished goods from manufacturers. Inventories are stated at the lower of cost or net realizable value, with net realized value represented by estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Cost of inventory is determined using the first-in first-out cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged products, which is dependent upon factors such as historical and forecasted consumer demand. No inventory write-down was recorded for 2022 and 2021. |
Advances to suppliers | Advances to suppliers Advances to suppliers primarily consists of prepayments for purchase of cryptocurrency mining machines and standardized computing equipment. The Company maintains an allowance for doubtful accounts to state prepayments at their estimated realizable value based on a variety of factors, including the possibility of applying the prepayments to products, significant one-time events, and historical experience. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, advance to suppliers, prepayment and other current assets, short-term borrowings, accounts payable, and other payables, due to related parties and income tax payable approximate their fair value based on the short-term maturity of these instruments. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists principally of amounts due from trade customers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not generally required. The Company maintains allowances for doubtful accounts for estimated losses from the receivable amount that cannot be collected. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. In determining these estimates, the Company examines historical write-offs of its receivables and reviews each client’s account to identify any specific customer collection issues. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Factoring Arrangements | Factoring Arrangements The Company used a factoring arrangement with a third party financial institution to manage working capital and cash flows (See Note 5). Under these programs, the Company transferred receivables to a financial institution. Available capacity under these programs is dependent on the level of the trade accounts receivable eligible to be sold and the financial institutions’ willingness to purchase such receivables. As such, the factoring arrangement can be reduced or eliminated at any time due to market conditions and changes in the credit worthiness of our customers, which would negatively impact our liquidity. There was no factoring arrangement as of December 31, 2022. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Identifiable significant improvements are capitalized and expenditures for maintenance, repairs, and betterments, including replacement of minor items, are charged to expense. Depreciation is computed based on cost, less the estimated residual value, if any, using the straight-line method over the estimated useful life. The residual value rate and useful life of property and equipment are summarized as follows: Property and Equipment Residual Useful Electronic equipment 5 % 3 years Office equipment 5 % 5 years Leasehold improvement 0 % Shorter of the lease term or the estimated |
Intangible Assets | Intangible Assets Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Intangible assets mainly represent the domain name at cost, less accumulated amortization on a straight-line basis over an estimated life of ten years. Intangible Asset Residual Useful AGM domain name 0 % 10 years Software 0 % 5 years |
Lease Commitments | Lease Commitments On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all years presented. The core principle of this new revenue standard is that a company should recognize revenue when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle by the Company in its determination of revenue recognition: ● Step 1: Identify the contract(s) with the customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price; ● Step 4: Allocate the transaction price to the performance obligations in the contract; and ● Step 5: Recognize revenue when or as the Company satisfies a performance obligation. The Company is a server and software developer, engaging in research, development and sale of server and enterprise application software, including ASIC miner, accounting software and ERP software, and the software-related after sales services. The Company derives revenue from the sales of (1) cryptocurrency mining machines and standardized computing equipment and (2) technical support plans, and bundle of products or services that may include a combination of these items. The Company enters into contracts with customers that include promises to transfer various products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The Company acts as a principal as it takes control of the merchandises, is primarily obligated for the merchandise sold to the consumers, bears inventory risks and has the latitude in establishing prices. Revenue is recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration allocated to the respective performance obligation. The Company records and recognizes revenues from both products and services in one account, which is presented as revenues in the accompanying consolidated statements of operations and comprehensive income. During 2022, 2021 and 2020, the Company derives revenue from the sale of the following two items: (1) Sales of Cryptocurrency Mining Machines and Standardized Computing Equipment The Company recognizes product revenues on a gross basis as the Company is responsible to fulfill the promise to provide specified goods. Revenue is recognized at a point in time upon the transfer of control of products to customers. (2) Technical Support Plans The Company sells technical support plans either as a package with the sale of software products or separately on its own. Each technical support plan has a contractual period of one year. Revenue is recognized over a period of time throughout the contract period for the technical support plan, generally is recognized over twelve months period. However, the Company did not record this revenue stream on total revenue for December 31, 2022 and December 31, 2021 since the Company discontinued business related to these services in 2020. |
Contract liability | Contract liability The contract liabilities consist of advances from customers, which relate to unsatisfied performance obligations at the end of each reporting period and consists of cash payments received in advance from customers in sales of server products. As of December 31, 2022 and December 31, 2021, the Company’s advances from customers amounted to $4,572,765 and $42,231,914, respectively. The Company reports revenues net of applicable sales taxes and related surcharges. |
Costs of Revenues | Costs of Revenues Cost of revenues primarily consist of: (1) cost of product revenue, which includes direct costs of cryptocurrency mining machines, standardized computing equipment and software products; labor costs and employee benefits for software development, data testing, bug fixes and hacker prevention; research and development expenses; (2) cost of services and other revenue, which reflects direct costs associated with providing services, including data center and support costs related to delivering online services. |
Operating Leases | Operating Leases The Company determines if an arrangement is a lease upon inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. Upon adoption of ASU 2016-02 and related standards, operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is the Company’s incremental borrowing rate or, if available, the rate implicit in the lease. The Company includes options to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option. The Company also takes into considerations when certain lease contains fair value purchase and termination options with an associated penalty. The Company reviews all leases for capital or operating classification at their inception. The Company conducts its operations primarily under operating leases as of adoption of ASC 842 on January 1, 2021. |
Selling, general & administrative expenses | Selling, general & administrative expenses Selling, general and administrative expenses consist primarily of sales and administrative employee-related expenses, bad debt expense, professional fees, travel costs, and other corporate expenses. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. The costs primarily consist of the wage expenses incurred to continuously improve and upgrade the Company’s services. |
Government grants | Government grants Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. From June 15, 2021, Nanjing Pukou Economic Development Zone Management Committee (the “Committee”) provided an office to the Company for free for 5 years to attract the enterprise for the development of the integrated circuit industry in Nanjing. As of December 31, 2022 and 2021, the balance of deferred government grant was $135,313 and $185,923, respectively. The amount of other income for the government grant recognized during the years ended December 31, 2022 and 2021 was $42,431 and $22,119, respectively. |
Income Taxes | Income Taxes The Company is governed by the Income Tax Law of China, Inland Revenue Ordinance of Hong Kong and the U.S. Internal Revenue Code of 1986, as amended. Based on a review of surrounding facts and circumstances, the revenue generated from AGM Technology belongs to offshore revenue as its operation is outside Hong Kong. Therefore, the Company considers AGM Technology is not subject to tax at 16.5% on the assessable profits arising in or derived from Hong Kong or 8.25% if the net profit under $2,000,000 for 2019 and beyond under Inland Revenue Ordinance of Hong Kong. The Company accounts for income taxes using the asset/liability method prescribed by ASC 740, “Accounting for Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Act has caused the Company’s deferred income taxes to be revalued. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. Pursuant to the guidance within SEC Staff Accounting Bulletin No. 118 (“SAB 118”), as of December 31, 2017, the Company recognized the provisional effects of the enactment of the Act for which measurement could be reasonably estimated. The ultimate impact of the Act may differ from these estimates due to the Company’s continued analysis or further regulatory guidance that may be issued as a result of the Act. The Company applied the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes,” which provides clarification related to the process associated with accounting for uncertain tax positions recognized in the Company’s financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of December 31, 2022, December 31, 2021 and December 31, 2020, the Company had uncertain tax positions accrued, and will continue to evaluate for uncertain positions in the future. |
Value Added Tax | Value Added Tax The amount of VAT liability is determined by applying the applicable tax rate to the invoiced amount of software service provided. The Company reports revenue net of China’s VAT for all the periods presented in the accompanying consolidated statements of operations. |
Comprehensive Income | Comprehensive Income ASC 220 “Comprehensive Income” established standards for reporting and display of comprehensive income, its components and accumulated balances. Components of comprehensive income include net income and foreign currency translation adjustments. For the fiscal years ended 2022, 2021 and 2020, the only component of accumulated other comprehensive income was foreign currency translation adjustments. |
Related Party Transactions | Related Party Transactions A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company’s securities (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. |
Concentration and risks | Concentration and risks a) Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are cash and cash equivalents, and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions or trading platforms. The Company routinely assesses the financial strength of the customer and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, consequently, believes that its accounts receivable credit risk exposure beyond such allowance is limited. b) Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are RMB and U.S. dollars, respectively. The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, accounts receivable and accounts payable. Any significant fluctuation of RMB against U.S. dollars may materially and adversely affect the Company’s cash flows, revenues, earnings and financial positions. c) Currency convertibility risk The Company transacts some of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China (the “PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. |
Reclassifications | Reclassification Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on the net earnings and financial position. Income tax payable was disclosed as separate line item which presented in accrued expenses and other payables in prior year. |
Net Income/(Loss) per Common Share | Net Income/(Loss) per Common Share Basic earnings/(loss) per ordinary share is computed by dividing net earnings/(loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the sum of the weighted-average number of ordinary shares outstanding and dilutive potential ordinary shares during the period. |
Statutory reserves | Statutory reserves In accordance with the PRC Company Laws, the Group’s PRC subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. For the years ended December 31, 2022, 2021 and 2020, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was $272,037, $63,659 and nil |
Discontinued operation | Discontinued operation A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operation if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). The results of operations of discontinued operation for the years ended December 31, 2022, 2021 and 2020 have been reflected separately in the Consolidated Statements of Income/(Loss) as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operation of the three categories for the years ended December 31, 2022, 2021 and 2020 were separately presented in the Consolidated Statements of Cash Flows for all periods presented in accordance with U.S. GAAP. |
Segment Reporting | Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses”, which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. The ASU is effective for public company for fiscal years, and interim periods within those fiscal years beginning after December 15, 2019. For all other entities including emerging growth companies, the ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has adopted ASU 2016-13 since January 1, 2021, the impact of which on the Company’s consolidated financial statements was immaterial. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2022. The Company does not expect to early adopt this guidance and is in the process of evaluating the impact of adoption of this guidance on the Company’s consolidated financial statements. Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows, or disclosures. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities [Abstract] | |
Schedule of AGM Holdings' Subsidiaries | AGM Holdings’ subsidiaries are as follows: Name Date of Place of Percentage of Principal Activities AGM Technology Limited (“AGM Technology “) May 21, 2015 Hong Kong 100 % Sale of cryptocurrency mining machines and standardized computing equipment AGM Tianjin Construction Development Co., Ltd. (“AGM Tianjin”) formerly Shenzhen AnGaoMeng Financial Technology Service Co., Ltd. October 13, 2015 China 100 % Holding entity Beijing AnGaoMeng Technology Service Co., Ltd. November 13, 2015 China 100 % Software development and provider AGM Software Service LTD (“AGM Software”) June 14, 2017 BVI 100 % Core technology service provider Nanjing Lucun Semiconductor Co., Ltd. (“Nanjing Lucun”) June 17, 2021 China 100 % Sale of cryptocurrency mining machines and standardized computing equipment AGM Defi Lab Ptd Limited (“AGM Defi Lab”) July 30, 2021 Singapore 100 % Software development and provider AGM Defi Tech Limited (“AGM Defi Tech”) August 8, 2021 Hong Kong 100 % Software development and provider Beijing Keen Sense Technology Service Co., Ltd (“Beijing Keen Sense”) October 21, 2021 China 100 % Software development and provider |
Summary of Significant Polici_2
Summary of Significant Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Policies [Abstract] | |
Schedule of Residual Value Rate and Useful Life of Property and Equipment | Depreciation is computed based on cost, less the estimated residual value, if any, using the straight-line method over the estimated useful life. The residual value rate and useful life of property and equipment are summarized as follows: Property and Equipment Residual Useful Electronic equipment 5 % 3 years Office equipment 5 % 5 years Leasehold improvement 0 % Shorter of the lease term or the estimated |
Schedule of Intangible Assets | Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Intangible assets mainly represent the domain name at cost, less accumulated amortization on a straight-line basis over an estimated life of ten years. Intangible Asset Residual Useful AGM domain name 0 % 10 years Software 0 % 5 years |
Discontinued Operations and D_2
Discontinued Operations and Disposition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposition [Abstract] | |
Schedule of Discontinued Operations | The summarized operating result of discontinued operations included in the Company’s consolidated statements of operations consist of the following: For The Years Ended December 31, 2022 2021 2020 Revenues $ - $ - $ 237,431 Cost of revenues - - 160,810 Gross profit - - 76,621 Operating expenses - - 353,219 Other income, net - - (45,125 ) Loss before income taxes - - (321,723 ) Income tax expense - - 767 Loss from discontinued operations - - (322,490 ) Gain from disposal, net of taxes - - 347,990 Total income from discontinued operations $ - $ - $ 25,500 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following: December 31, December 31, Accounts receivable $ 120,224,989 $ 2,608,325 Allowance for doubtful accounts (27,469,288 ) - $ 92,755,701 $ 2,608,325 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | As of December 31, 2022 and December 31, 2021 inventories consisted of the following: December 31, December 31, 2022 2021 Finished goods $ 3,915,456 $ 22,433,140 |
Prepayment and Other Current _2
Prepayment and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepayment And Other Current Assets [Abstract] | |
Schedule of Prepayment and Other Current Assets | As of December 31, 2022 and December 31, 2021 prepayment and other current assets consisted of the following: December 31, December 31, Prepaid expenses $ - $ 51,301 Loan receivable (1) 1,605,000 400,000 Prepaid input VAT 1,106,489 2,848,547 Deposits and others 224,155 26,577 Total prepayment and other current assets $ 2,935,644 $ 3,326,425 (1) In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd., who is the shareholder of the Company holding 20 class A shares. As AGM Group Ltd. (i) held less than 10% of the Company’s securities shares, (ii) was not the company’s management, (iii) could not directly or indirectly control the Company, (iv) could not significantly influence the financial and operating decisions of the Company, the Company is not regarded it as a related party. On April 5, 2022, the Company extended an additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% for one year as working capital support. On April 10, 2022 and 31 July, 2022, the Company entered into a loan agreement with a third party, Muliang Agriculture Limited, to lend $280,000 and $25,000 at the interest rate of 1% for one year as working capital support. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Schedule of Property and Equipment, Net | As of December 31, 2022 and December 31, 2021, property and equipment, net consisted of the following: December 31, December 31, Electronic equipment $ 541,931 $ 168,308 Office equipment 13,777 14,391 Leasehold improvement 510,915 339,657 Total property and equipment 1,066,623 522,356 Less: accumulated depreciation (377,262 ) (199,959 ) Total property and equipment, net $ 689,361 $ 322,397 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets, Net | As of December 31, 2022 and December 31, 2021, intangible assets, net consisted of the following: December 31, December 31, AGM domain name $ 14,800 $ 14,800 Software 50,000 - Total intangible assets 64,800 14,800 Less: accumulated amortization (9,314 ) (6,167 ) Total intangible assets, net 55,486 8,633 |
Schedule of Amortization Amount of Intangible Asset | For the fiscal years ended December 31, 2022, 2021 and 2020, amortization expenses amounted to $3,147, $1,480 and $1,480 respectively. The following is a schedule, by fiscal years, of amortization amount of intangible asset, 2023 $ 11,480 2024 11,480 2025 11,480 2026 11,480 2027 9,566 Total $ 55,486 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties | As of December 31, 2022, related parties of the Company consist of the following: Name of Related Party Nature of Relationship Zhentao Jiang Former Director and principal shareholder Wenjie Tang Chief Executive Officer (“CEO”), Director, and shareholder Yufeng Mi Chief Technical Officer (“CTO”) and shareholder Yang Cao Director of Nanjing Lucun HongKong Kisen Co., Limited (“HongKong Kisen”) Company ultimately controlled by Chief Strategy Officer (“CSO”) |
Schedule of Operations Through Proceeds Borrowed From Related Parties | As of December 31, 2022 and December 31, 2021, due to related parties consisted the following: December 31, December 31, Zhentao Jiang (2) $ - $ 1,119,465 Yufeng Mi 1,831 2,000 Yang Cao 86,150 94,108 HongKong Kisen (1) 8,000,000 - Total due to related parties $ 8,087,981 $ 1,215,573 (1) On April 7, 2022, the Company entered into a loan agreement with HongKong Kisen to borrow $10,000,000 at the interest rate of 0.1% for 10 months as working capital support. The loan can be extended on both parties’ consensus. (2) As of December 31, 2022, the Company did not regard Zhentao Jiang as a related party since he held only 2.474% of class A shares and could not significantly influence the financial and operating decisions of the Company. December 31, December 31, Wenjie Tang - 39,238 Total due from related parties $ - $ 39,238 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
Schedule of Short-Term Borrowings | Short-term borrowings include an accounts receivable factoring arrangement with a third-party financial institution of Zhongyuan Bank Co., Ltd consist of the following: Annual Maturity Principal December 31, December 31, US$ US$ US$ Short-term borrowings: ZHONGYUAN BANK CO., LTD (1) 5.60 % January, 2022 1,568,455 - 1,568,455 Total - 1,568,455 (1) On July 29, 2021, the Company entered into a factoring agreement without recourse right (see Note 5) with Zhongyuan Bank for 160 days and maturity date is January 9, 2022, $1,568,455 (RMB10,000,000) accounts receivable factoring to the bank and received accordingly amount of cash. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information [Abstract] | |
Schedule of Revenues from Products and Services, and Gross Profit | Revenues from products and services, and gross profit are as follows: For The Years Ended December 31, 2022 2021 2020 Segment revenue: Sales of cryptocurrency mining machine and standardized computing equipment $ 242,395,556 $ 36,709,931 $ - Technical support plans - - 53,305 Total revenue from continuing operations $ 242,395,556 $ 36,709,931 $ 53,305 Cost of revenue Sales of cryptocurrency mining machine and standardized computing equipment $ (195,807,066 ) $ (30,112,363 ) $ - Technical support plans - - (38,534 ) Total cost of revenue from continuing operations $ (195,807,066 ) $ (30,112,363 ) $ (38,534 ) Gross profit $ 46,588,490 $ 6,597,568 $ 14,771 |
Operating Lease (Tables)
Operating Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Lease [Abstract] | |
Schedule of recognized operating lease liabilities | The balance of right-of-use assets and operating lease liabilities are as follow: December 31, December 31, Right-of-use assets $ 492,984 $ 241,554 Operating lease liabilities, current $ 162,576 $ 51,239 Operating lease liabilities, non-current 167,428 - Total operating lease liabilities $ 330,004 $ 51,239 |
Schedule of related to operating leases | Supplemental information related to operating leases for the year ended December 31, 2022 and 2021: For the Year Ended 2022 2021 Weighted-average remaining lease term of operating leases 2.33 years 3.5 years Weighted-average discount rate of operating leases 4.62 % 4.81 % |
Schedule of maturity of our operating lease liabilities | The following table summarizes the maturity of the operating lease liabilities as of December 31, 2022: Operating Year of 2023 $ 180,499 Year of 2024 142,434 Year of 2025 36,128 Total lease payments $ 359,061 Less: imputed interest 29,057 Present value of operating lease liabilities 330,004 Less: current obligation 162,576 Long-term obligation on December 31, 2022 $ 167,428 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Fair Value of Net Proceeds | The fair value of the warrants of $12.2 million is valued based on the Black-Scholes-Merton model and is recorded as additional paid-in capital from common stock on the relative fair value of net proceeds received using the following assumptions: Annual dividend yield - Expected life (years) 3.5 Risk-free interest rate 1.01 % Expected volatility 152.16 % |
Schedule of Warrants Outstanding and Exercisable | Following is a summary of the status of warrants outstanding and exercisable as of December 31, 2022: Warrants Weighted Average Exercise Price Warrants outstanding, as of December 31, 2020 $ Issued 1,652,175 8.3 Exercised - - Expired - - Warrants outstanding, as of December 31, 2021 1,652,175 $ 8.3 Issued - - Exercised - - Expired - - Warrants outstanding, as of December 31, 2022 1,652,175 $ 8.3 Warrants exercisable, as of December 31, 2022 1,652,175 $ 8.3 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes consisted of the following: For the Years Ended 2022 2021 2020 Current $ (11,406,062 ) $ (1,535,193 ) $ (77,110 ) Deferred 7,061,293 129,034 - Less from discontinued operations $ - $ - $ (767 ) Total from continuing operations $ (4,344,769 ) $ (1,406,159 ) $ (76,343 ) |
Schedule of reconciliations of the statutory income tax rate and the Company's effective income tax rate | The reconciliations of the statutory income tax rate and the Company’s effective income tax rate are as follows: For the Years Ended 2022 2021 2020 Statutory income tax rate 25 % 25 % 25 % Tax effect of different tax rates in other jurisdictions 2 % 3 % 3 % Tax effect of non-deductible expenses 1 % - % - % Changes in valuation allowance - % - % (21 )% Effective tax rate 28 % 28 % 8 % |
Schedule of cumulative net operating losses carried forward | The summary of cumulative net operating losses carried forward for the Company’s subsidiaries in different regions is as follows: For the Years Ended 2022 2021 2020 PRC Region $ 1,262,629 $ 508,737 $ 445,060 HK Region - - 45,090 Singapore Region 6,444 3,385 - Total cumulative net operating loss carry-forward from continuing operation $ 1,269,073 $ 512,122 $ 490,150 |
Schedule of net deferred tax assets | Components of the Company’s net deferred tax assets are set forth below: December 31, December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 6,867,322 $ - Net operating loss carry-forwards 305,492 129,034 Total of deferred tax assets $ 7,172,814 $ 129,034 Less: valuation allowance - - Net deferred tax assets $ 7,172,814 $ 129,034 |
Schedule of unrecognized tax benefits related to the Company's uncertain tax positions | The activity of the unrecognized tax positions related to the Company’s uncertain tax positions is summarized as follows: For the For the Year Ended For the Year Ended Gross beginning balance $ 2,960,155 $ 1,638,673 $ 1,562,330 Gross increase to tax positions in the current period 3,606,873 1,321,482 76,343 Gross increase to tax position in the prior period - - - Gross decrease to tax position in the prior period - - - Lapse of statute limitations - - - Less from discontinued operations $ - $ - $ - Gross ending balance from continuing operations $ 6,567,028 $ 2,960,155 $ 1,638,673 |
Concentrations of Credit Risk_2
Concentrations of Credit Risk and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Concentrations of Credit Risk and Major Customers [Abstract] | |
Schedule of geographic area | The Company have not experienced any losses in such accounts through December 31, 2022. The Company’s cash position by geographic area was as follows: December 31, 2022 December 31, 2021 Country: Singapore $ 240,204 6 % $ 259,686 1 % China (Hongkong) 3,678,925 90 % 1,599,983 9 % China (Mainland) 154,311 4 % 16,566,953 90 % Total cash and cash equivalents $ 4,073,440 100 % $ 18,426,622 100 % |
Organization and Principal Ac_3
Organization and Principal Activities (Details) - USD ($) | 1 Months Ended | |||
Dec. 14, 2020 | Jul. 26, 2019 | Dec. 31, 2022 | Jul. 31, 2020 | |
Organization and Principal Activities [Line Items] | ||||
Issued an aggregate authorized shares (in Shares) | 40,235 | |||
Ordinary share price (in Dollars per share) | $ 16 | $ 8.3 | ||
Payment of cash | $ 400,000 | |||
AGM Holdings [Member] | ||||
Organization and Principal Activities [Line Items] | ||||
Percentage of equity interest | 100% | |||
Class A Ordinary Shares [Member] | ||||
Organization and Principal Activities [Line Items] | ||||
Ordinary share price (in Dollars per share) | $ 16 | |||
Cancellation of ordinary shares (in Shares) | 475,000 | |||
Anyi Network Inc. [Member] | ||||
Organization and Principal Activities [Line Items] | ||||
Acquired percentage | 100% | |||
Subsidiaries cash paid | $ 400,000 | |||
Issued an aggregate authorized shares (in Shares) | 475,000 | |||
Business combination [Member] | ||||
Organization and Principal Activities [Line Items] | ||||
Total consideration of share exchange | $ 8,000,000 | $ 8,000,000 |
Organization and Principal Ac_4
Organization and Principal Activities (Details) - Schedule of AGM Holdings' Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
AGM Technology Limited (“AGM Technology “) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | May 21, 2015 |
Percentage of Effective Ownership | 100% |
Principal Activities | Sale of cryptocurrency mining machines and standardized computing equipment |
Place of Incorporation | Hong Kong |
AGM Tianjin Construction Development Co., Ltd. (“AGM Tianjin”) formerly Shenzhen AnGaoMeng Financial Technology Service Co., Ltd. [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Oct. 13, 2015 |
Percentage of Effective Ownership | 100% |
Principal Activities | Holding entity |
Place of Incorporation | China |
Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Nov. 13, 2015 |
Percentage of Effective Ownership | 100% |
Principal Activities | Software development and provider |
Place of Incorporation | China |
AGM Software Service LTD (“AGM Software”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Jun. 14, 2017 |
Percentage of Effective Ownership | 100% |
Principal Activities | Core technology service provider |
Place of Incorporation | BVI |
Nanjing Lucun Semiconductor Co., Ltd. (“Nanjing Lucun”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Jun. 17, 2021 |
Percentage of Effective Ownership | 100% |
Principal Activities | Sale of cryptocurrency mining machines and standardized computing equipment |
Place of Incorporation | China |
AGM Defi Lab Ptd Limited (“AGM Defi Lab”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Jul. 30, 2021 |
Percentage of Effective Ownership | 100% |
Principal Activities | Software development and provider |
Place of Incorporation | Singapore |
AGM Defi Tech Limited (“AGM Defi Tech”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Aug. 08, 2021 |
Percentage of Effective Ownership | 100% |
Principal Activities | Software development and provider |
Place of Incorporation | Hong Kong |
Beijing Keen Sense Technology Service Co., Ltd (“Beijing Keen Sense”) [Member] | |
Schedule of AGM Holdings' Subsidiaries [Line Items] | |
Date of Incorporation | Oct. 21, 2021 |
Percentage of Effective Ownership | 100% |
Principal Activities | Software development and provider |
Place of Incorporation | China |
Summary of Significant Polici_3
Summary of Significant Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Policies (Details) [Line Items] | |||
Equipment useful life | 10 years | ||
Advances from customers | $ 4,572,765 | $ 42,231,914 | |
Enterprise years | 5 years | ||
Development expenses | $ 135,313 | 185,923 | |
Other income | $ 42,431 | $ 22,119 | |
Securities, percentage | 10% | ||
Statutory surplus percentage | 10% | ||
Statutory surplus fund | $ 272,037 | $ 63,659 | |
PRC Companies [Member] | |||
Summary of Significant Policies (Details) [Line Items] | |||
Statutory surplus percentage | 50% |
Summary of Significant Polici_4
Summary of Significant Policies (Details) - Schedule of Residual Value Rate and Useful Life of Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Electronic Equipment [Member] | |
Summary of Significant Policies (Details) - Schedule of Residual Value Rate and Useful Life of Property and Equipment [Line Items] | |
Residual value rate | 5% |
Useful life | 3 years |
Office Equipment [Member] | |
Summary of Significant Policies (Details) - Schedule of Residual Value Rate and Useful Life of Property and Equipment [Line Items] | |
Residual value rate | 5% |
Useful life | 5 years |
Leasehold improvement [Member] | |
Summary of Significant Policies (Details) - Schedule of Residual Value Rate and Useful Life of Property and Equipment [Line Items] | |
Residual value rate | 0% |
Useful life | Shorter of the lease term or the estimated useful life of the assets |
Summary of Significant Polici_5
Summary of Significant Policies (Details) - Schedule of Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
AGM domain name [Member] | |
Summary of Significant Policies (Details) - Schedule of Intangible Assets [Line Items] | |
Residual value rate | 0% |
Useful life | 10 years |
Software [Member] | |
Summary of Significant Policies (Details) - Schedule of Intangible Assets [Line Items] | |
Residual value rate | 0% |
Useful life | 5 years |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Going Concern [Abstract] | |||
Net income | $ 11,475,639 | $ 3,551,695 | $ (1,071,648) |
Net cash used in operating activities | 17,342,268 | ||
Working capital | $ 22,299,277 |
Discontinued Operations and D_3
Discontinued Operations and Disposition (Details) - USD ($) | 1 Months Ended | |
Dec. 14, 2020 | Jul. 31, 2021 | |
Discontinued Operations and Disposition (Details) [Line Items] | ||
Total consideration | $ 8,000,000 | |
Canceling ordinary shares (in Shares) | 475,000 | |
Canceling ordinary per shares (in Dollars per share) | $ 16 | |
Cash payment | $ 400,000 | |
Received amount | $ 400,000 | |
Buyers [Member] | ||
Discontinued Operations and Disposition (Details) [Line Items] | ||
Equity interest | 100% |
Discontinued Operations and D_4
Discontinued Operations and Disposition (Details) - Schedule of Discontinued Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Discontinued Operations [Abstract] | |||
Revenues | $ 237,431 | ||
Cost of revenues | 160,810 | ||
Gross profit | 76,621 | ||
Operating expenses | 353,219 | ||
Other income, net | (45,125) | ||
Loss before income taxes | (321,723) | ||
Income tax expense | 767 | ||
Loss from discontinued operations | (322,490) | ||
Gain from disposal, net of taxes | 347,990 | ||
Total income from discontinued operations | $ 25,500 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | 1 Months Ended | 12 Months Ended | |||||
Jan. 19, 2022 USD ($) | Jan. 19, 2022 CNY (¥) | Jul. 29, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts Receivable, Net [Line Items] | |||||||
Bad debt expense | $ | $ 27,469,288 | ||||||
Repaid amount | $ 1,435,833 | ¥ 10,000,000 | |||||
Interest amount total | $ 40,241 | ¥ 270,667 | |||||
Factoring Agreement [Member] | |||||||
Accounts Receivable, Net [Line Items] | |||||||
Advances in accounts receivable (in Yuan Renminbi) | ¥ | ¥ 10,000,000 | ||||||
Factoring agreement, description | The Factoring Agreement has a scheduled term of 160 days and is subject to automatic one year extension unless written notice of intention to terminate is obtained from the Company or unapproved by both parties. | The Factoring Agreement has a scheduled term of 160 days and is subject to automatic one year extension unless written notice of intention to terminate is obtained from the Company or unapproved by both parties. | |||||
Maturity date | Jan. 09, 2022 | ||||||
Annual interest rate, percentage | 5.60% |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable [Abstract] | |||
Accounts receivable | $ 120,224,989 | $ 2,608,325 | |
Allowance for doubtful accounts | (27,469,288) | ||
Accounts receivable, Net | $ 92,755,701 | $ 2,608,325 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 3,915,456 | $ 22,433,140 |
Prepayment and Other Current _3
Prepayment and Other Current Assets (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 10, 2022 | Apr. 05, 2022 | Jul. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Apr. 07, 2022 | |
Prepayment and Other Current Assets (Details) [Line Items] | ||||||
Interest rate percentage | 0.10% | |||||
Loan Agreement [Member] | ||||||
Prepayment and Other Current Assets (Details) [Line Items] | ||||||
Agreement, amount | $ 400,000 | |||||
AGM Group Ltd [Member] | ||||||
Prepayment and Other Current Assets (Details) [Line Items] | ||||||
Agreement, amount | $ 900,000 | |||||
Securities percentage | 10% | |||||
Interest rate percentage | 1% | |||||
Muliang Agriculture Limited [Member] | ||||||
Prepayment and Other Current Assets (Details) [Line Items] | ||||||
Agreement, amount | $ 280,000 | $ 25,000 | ||||
Interest rate percentage | 1% |
Prepayment and Other Current _4
Prepayment and Other Current Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Prepayment And Other Current Assets [Abstract] | |||
Prepaid expenses | $ 51,301 | ||
Loan receivable | [1] | 1,605,000 | 400,000 |
Prepaid input VAT | 1,106,489 | 2,848,547 | |
Deposits and others | 224,155 | 26,577 | |
Total prepayment and other current assets | $ 2,935,644 | $ 3,326,425 | |
[1]In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd., who is the shareholder of the Company holding 20 class A shares. As AGM Group Ltd. (i) held less than 10% of the Company’s securities shares, (ii) was not the company’s management, (iii) could not directly or indirectly control the Company, (iv) could not significantly influence the financial and operating decisions of the Company, the Company is not regarded it as a related party. On April 5, 2022, the Company extended an additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% for one year as working capital support. |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property and Equipment, Net [Line Items] | |||
Leasehold amortization expenses | $ 145,989 | ||
Depreciation expenses | 52,808 | $ 36,883 | $ 31,957 |
Leasehold Improvements [Member] | |||
Property and Equipment, Net [Line Items] | |||
Leasehold improvement | $ 207,069 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,066,623 | $ 522,356 |
Less: accumulated depreciation | (377,262) | (199,959) |
Total property and equipment, net from discontinued operations | 689,361 | 322,397 |
Electronic equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 541,931 | 168,308 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,777 | 14,391 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 510,915 | $ 339,657 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets, Net [Abstract] | |||
Amortization expenses | $ 3,147 | $ 1,480 | $ 1,480 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of Intangible Assets, Net - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Intangible Assets Net [Abstract] | ||
AGM domain name | $ 14,800 | $ 14,800 |
Software | 50,000 | |
Total intangible assets | 64,800 | 14,800 |
Less: accumulated amortization | (9,314) | (6,167) |
Total intangible assets, net | $ 55,486 | $ 8,633 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of Amortization Amount of Intangible Asset | Dec. 31, 2022 USD ($) |
Schedule of Amortization Amount of Intangible Asset [Abstract] | |
2023 | $ 11,480 |
2024 | 11,480 |
2025 | 11,480 |
2026 | 11,480 |
2027 | 9,566 |
Total | $ 55,486 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 07, 2022 | |
Related Party Transactions (Details) [Line Items] | |||
Interest rate percentage | 0.10% | ||
Related party percentage | 2.474% | ||
Repayments to related parties | $ 2,000,000 | $ 517,670 | |
Related Party [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Borrowing amount of related party | $ 10,000,000 | $ 907,135 | $ 10,000,000 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Zhentao Jiang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship | Former Director and principal shareholder |
Wenjie Tang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship | Chief Executive Officer (“CEO”), Director, and shareholder |
Yufeng Mi [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship | Chief Technical Officer (“CTO”) and shareholder |
Yang Cao [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship | Director of Nanjing Lucun |
HongKong Kisen Co., Limited [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship | Company ultimately controlled by Chief Strategy Officer (“CSO”) |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due to related parties | $ 8,087,981 | $ 1,215,573 | |
Total due from related parties | 39,238 | ||
Zhentao Jiang [Member] | |||
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due to related parties | [1] | 1,119,465 | |
Yufeng Mi [Member] | |||
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due to related parties | 1,831 | 2,000 | |
Yang Cao [Member] | |||
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due to related parties | 86,150 | 94,108 | |
HongKong Kisen [Member] | |||
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due to related parties | [2] | 8,000,000 | |
Wenjie Tang [Member] | |||
Related Party Transactions (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties [Line Items] | |||
Total due from related parties | $ 39,238 | ||
[1]As of December 31, 2022, the Company did not regard Zhentao Jiang as a related party since he held only 2.474% of class A shares and could not significantly influence the financial and operating decisions of the Company.[2]On April 7, 2022, the Company entered into a loan agreement with HongKong Kisen to borrow $10,000,000 at the interest rate of 0.1% for 10 months as working capital support. The loan can be extended on both parties’ consensus. |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2021 USD ($) | Jul. 29, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Short-Term Borrowings [Abstract] | ||||
Interest expenses | $ 4,625 | $ 37,132 | ||
Maturity date | Jan. 09, 2022 | Jan. 09, 2022 | ||
Accounts receivable | $ 1,568,455 | ¥ 10,000,000 |
Short-Term Borrowings (Detail_2
Short-Term Borrowings (Details) - Schedule of Short-Term Borrowings - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Short-Term Debt [Line Items] | |||
Total | $ 1,568,455 | ||
ZHONGYUAN BANK CO., LTD [Member] | |||
Short-Term Debt [Line Items] | |||
Annual interest rate | [1] | 5.60% | |
Maturity (Months) | [1] | January, 2022 | |
Principal | [1] | $ 1,568,455 | |
Total | [1] | $ 1,568,455 | |
[1] On July 29, 2021, the Company entered into a factoring agreement without recourse right (see Note 5) with Zhongyuan Bank for 160 days and maturity date is January 9, 2022, $1,568,455 (RMB10,000,000) accounts receivable factoring to the bank and received accordingly amount of cash. |
Segment Information (Details) -
Segment Information (Details) - Schedule of Revenues from Products and Services, and Gross Profit - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment revenue: | |||
Segment revenue | $ 242,395,556 | $ 36,709,931 | $ 53,305 |
Cost of revenue | |||
Cost of revenue | (195,807,066) | (30,112,363) | (38,534) |
Gross profit | 46,588,490 | 6,597,568 | 14,771 |
Sales of cryptocurrency mining machine and standardized computing equipment [Member] | |||
Segment revenue: | |||
Segment revenue | 242,395,556 | 36,709,931 | |
Cost of revenue | |||
Cost of revenue | (195,807,066) | (30,112,363) | |
Technical support plans [Member] | |||
Segment revenue: | |||
Segment revenue | 53,305 | ||
Cost of revenue | |||
Cost of revenue | $ (38,534) |
Operating Lease (Details)
Operating Lease (Details) | 1 Months Ended | |||||||||||
Dec. 15, 2022 USD ($) | Dec. 15, 2022 CNY (¥) | Nov. 08, 2022 USD ($) | Nov. 08, 2022 CNY (¥) | Nov. 01, 2021 USD ($) | Nov. 01, 2021 CNY (¥) | Feb. 01, 2021 USD ($) | Oct. 24, 2022 USD ($) | Oct. 24, 2022 CNY (¥) | Sep. 20, 2022 USD ($) | Sep. 20, 2022 CNY (¥) | Jun. 15, 2022 | |
Lessee Operating Lease [Abstract] | ||||||||||||
Term | 2 years | 2 years | 2 years | 2 years | 3 years | 3 years | 2 years | 3 years | 3 years | 2 years | 2 years | 5 years |
Lease fee | $ 4,161 | ¥ 28,000 | $ 12,489 | ¥ 84,000 | $ 46,692 | ¥ 314,057 | $ 4,392 | $ 4,041 | ¥ 27,000 | $ 1,933 | ¥ 13,000 |
Operating Lease (Details) - Sch
Operating Lease (Details) - Schedule of Recognized Operating Lease Liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Recognized Operating Lease Liabilities [Abstract] | ||
Right-of-use assets | $ 492,984 | $ 241,554 |
Operating lease liabilities, current | 162,576 | 51,239 |
Operating lease liabilities, non-current | 167,428 | |
Total operating lease liabilities | $ 330,004 | $ 51,239 |
Operating Lease (Details) - S_2
Operating Lease (Details) - Schedule of Related to Operating Leases | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases [Line Items] | ||
Weighted-average remaining lease term of operating leases | 2 years 3 months 29 days | 3 years 6 months |
Weighted-average discount rate of operating leases | 4.62% | 4.81% |
Operating Lease (Details) - S_3
Operating Lease (Details) - Schedule of Maturity of our Operating Lease Liabilities | Dec. 31, 2022 USD ($) shares |
Schedule Of Maturity Of Our Operating Lease Liabilities Abstract | |
Year of 2023 | $ 180,499 |
Year of 2024 | 142,434 |
Year of 2025 | 36,128 |
Total lease payments | 359,061 |
Less: imputed interest | $ 29,057 |
Present value of operating lease liabilities (in Shares) | shares | 330,004 |
Less: current obligation | $ 162,576 |
Long-term obligation on December 31, 2022 | $ 167,428 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 14, 2021 | Aug. 31, 2021 | Jul. 31, 2020 | Jul. 26, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 14, 2020 | |
Shareholders Equity [Line Items] | |||||||
Share Price (in Dollars per share) | $ 8.3 | $ 16 | |||||
Equity percentage | 100% | ||||||
Price per shares (in Dollars per share) | $ 16 | $ 16 | |||||
Issued shares | 40,235 | ||||||
Received total amount (in Dollars) | $ 667,901 | ||||||
Deposited, escrow agent (in Dollars) | $ 500,000 | ||||||
Deducting charge fee (in Dollars) | $ 492,490 | ||||||
Aggregate warrants | 1,449,276 | ||||||
Exercisable years | 3 years 6 months | ||||||
Exercise price (in Dollars per share) | $ 8.3 | ||||||
Expire years | 3 years 6 months | ||||||
Fair value of warrants (in Dollars) | $ 12,200,000 | ||||||
Warrants outstanding | 1,652,175 | ||||||
Weighted average exercise price per share (in Dollars per share) | $ 8.3 | ||||||
Contractual lives | 2 years 5 months 12 days | ||||||
Class A Ordinary Shares [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Share Price (in Dollars per share) | $ 16 | ||||||
Aggregate shares | 475,000 | ||||||
Ordinary shares | 5,000,000 | ||||||
Investors shares | 2,898,552 | ||||||
Ordinary shares, issued | 24,254,842 | 24,254,842 | |||||
Ordinary shares, outstanding | 24,254,842 | 24,254,842 | |||||
Warrants purchase shares | 202,899 | ||||||
Warrants outstanding | 1,652,175 | ||||||
Class B Ordinary Shares [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Ordinary shares | 5,000,000 | ||||||
Ordinary shares, issued | 2,100,000 | 2,100,000 | |||||
Ordinary shares, outstanding | 2,100,000 | 2,100,000 | |||||
Warrant [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Purchase price (in Dollars per share) | $ 6.9 | ||||||
Anyi [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Equity shares acquisition percent | 100% | ||||||
Cash (in Dollars) | $ 400,000 | ||||||
Anyi [Member] | Class A Ordinary Shares [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Duly authorized, fully paid (in Dollars) | $ 475,000 | ||||||
Share Price (in Dollars per share) | $ 16 | ||||||
Firebull Holding Limited [Member] | Class A Ordinary Shares [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Ordinary shares | 5,000,000 | ||||||
Firebull Holding Limited [Member] | Class B Ordinary Shares [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Ordinary shares | 5,000,000 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - Schedule of Fair Value of Net Proceeds | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of fair value of net proceeds [Abstract] | |
Annual dividend yield | |
Expected life (years) | 3 years 6 months |
Risk-free interest rate | 1.01% |
Expected volatility | 152.16% |
Shareholders_ Equity (Details_2
Shareholders’ Equity (Details) - Schedule of Warrants Outstanding and Exercisable - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Warrants Outstanding and Exercisable [Abstract] | ||
Warrants, Warrants outstanding, beginning | 1,652,175 | |
Weighted Average Exercise Price, Warrants outstanding, beginning | $ 8.3 | |
Warrants, Issued | 1,652,175 | |
Weighted Average Exercise Price, Issued | $ 8.3 | |
Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Warrants, Expired | ||
Weighted Average Exercise Price, Expired | ||
Warrants, Warrants outstanding, ending | 1,652,175 | 1,652,175 |
Weighted Average Exercise Price, Warrants outstanding, ending | $ 8.3 | $ 8.3 |
Warrants, Warrants exercisable | 1,652,175 | |
Weighted Average Exercise Price, Warrants exercisable | $ 8.3 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Net Assets [Abstract] | ||
Annual after-tax profit percentage | 10% | |
Registered capital percentage | 50% | |
Net assets restricted | $ 335,696 | $ 63,659 |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Income Tax [Line Items] | ||||
Percentage of tax rate | 10% | |||
Deferred tax assets (in Dollars) | $ 7,172,814 | $ 129,034 | ||
Hong Kong [Member] | ||||
Income Tax [Line Items] | ||||
Description of income tax law | Under the tax laws of Hong Kong, AGM Technology and AGM Defi Tech is subject to tax at 16.5% on the assessable profits arising in or derived from Hong Kong or 8.25% if the net profit under $2,000,000 for 2019 and beyond, and allowed to offset their future tax taxable income with taxable operating losses with carried forward indefinitely. | |||
Australian Taxation Office [Member] | ||||
Income Tax [Line Items] | ||||
Percentage of tax rate | 10% | |||
State Administration of Taxation, China [Member] | ||||
Income Tax [Line Items] | ||||
Description of income tax law | On March 16, 2007, the National People’s Congress passed the Enterprise Income Tax Law (“the China EIT Law”), which was effective as of January 1, 2008. | |||
Percentage of tax rate | 25% | |||
Uniform tax rate | 25% | 25% | ||
Description of operating loss carryforward | AGM Beijing, AGM Tianjin, Nanjing Lucun, and Beijing Keen Sense are subject to 25% China statutory tax rate. |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of Provision for Income Taxes - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Provision for Income Taxes [Abstract] | |||
Current | $ (11,406,062) | $ (1,535,193) | $ (77,110) |
Deferred | 7,061,293 | 129,034 | |
Less from discontinued operations | (767) | ||
Total from continuing operations | $ (4,344,769) | $ (1,406,159) | $ (76,343) |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of Reconciliations of the Statutory Income Tax Rate and the Company's Effective Income Tax Rate | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Reconciliations of the Statutory Income Tax Rate and the Companys Effective Income Tax Rate [Abstract] | |||
Statutory income tax rate | 25% | 25% | 25% |
Tax effect of different tax rates in other jurisdictions | 2% | 3% | 3% |
Tax effect of non-deductible expenses | 1% | ||
Changes in valuation allowance | (21.00%) | ||
Effective tax rate | 28% | 28% | 8% |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of Cumulative Net Operating Losses Carried Forward - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Total cumulative net operating loss carry-forward from continuing operation | $ 1,269,073 | $ 512,122 | $ 490,150 |
PRC Region [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total cumulative net operating loss carry-forward before discontinued operation | 1,262,629 | 508,737 | 445,060 |
HK Region [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total cumulative net operating loss carry-forward before discontinued operation | 45,090 | ||
Singapore Region [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total cumulative net operating loss carry-forward before discontinued operation | $ 6,444 | $ 3,385 |
Income Tax (Details) - Schedu_4
Income Tax (Details) - Schedule of Net Deferred Tax Assets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Net Deferred Tax Assets [Abstract] | ||
Allowance for doubtful accounts | $ 6,867,322 | |
Net operating loss carry-forwards | 305,492 | 129,034 |
Total of deferred tax assets | 7,172,814 | 129,034 |
Less: valuation allowance | ||
Net deferred tax assets | $ 7,172,814 | $ 129,034 |
Income Tax (Details) - Schedu_5
Income Tax (Details) - Schedule of Unrecognized Tax Benefits Related to the Company's Uncertain Tax Positions - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Unrecognized Tax Benefits Related to the Companys Uncertain Tax Positions [Abstract] | |||
Gross beginning balance | $ 2,960,155 | $ 1,638,673 | $ 1,562,330 |
Gross increase to tax positions in the current period | 3,606,873 | 1,321,482 | 76,343 |
Gross increase to tax position in the prior period | |||
Gross decrease to tax position in the prior period | |||
Lapse of statute limitations | |||
Less from discontinued operations | |||
Gross ending balance from continuing operations | $ 6,567,028 | $ 2,960,155 | $ 1,638,673 |
Concentrations of Credit Risk_3
Concentrations of Credit Risk and Major Customers (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | Dec. 31, 2022 CNY (¥) | |
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Held in cash balance (in Dollars) | $ 154,311 | $ 16,566,953 | ||
Insured bank account | 72,000 | ¥ 500,000 | ||
Cash held in china financial instructions (in Dollars) | $ 16,027,953 | |||
Suppliers [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Number of customer | 2 | 2 | 1 | |
Concentration risk, percentage | 75% | 100% | ||
Accounts receivable (in Dollars) | $ 99,914,629 | $ 14,116,569 | ||
Suppliers One [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 11% | |||
Suppliers Two [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 72% | |||
suppliers Three [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 12% | |||
Customers [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Number of customer | 5 | 2 | 1 | |
Accounts receivable (in Dollars) | $ 92,755,701 | $ 2,608,325 | ||
Customers One [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 20% | 70% | 100% | |
Customers Two [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 19% | 30% | ||
Customer Three [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 14% | |||
Customer Four [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 13% | |||
Customers Five [Member] | ||||
Concentrations of Credit Risk and Major Customers (Details) [Line Items] | ||||
Concentration risk, percentage | 12% |
Concentrations of Credit Risk_4
Concentrations of Credit Risk and Major Customers (Details) - Schedule of Geographic Area - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Country: | ||
Total cash and cash equivalents | $ 4,073,440 | $ 18,426,622 |
Cash and cash equivalents percentage | 100% | 100% |
Singapore [Member] | ||
Country: | ||
Total cash and cash equivalents | $ 240,204 | $ 259,686 |
Cash and cash equivalents percentage | 6% | 1% |
China (Hongkong) [Member] | ||
Country: | ||
Total cash and cash equivalents | $ 3,678,925 | $ 1,599,983 |
Cash and cash equivalents percentage | 90% | 9% |
China (Mainland) [Member] | ||
Country: | ||
Total cash and cash equivalents | $ 154,311 | $ 16,566,953 |
Cash and cash equivalents percentage | 4% | 90% |