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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

11. SUBSEQUENT EVENTS

 

The Company evaluated all events or transactions that occurred after December 31, 2022 up through the date the consolidated financial statements were available to be issued. Based upon the evaluation, except as disclosed below or within the footnotes, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements as of and for the year ended December 31, 2022.

 

In January 2023, the Company closed a store located in Glendale, California.

 

In January 2023, the Company completed an acquisition of a café located in Irvine, California, under an asset purchase agreement entered on October 5, 2022. The purchase price of $250,000 was paid in 2022 and included in prepaid expenses and other current assets in the December 31, 2022 consolidated balance sheet.

In February 2023, the Company opened a store located in Huntington Beach, California and the store is under a 10-year operating lease which expires in February 2032.

 

In February 2023, the Company formed a subsidiary in Korea, “Reborn Coffee Korea, Inc.”, under the Company’s international expansion plan. Initial investment capital of $138,000 was made to Reborn Coffee Korea, Inc. by the Company.