XML 73 R45.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed unaudited financial information of the parent company (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule of financial information of the parent company
                 
  December 31, 2021   December 31, 2020
ASSETS        
CURRENT ASSETS                
Cash   $ 2,623,916     $ —  
Prepayments     20,000       —  
Due from subsidiaries     10,999,973       —  
Short-term investment     7,091,939       —  
Total current assets     20,735,828       —  
                 
OTHER ASSETS                
Escrow     600,000       —  
Investment in subsidiaries     —       7,887,067  
Total other assets     600,000       7,887,067  
                 
Total assets   $ 21,335,828     $ 7,887,067  
                 
LIABILITIES AND EQUITY   
                 
LIABILITIES                
Deficit of investment in subsidiaries   $ 6,285,110     $ —  
                 
COMMITMENTS AND CONTINGENCIES                
                 
EQUITY                
Ordinary shares,$0.001 par value, 50,000,000 shares authorized, 25,445,000 and 19,000,000 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively     25,445       19,000  
Additional paid-in capital     26,783,355       5,852,089  
Statutory reserves     449,136       437,549  
(Accumulated deficits) Retained earnings     (12,799,436 )     1,084,383  
Accumulated other comprehensive income     592,218       494,046  
Total equity     15,050,718       7,887,067  
                 
Total liabilities and equity   $ 21,335,828     $ 7,887,067  

INFOBIRD CO., LTD

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

                         
    For the years ended December 31,
    2021   2020   2019
General and administrative expenses   $ (797,334 )   $ —     $ —  
Other Income, net     165,713       —       —  
                         
Equity of losses in subsidiaries     (13,240,611 )     3,998,274       4,847,357  
Net (loss) income     (13,872,232 )     3,998,274       4,847,357  
Foreign currency translation adjustment     (98,172 )      464,721       (28,797 )
Comprehensive (loss) income   $ (13,774,060 )   $ 4,462,995     $ 4,818,560  

 

INFOBIRD CO., LTD

STATEMENTS OF CASH FLOWS

 

                         
    For the years ended December 31,
    2021   2020   2019
CASH FLOWS FROM OPERATING ACTIVITIES:                        
Net loss   $ (13,872,232 )   $ 3,998,274     $ 4,847,357  
Adjustments to reconcile net loss to net cash used in operating activities:                        
Gain from short-term investment     (165,713 )     —       —  
Equity loss (income) of subsidiaries     13,240,611       (3,998,274 )     (4,847,357 )
Share-based compensation     140,467                  
Change in operating assets and liabilities                        
Prepayments     (20,000 )     —       —  
Due from subsidiaries     (10,999,973 )     —       —  
Net cash used in operating activities     (11,676,840 )     —       —  
                         
CASH FLOWS FROM INVESTING ACTIVITIES:                        
Purchase of short-term investment     (15,000,000 )     —       —  
Short-term investment     8,073,774       —       —  
Net cash used in investing activities     (6,926,226 )     —       —  
                         
CASH FLOWS FROM FINANCING ACTIVITIES:                        
Proceed from IPO     22,846,983       —       —  
Payment of offering cost     (1,200,001 )     —       —  
Proceed from IPO placed in escrow     (600,000 )                
Net cash provided by financing activities     21,226,982       —       —  
                         
CHANGES IN CASH     2,623,916       —       —  
                         
CASH, beginning of year     —       —       —  
                         
CASH, end of year   $ 2,623,916     $ —     $ —