AGMH AGM Group Holdings Inc

Exhibit 99.1

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

 

Operating Results

 

Revenues

 

Revenues from continuing operations for the six months ended June 30, 2024 were approximately $3.8 million, an 88% decrease from $31.7 million for the six months ended June 30, 2024. Revenues dropping dramatically was mainly due to three reasons. Firstly, we entered into fewer sales contracts for the six months ended June 30, 2024. secondly, our clients postponed the date of delivery. As a result, advances from customers have not yet been recognized as revenues. Further, we stopped selling one of the products as it resulted in negative gross margins in previous periods.

 

Cost of Revenues

 

Cost of revenues primarily consist of cost of product revenue, which includes direct costs of cryptocurrency mining machines, standardized computing equipment.

 

Our cost of revenues saw a decrease of 93% from approximately $30.7 million for the six months ended June 30, 2023 to $2.1 million for the six months ended June 30, 2024. The decrease in cost of revenues is in line with the decline in revenues.

 

Gross profits

 

Gross profits for the six months ended June 30, 2024 was $1.7 million, compared to $1.1 million for the six months ended June 30, 2023. The increase in gross profits was contributed by a large drop in cost of revenues compared to that in revenue. Gross margin for the six months ended June 30, 2024 was 44.8% compared to 3.3% for the six months ended June 30, 2023. The increase in gross margin was mainly because we stopped a product contributing a negative gross margin.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses consist primarily of credit losses, sales and administrative employee-related expenses and professional fees.

 

During the six months ended June 30, 2024, selling, general and administrative expenses increased from a credit of approximately $21.5 million to $15.7 million for the six months ended June 30, 2023. The increase was primarily due to the reversal of allowance for doubtful account which was recorded in the six months ended June 30, 2023.

 

Net (Loss)/Income from continuing operations

 

As a result of the foregoing, our net loss from continuing operations was $10.6 million or ($0.44) per share (basic and diluted) for the six months ended June 30, 2024 compared to net income from continuing operations of $16.7 million or $0.69 per share (basic and diluted).

 

Loss from discontinued operation, net of income taxes

 

Our loss from discontinued operations was $4.3 million or ($0.18) per share (basic and diluted) for the six months ended June 30, 2024 compared to $0.5 million or ($0.02) per share (basic and diluted) for the six months ended June 30, 2023.

 

 

The table below sets forth the operating result of discontinued operation included in our condensed consolidated statements of operation:

 

		June 30,				December 31,
		2024				2023
Revenues		$	23,287,088			$	4,851,551
Cost of revenues			(22,785,394	)			(4,621,665	)
Gross profit			501,694				229,886
Operating expenses			5,582,294				969,378
Other income, net			48,541				16,562
Loss before income tax			(5,032,059	)			(722,930	)
Income tax expense			729,740				180,733
Total loss from discontinued operations			(4,302,319	)			(542,197	)

 

Net (loss)/Income

 

As a result of the factors described above, our net loss for the six months ended June 30, 2024 was $14.9 million, compared to net income of $16.1 million for the six months ended June 30, 2023.

 

Foreign currency translation

 

The accompanying condensed consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency of us. The functional currency of AGM Group Holdings, Inc., AGM Technology Limited, AGM Defi Tech Ltd., our subsidiaries established pursuant to the laws of Hong Kong, AGM DEFI LAB PTE. Ltd., our subsidiary established pursuant to the laws of Singapore, and AGM Software Services Ltd, our subsidiary established pursuant to the laws of the British Virgin Islands are United States dollar. The functional currency of AGM Tianjin Construction Development Co, Ltd., Beijing AnGaoMeng Technology Service Co., Ltd., Nanjing Lucun Semiconductor Co. Ltd., and Beijing Keen Sense Technology Service Co., Ltd., our indirect subsidiaries established pursuant to the laws of China, are Renminbi (“RMB”). For the subsidiaries whose functional currencies are 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 Condensed Consolidated Balance Sheets balances, with the exception of equity at June 30, 2024 and December 31, 2023, were translated at RMB7.1268 and RMB7.0827 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to the Condensed Consolidated Statements of Operations and Comprehensive Loss/Income and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 were RMB7.1051and RMB7.0467 to $1.00, respectively.

 

Net gains and losses resulting from foreign exchange translations are included in the comprehensive income/loss on the condensed consolidated statements of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation loss of $185,586 and $3,410,742 for the six months ended June 30, 2024 and 2023, respectively. This non-cash loss had the effect on our reported comprehensive loss or income.

 

 

Liquidity and Capital Resources.

 

Liquidity

 

For the six months ended June 30, 2024 and 2023

 

Liquidity is the ability of a company to generate funds to support our current and future operations, satisfy our obligations and otherwise operate on an ongoing basis. As of June 30, 2024 and December 31, 2023, we had working deficit of $10.2 million and working capital of $9.1 million, including cash and cash equivalents and restricted cash of $1.2 million and $1.5 million, respectively. We believe that our current cash and cash to be generated from our operations will be sufficient to meet our working capital needs for at least the next twelve months. We are not dependent upon the access to borrow loans from our related parties. We plan to expand our business to implement our growth strategies to broaden our service and strengthen our position in the marketplace. 

 

The following table sets forth a summary of changes in our working capital from December 31, 2023 to June 30, 2024:

 

		June 30,				December 31,								Percentage
		2024				2023				Change				Change
Working capital:
Total current assets		$	56,203,311			$	87,119,145			$	(30,915,834	)			(35	)%
Total current liabilities			66,365,747				77,981,722				(11,615,975	)			(15	)%
Working capital		$	(10,162,436	)		$	9,137,423			$	(19,299,859	)			(211	)%

 

Because the exchange rate conversion is different for the condensed consolidated balance sheets and the condensed consolidated statements of cash flows, the changes in assets and liabilities reflected on the condensed consolidated statements of cash flows are not necessarily identical with the comparable changes reflected on the condensed consolidated balance sheets.

 

Cash Flow Summary

 

The following table sets forth certain items in our condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023.

 

		June 30,				June 30,
		2024				2023
Net cash used in operating activities		$	(590,727	)		$	(1,093,474	)
Net cash used in investing activities			-				(18,167	)
Net cash provided by financing activities			487,507				1,400,000
Exchange rate effect on cash, cash equivalents and restricted cash			(264,495	)			(618,528	)
Net change in cash and cash equivalents			(367,715	)			(330,169	)
Cash and cash equivalents, beginning of the year			1,601,479				4,073,440
Cash and cash equivalents, end of the year			1,233,764				3,743,271
Less cash and cash equivalents of discontinued operations – end of period			22,191				273,713
Cash and cash equivalents of continuing operations – end of period		$	1,211,573			$	3,469,558

 

 

We have cash and cash equivalents held in financial institutions in the following countries (regions):

 

		June 30,				December 31,
Country (Region)		2024				2023
China (Mainland)		$	55			$	400
China (Hong Kong)			976,695				1,310,551
Singapore			234,823				234,897
Total cash and cash equivalents		$	1,211,573			$	1,545,848

 

Operating Activities:

 

Net cash used in operating activities of continuing operations for the six months ended June 30, 2024 was $641,048 (total of $590,726 including net cash provided by discontinued operations of $50,321), primarily due to a net loss from continuing operations of $10,619,463, a decrease in advances from customers of $3,706,627 and offset by allowance for doubtful accounts of $14,788,061.

 

Net cash used in operating activities of continuing operations for the six months ended June 30, 2023 was $4,044,149 (total of $1,093,474 including net cash provided by discontinued operating activities of $2,950,675), primarily due to a net income from continuing operations of $16,655,952 offset by a decrease in accounts payable of $20,255,606.

 

Investing Activities:

 

No cash spent in investing activities of continuing operations and discontinued operations for the six months ended June 30, 2024.

 

Net cash used in investing activities of continuing and discontinued operations for the six months ended June 30, 2023 was nil and $18,167 for purchase of property and equipment respectively.

 

Financing Activities:

 

Net cash provided by financing activities of continuing operations for the six months ended June 30, 2024 was $560,000 (total of $487,507 including net cash used in financing activities of discontinued operations of $72,493), which was solely from proceeds from related parties.

 

Net cash provided by financing activities of continuing operations for the six months ended June 30, 2023 was $1,400,000 including proceeds from related parties of $1,620,000, and offset by repayments to related parties of $220,000.

 

Regulatory Restrictions on Capital Injections

 

If we conduct offerings in the future, we plan to use proceeds from such offerings to fund our business from time to time. In order to do so, we will be required to comply with the following Chinese regulations regarding capital injections to foreign-invested enterprises.

 

Chinese regulations relating to investments in offshore companies by Chinese residents. SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents’ Financing and Round trip Investment through Offshore Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014. SAFE Circular 37 requires Chinese residents to register and update certain investments in companies incorporated outside of China with their local SAFE branch. SAFE also subsequently issued various guidance and rules regarding the implementation of SAFE Circular 37, which imposed obligations on Chinese subsidiaries of offshore companies to coordinate with and supervise any Chinese-resident beneficial owners of offshore entities in relation to the SAFE registration process.

 

We may not be aware of the identities of all of our beneficial owners who are Chinese residents. We do not have control over our beneficial owners and cannot assure you that all of our Chinese-resident beneficial owners will comply with SAFE Circular 37 and subsequent implementation rules. The failure of our beneficial owners who are Chinese residents to register or amend their SAFE registrations in a timely manner pursuant to SAFE Circular 37 and subsequent implementation rules, or the failure of future beneficial owners of our Company who are Chinese residents to comply with the registration procedures set forth in SAFE Circular 37 and subsequent implementation rules, may subject such beneficial owners or our Chinese subsidiaries to fines and legal sanctions, which may be substantial. Failure to register may also limit our ability to contribute additional capital to our Chinese subsidiaries and limit our Chinese subsidiaries’ ability to distribute dividends to our Company. These risks may have a material adverse effect on our business, financial condition and results of operations.

 

 

China regulates loans to and direct investment in Chinese entities by offshore holding companies and there is governmental control of currency conversion. We are an offshore holding company conducting our operations in China through our wholly owned subsidiaries. As an offshore holding company, we may make loans and additional contributions to subsidiaries subject to certain government authorities’ registration and/or approvals, including MOFCOM, SAIC and SAFE, or their local counterparts.

 

Any loan to subsidiaries, which is treated as a foreign-invested enterprise under Chinese law, is subject to Chinese regulations and foreign exchange loan registrations. In January 2003, the China State Development and Reform Commission, SAFE and Ministry of Finance jointly promulgated the Circular on The Interim Provisions on the Management of Foreign Debts, or the Circular 28, limiting the total amount of foreign debt a foreign-invested enterprise may incur to the difference between the amount of total investment approved by the Ministry of Commerce or its local counterpart for such enterprise and the amount of registered capital of such enterprise, and requiring registration of any such loans with SAFE. On January 11, 2017, the People’s Bank of China (the “PBOC”), promulgated the Circular on Matters concerning the Macro-Prudential Management of Full-Covered Cross-Border Financing, or the PBOC Circular 9. Pursuant to PBOC Circular 9, the foreign debt upper limit for both foreign-invested companies and domestic-invested companies is calculated as twice the net asset of such companies. As to net assets, the companies shall take the net assets value stated in their latest audited financial statement. The PBOC Circular 9 does not supersede the Circular 28. It provides a one-year transitional period from its promulgation date for foreign-invested companies, during which foreign-invested companies, such as our WFOE, could choose their calculation method of foreign debt upper limit based on either the Foreign Debts Provisions or the PBOC Circular 9. The transitional period ended on January 11, 2018. Upon its expiry, pursuant to the PBOC Circular 9, the PBOC and SAFE will determine the cross-border financing administration mechanism for the foreign-invested enterprises after evaluating the overall implementation of the PBOC Circular 9. As of the date hereof, neither PBOC nor SAFE has promulgated and made public any further rules, regulations, notices or circulars in this regard. It is uncertain which mechanism will be adopted by PBOC and SAFE in the future and what statutory limits will be imposed on us when providing loans to our PRC subsidiaries.

 

We may choose to finance subsidiaries by means of capital contributions. These capital contributions must be registered with the Ministry of Commerce or its local counterpart. In March 2015, SAFE issued the Circular Concerning the Reform of the Administration of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular No.19, which became effective in June 2015. SAFE Circular No.19 regulates the conversion by a foreign-invested enterprise of foreign currency registered capital into RMB by restricting how the converted RMB may be used. Furthermore, SAFE promulgated a circular in June 2016, SAFE Circular No.16, which further revises some clauses in the SAFE Circular No.19. SAFE Circular No. 19 and No.16 provide that the capital-account foreign exchange incomes of a domestic enterprise shall not be used for expenditures that are forbidden by relevant laws and regulations, for purposes that are not included in the business scope approved by the applicable government authority, shall not be used for direct or indirect equity investments within China or for any other kind of investment except principal-guaranteed wealth-management products, unless otherwise prescribed by other laws and regulations, shall not be used for issuing RMB entrusted loans (except included in the business scope approved by the applicable government authority or issuing RMB entrusted loans to affiliated enterprises), repaying inter-enterprise loans, repaying bank loans which has been refinanced to third parties, issuing RMB loans to non-affiliated enterprises unless expressly permitted in the business scope and shall not be used to purchase real estate that is not for personal use except if we are a real estate enterprise. In addition, SAFE supervises the flow and use of the RMB capital converted from foreign currency registered capital of a foreign-invested company by further focusing on ex post facto supervision and violations. Previously, for FIEs the increase of capital contribution shall be approved by MOFCOM. In 2016, the approval was changed to registration. Currently, China is holding more open and tolerate attitude toward FIEs. Even with more and more open policy toward FDI and FIEs, Circulars mentioned above may still have some limit on our ability to use the net proceeds from future offerings to invest in or acquire any other Chinese companies in China, which may adversely affect our liquidity and our ability to fund and expand our business in China.

 

 

5.C. Research and Development, Patent and Licenses, etc.

 

Please refer to “Item 4. Information on the Company – D. Property, Plant and Equipment – Intellectual Property.”

 

5.D. Trend Information.

 

Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition or results of operations.

 

5.E. Critical Accounting Estimates

 

Critical Accounting Policies

 

We regularly evaluate the accounting policies and estimates that we use to make budgetary and financial statement assumptions. A complete summary of these policies is included in the notes to our financial statements. In general, management’s estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management. The discussion of our critical accounting policies contained in Note 2 to our condensed consolidated financial statements, “Summary of Significant Policies”, is incorporated herein by reference.

 

Discontinued Operation

 

A discontinued operation may include a component of an entity or a group of components of an entity, or a business or non-profit activity. A disposal of a component 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 ad distribution to owners in a spinoff).

 

For the component disposed of other than by sale in accordance with paragraph 360-10-45-15, the Company adopted ASC Topic 205-20-45-3 and reported the results of operations of the discontinued operations, less applicable income tax expenses or benefits as a separate component in the statement where net income (loss) is reported for current and all prior periods presented.

 

Based on a strategic plan, the Company plans to sell Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. As of June 30, 2024 and December 31, 2023, the operation of these entities was classified as a discontinued operation. For the six months ended June 30, 2024 and 2023, the operation of the above entities was presented in discontinued operations.

 

Reclassification

 

Certain prior period amounts have been reclassified to conform to current period presentation in order to reflect the discontinued operations of Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. None of the ese reclassifications had an impact on reported financial position or cash flows for any of the period presented.

 

 

Revenue Recognition

 

We 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 We expect to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle by us in 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 we satisfy a performance obligation.

 

We are a mining machine developer, engaging in research, development and sales of cryptocurrency mining machine and standardized computing equipment.

 

The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

 

We derive revenue from the sale of cryptocurrency mining machine and standardized computing equipment for the six months ended June 30, 2024 and 2023. We began the business transformation to became a blockchain hardware machine and software developer in 2021. We enter 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. 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. We recorded and recognized revenues from both products and services in one account, which we present as revenues and revenues from related parties in the accompanying condensed consolidated statements of operations and comprehensive loss/income.

 

Allowance for credit losses

 

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.

 

 

We evaluate the accounts receivable for expected credit losses on a regular basis. We maintain an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. We use the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor our receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop our expected loss estimates. We adjust the allowance percentage periodically when there are significant differences between estimated credit losses and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Company also makes specific allowance 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.

 

We recorded bad debt expense of $40,018 from continuing operations for the six months ended June 30, 2024 and reversed credit losses of $21.9 million for the six months ended June 30, 2023, from continuing operations respectively.We recorded bad debt expense of $4,921,509 and nil for the six months ended June 30, 2024 and 2023, from discontinued operation operations respectively.

 

Provision of advance to suppliers

 

Advance to suppliers, which is settled when the products are provided and accepted by us. We review its advances to suppliers periodically and determines the adequacy of provision. A provision will be provided, once the likelihood of future economic benefits associated with the advances to supplier is remote, to reflect the recoverable amount from the advances to suppliers. For the six months ended June 30, 2024 and 2023, we recorded provision of advances to suppliers of $14.75 million and nil from continuing operations, respectively. We reversed provision of advances to suppliers of $2,219,353 and recorded provision of advances to suppliers of $2,021,851 from discontinued operation for the six months ended June 30, 2024 and recorded nil provision of advances to suppliers for the six months ended June 30, 2023, from discontinued operation, respectively.

 

Valuation allowance of deferred tax assets

 

We account 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. We record 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. For the six months ended June 30, 2024 and 2023, we recorded valuation allowance of deferred tax assets of $1,286 and nil from continuing operations and $524,618.00 and nil from discontinued operation, respectively.

 

 

Uncertainty of tax position

 

The China EIT Law 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, we 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 our subsidiaries be treated as a resident enterprise for PRC tax purposes, we will be subject to PRC tax on worldwide income at a uniform tax rate of 25%.For the six months ended June 30, 2024, and for the years ended December 31, 2023 we have evaluated this uncertain tax position and recorded a tax liability on the Condensed Consolidated Balance Sheet. As of June 30, 2024,and December 31, 2023, income tax payable related to the uncertain tax position were $12.5million and $12.2 million, respectively.

 

Recent Accounting Pronouncements

 

The discussion of the recent accounting pronouncements contained in Note 2 to our condensed consolidated financial statements, “Summary of Significant Policies”, is incorporated herein by reference.

 

Forward Looking Statements

 

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expect”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statement. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

 

 

9

 

v3.24.3

Document And Entity Information	6 Months Ended
	Jun. 30, 2024
Document Information Line Items
Entity Registrant Name	AGM GROUP HOLDINGS INC.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001705402
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-38309

v3.24.3

Unaudited Interiom Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,211,573	$ 1,544,275
Restricted cash		1,573
Accounts receivable, net		4,860,571
Inventories
Advances to suppliers, net	43,975,791	56,414,753
Prepayment and other current assets, net	4,141,916	3,776,609
Assets of discontinued operations - current	6,874,031	20,521,364
Total current assets	56,203,311	87,119,145
NON - CURRENT ASSETS:
Property and equipment, net
Intangible assets, net	38,267	44,007
Operating lease right-of-use assets
Deferred tax assets	10,859,094	7,156,011
Assets of discontinued operations - non-current	3,626,915	3,228,182
Total non - current assets	14,524,276	10,428,200
TOTAL ASSETS	70,727,587	97,547,345
CURRENT LIABILITIES:
Accounts payable	19,936,752	19,909,752
Accrued expenses and other payables	1,035,134	926,140
Advances from customers	539	3,707,166
Due to related parties	9,804,969	9,240,203
Deferred government grant, current
Operating lease liabilities, current
Income tax payable	14,146,946	13,839,598
Liabilities of discontinued operations - current	21,441,407	30,358,863
Total current liabilities	66,365,747	77,981,722
NON - CURRENT LIABILITIES:
Operating lease liabilities, non-current
Deferred government grant, non-current
Liabilities of discontinued operations - non-current	36,708	133,123
Total non - current liabilities	36,708	133,123
TOTAL LIABILITIES	66,402,455	78,114,845
SHAREHOLDERS’ EQUITY:
Additional paid-in capital	26,502,856	26,502,856
Statutory reserves	335,696	335,696
Retained earnings	(12,617,239)	2,304,543
Accumulated other comprehensive loss	(9,922,536)	(9,736,950)
Total shareholders’ equity	4,325,132	19,432,500
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	70,727,587	97,547,345
Class A Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary Shares value	24,255	24,255
Class B Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary Shares value	$ 2,100	$ 2,100

v3.24.3

Unaudited Interiom Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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

v3.24.3

Unaudited Interim Condensed Consolidated Statements of Opeations and Comprehensive (Loss)/Income - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 3,826,875	$ 31,735,966
Cost of revenues	(2,112,000)	(30,677,276)
Gross profit	1,714,875	1,058,690
Operating expenses
Selling, general & administrative expenses	15,653,615	(21,458,707)
Research and development expenses
Total operating expenses	15,653,615	(21,458,707)
(Loss)/Income from operations	(13,938,740)	22,517,397
Other income/(expenses)
Other income	26,076	22,345
Other expenses	(102,556)	(143,023)
Total other (expenses)/income	(76,480)	(120,678)
Income (loss) from continuing operation before provision of income taxes	(14,015,220)	22,396,719
Provision for income taxes benefit/(expenses)	3,395,757	(5,740,767)
Net (loss)/income from continuing operation	(10,619,463)	16,655,952
Loss from discontinued operation, net of income tax	(4,302,319)	(542,197)
Net (loss)/income	$ (14,921,782)	$ 16,113,755
Net income/(loss) from continuing operations per ordinary share:
Basic (in Dollars per share)	$ (0.44)	$ 0.69
Diluted (in Dollars per share)	(0.44)	0.69
Net income/(loss) from discontinued operation per ordinary share:
Basic (in Dollars per share)	(0.18)	(0.02)
Diluted (in Dollars per share)	(0.18)	(0.02)
Net income/(loss) per ordinary share:
Basic (in Dollars per share)	(0.62)	0.66
Diluted (in Dollars per share)	$ (0.62)	$ 0.66
Weighted average shares outstanding
Basic (in Shares)	24,254,842	24,254,842
Diluted (in Shares)	24,254,842	24,254,842
Comprehensive income/(loss)
Net income/(loss)	$ (14,921,782)	$ 16,113,755
Other comprehensive (loss)/income
Foreign currency translation adjustment	(185,586)	(3,410,742)
Total comprehensive (loss)/income	$ (15,107,368)	$ 12,703,013
Weighted average Class A ordinary shares outstanding, basic (in Shares)	24,254,842	24,254,842
Weighted average Class A ordinary shares outstanding, diluted (in Shares)	24,254,842	24,254,842

v3.24.3

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity - USD ($)	Ordinary Shares Class A	Ordinary Shares Class B	Additional paid-in capital	Statutory Reserves	(Accumulated loss)/ Retained earnings	Accumulated other comprehensive income/(loss)	Total
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
Net income					16,113,755		16,113,755
Foreign currency translation adjustment						(3,410,742)	(3,410,742)
Balance at Jun. 30, 2023	$ 24,255	$ 2,100	26,502,856	335,696	25,857,578	(9,575,762)	43,146,723
Balance (in Shares) at Jun. 30, 2023	24,254,842	2,100,000
Balance at Dec. 31, 2023	$ 24,255	$ 2,100	26,502,856	335,696	2,304,543	(9,736,950)	19,432,500
Balance (in Shares) at Dec. 31, 2023	24,254,842	2,100,000
Net income					(14,921,782)		(14,921,782)
Issuance of common shares
Appropriation to statutory reserve
Cancellation of Class B ordinary shares
Foreign currency translation adjustment						(185,586)	(185,586)
Balance at Jun. 30, 2024	$ 24,255	$ 2,100	$ 26,502,856	$ 335,696	$ (12,617,239)	$ (9,922,536)	$ 4,325,132
Balance (in Shares) at Jun. 30, 2024	24,254,842	2,100,000

v3.24.3

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ (14,921,782)	$ 16,113,755
Net income (loss) from continuing operations	(10,619,463)	16,655,952
Net income (loss) from discontinued operations, net of tax	(4,302,319)	(542,197)
Adjustment to reconcile net (loss)/income to net cash used in operating activities
(Depreciation and amortization	5,740	5,741
Amortization of operating lease right-of-use asset
Allowance for doubtful accounts	14,788,061	(21,946,806)
Other income
Changes in operating assets and liabilities:
Accounts receivable	4,820,553	14,837,479
Inventories
Advances to suppliers	(2,309,081)	(7,446,908)
Prepayment and other current assets	(365,307)	(111,523)
Deferred tax assets	(3,703,105)	5,486,702
Accounts payable	27,000	(20,225,606)
Accrued expenses and other payables	113,833	(76,442)
Income tax payable	307,348	254,065
Advances from customers	(3,706,627)	8,523,197
Deferred government grant
Operating lease liabilities
Loan receivable from third parties
Net cash used in operating activities from continuing operations	(641,048)	(4,044,149)
Net cash provided by operating activities from discontinued operations	50,321	2,950,675
Net cash used in operating activities	(590,727)	(1,093,474)
Cash flows from investing activities
Purchase of property and equipment
Purchase of construction in progress
Net cash used in investing activities from continuing operations
Net cash used in investing activities from discontinued operations		(18,167)
Net cash used in investing activities		(18,167)
Cash flows from financing activities
Proceeds from related parties	560,000	1,620,000
Proceeds from short-term borrowings
Additions/disposal of ROU Assets
Repayments to related parties		(220,000)
Net cash provided by financing activities from continuing operations	560,000	1,400,000
Net cash used in financing activities from discontinued operations	(72,493)
Net cash provided by financing activities	487,507	1,400,000
Effect of exchange rate changes on cash and cash equivalents	(264,495)	(618,528)
Net change in cash and cash equivalents	(367,715)	(330,169)
Cash and cash equivalents, beginning of the period	1,601,479	4,073,440
Cash and cash equivalents, end of the period	1,233,764	3,743,271
Less cash and cash equivalents of discontinued operations, end of the period	22,191	273,713
Cash and cash equivalents of continuing operations–end of period	1,211,573	3,469,558
Supplemental cash flow information
Interest paid
Income taxes paid
Non-cash investing and financing activities
Disposals of ROU Assets

v3.24.3

Organization and Principal Activities	6 Months Ended
	Jun. 30, 2024
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 (“BVI”). AGM Holdings is a holding company and does 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 engaged in the sale of cryptocurrency mining machines and standardized computing equipment.    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 November 13, 2015, AGM Tianjin incorporated a wholly owned Chinese limited liability subsidiaries, Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”).   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.   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 the People’s Republic of China (the “PRC”). Nanjing Lucun is primarily engaged in the sale of cryptocurrency mining machines and standardized computing equipment. On November 24, 2022, Nanjing Lucun Semiconductor Co., Ltd. Beijing Branch was incorporated.   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.   On January 26, 2024 AGM Holdings incorporated a wholly owned limited liability subsidiary, AGM Electronic Technology Limited(“AGM HK”) in Hong Kong. On April 17, 2024 AGM Holdings incorporated a wholly owned limited liability subsidiary, AGM Canada Holdings Limted (“AGM Canada”) in Canada. On April 26, 2024 AGM HK incorporated a wholly owned limited liability subsidiary, Beijing Bixin Electronic Technology Co., Ltd (“AGM Bixin”) in China under the laws of PRC.   As of June 30, 2024, AGM Holdings’ subsidiaries are as follows:   Name   Date of Incorporation   Place of Incorporation   Percentage of Effective Ownership   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. (“AGM Beijing”)   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 Electronic Technology Limited (“AGM HK”)    January 26, 2024   Hong Kong   100%   Sale of cryptocurrency mining machines and standardized computing equipment AGM Canada Holdings Limted (“AGM Canada”)   April 17, 2024   Canada   100%   Sale of cryptocurrency mining machines and standardized computing equipment Beijing Bixin Electronic Technology Co., Ltd (“AGM Bixin”)   April 26, 2024   China   100%   Software development and provider   AGM Technology, AGM Tianjin, AGM Beijing, AGM Software, Nanjing Lucun, AGM Defi Lab, AGM Defi Tech, Beijing Keen Sense, AGM HK, AGM Canada, and AGM Bixin 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.

v3.24.3

Summary of Significant Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Policies [Abstract]
SUMMARY OF SIGNIFICANT POLICIES	Note 2 - SUMMARY OF SIGNIFICANT POLICIES   Basis of Presentation   The interim condensed 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 Company. Significant accounting policies followed by the Company in the preparation of the accompanying condensed consolidated financial statements are summarized below.   Principles of Consolidation   The accompanying condensed consolidated financial statements include the accounts for AGM Holdings and all its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.   Discontinued Operation   A discontinued operation may include a component of an entity or a group of components of an entity, or a business or non-profit activity. A disposal of a component 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 ad distribution to owners in a spinoff).   For the component disposed of other than by sale in accordance with paragraph 360-10-45-15, the Company adopted ASC Topic 205-20-45-3 and reported the results of operations of the discontinued operations, less applicable income tax expenses or benefits as a separate component in the statement where net income (loss) is reported for current and all prior periods presented.   Based on a strategic plan, the Company plans to sell Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. As of June 30, 2024 and December 31, 2023, the operation of these entities was classified as a discontinued operation. For the six months ended June 30, 2024 and 2023, the operation of the above entities was presented in discontinued operations.   Reclassification   Certain prior period amounts have been reclassified to conform to current period presentation in order to reflect the discontinued operations of Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. None of the ese reclassifications had an impact on reported financial position or cash flows for any of the period presented.   Foreign Currency Translation   The accompanying condensed 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 condensed consolidated statements of operations.   The condensed consolidated balance sheet balances, with the exception of equity at June 30, 2024 and December 31, 2023 were translated at RMB7.1268 and RMB7.0827 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to condensed consolidated statements of operations and cash flows for the six months ended June 30, 2024 and 2023 were RMB7.1051, RMB6.9291 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 condensed 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, allowance for credit losses, provision of advances to suppliers, discount rate for leases, depreciation of property and equipment and impairment assessments of long-lived assets 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 June 30, 2024 and December 31, 2023, the Company’s cash equivalents primarily consist cash in various financial institutions.   Restricted cash   Restricted cash consists of frozen deposits due to overdue reconciliations. The balance of restricted cash was nil and nil from continuing operations and nil and $1,573 from discontinued operation as of June 30, 2024 and December 31, 2023, respectively.   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 the six months ended June 30, 2024 and the year ended December 31, 2023.   Advances to Suppliers   Advances to suppliers primarily consists of prepayments for purchase of cryptocurrency mining machines and standardized computing equipment. Advance payment depends on specific circumstances, including the industry practice, negotiations with suppliers, security for steady supply of products, and the delivery time of products received from suppliers after the advance payment. Advance to suppliers is settled when the products are provided and accepted by the Company. The Company reviews   its advance to suppliers on a periodic basis and determines the adequacy of provision. Provision is recognized to reflect the expected recoverable amount from the advances to suppliers when the Company considers the likelihood of future economic benefits associated with the advances to supplier is remote.   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 condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and other current assets, accounts payable and other payables, due to related parties and contingent consideration approximate their fair value based on the short-term maturity of these instruments.    Accounts Receivable and Allowance for Credit Losses   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 evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Company’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Company’s expected loss estimates. The Company adjusts the allowance percentage periodically when there are significant differences between estimated credit losses and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Company also makes specific allowance 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.   Adoption of Accounting Standards Update (“ASU” 2016-13)   In June 2016, the FASB issued ASU 2016-13: Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The Company has adopted ASU 2016-13 since January 1, 2021, the impact of which on the Company’s condensed consolidated financial statements was immaterial.   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 value rate     Useful life Electronic equipment               5 %   3 years Office equipment     5 %   5 years Leasehold improvement     0 %   Shorter of the lease term or the estimated useful life of the 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 value rate     Useful life AGM domain name     0 %   10 years Software     0 %   5 years   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 developer, engaging in research, development and sale of server, including ASIC miner, and standardized computing equipment and bundle of products or services that may include a combination of these items.   The Company derives revenue from the sales of cryptocurrency mining machines and standardized computing equipment 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. For the six months ended June 30, 2024 and 2023, the Company derives revenue from the sale 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.   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, cryptocurrency mining machines and standardized computing equipment. As of June 30, 2024 and December 31, 2023, the Company’s advances from customers amounted to $539 and $3,707,166 from continuing operations and$16,357,806 and $26,424,582 from discontinued operation, respectively.   The Company reports revenues net of applicable sales taxes and related surcharges.   Costs of Revenues   Cost of revenues primarily consist of cost of product revenue, which includes direct costs of cryptocurrency mining machines, standardized computing equipment.   Leases   On January 1, 2021, 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 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. Operating leases are included in operating lease right-of-use (“ROU”) assets and current and non-current lease liabilities in the condensed consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the condensed consolidated balance sheets. There were no finance leases for the six months ended June 30, 2024 and the years ended December 31, 2023.   Selling, General & Administrative Expenses   Selling, general and administrative expenses consist primarily of credit losses, sales and administrative employee-related expenses and professional fees.   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 June 30, 2024 and December 31, 2023, the balance of deferred government grant was nil and nil from continuing operations and$74,937 and $97,137 from discontinued operation, respectively. The amount of other income for the government grant recognized during the six months ended June 30, 2024 and 2023 was nil and nil from continuing operations and $20,084 and $20,594 from discontinued operation, respectively.   Income Taxes   The Company is governed by the Income Tax Law of China and Inland Revenue Ordinance of Hong Kong, 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 June 30, 2024,and December 31, 2023, the Company had uncertain tax positions accrued, and will continue to evaluate for uncertain positions in the future.   Value Added Tax   The amount of Value Added Tax (“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 condensed consolidated statements of operations.   Comprehensive (Loss)/ Income   ASC 220 “Comprehensive Income” established standards for reporting and display of comprehensive (loss)/income, its components and accumulated balances. Components of comprehensive (loss)/income include net loss/income and foreign currency translation adjustments. For the six months ended June 30, 2024 and 2023 , the only component of accumulated other comprehensive loss 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. 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.   (Loss)/Earnings per Common Share    Basic (loss)/earnings per ordinary share is computed by dividing net (loss)/earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted (loss)/earnings per share is computed by dividing net (loss)/income 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 Company’s PRC subsidiaries must make appropriations from their after-tax profits as determined under the People’s Republic of China Generally Accepted Accounting Principles (“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 six months ended June 30, 2024 and the year ended December 31, 2023, profit appropriation to statutory surplus fund for the Company’s entities incorporated in the PRC was nil and nil, respectively. No appropriation to other reserve funds was made for any of the periods presented.   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 March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements”, which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. In addition, the ASU amends the accounting for leasehold improvements in common-control arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The Company will adopt ASU 2023-01 from January 1, 2024. The Company expects the impact of adoption of this ASU to be immaterial to condensed consolidated financial statements.   In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is in the process of evaluation the impact of adopting this new guidance on its condensed consolidated financial statement.   Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s condensed 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 condensed 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 condensed consolidated financial condition, results of operations, cash flows, or disclosures.

v3.24.3

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
ACCOUNTS RECEIVABLE, NET	Note 3 - ACCOUNTS RECEIVABLE, NET   Accounts receivable consisted of the following:       June 30,     December 31,       2024     2023   Accounts receivable     7,455,097       12,275,650   Allowance for credit losses     (7,455,097 )     (7,415,079 ) Accounts receivable, net   $ -     $ 4,860,571     For the six months ended June 30, 2024 and December 31, 2023, the Company recorded credit losses of $7,455,097 and $7,415,079 from continuing operations and $4,906,524 and $0 from discontinued operations, respectively.

v3.24.3

Advances to Suppliers, Net	6 Months Ended
	Jun. 30, 2024
Advances to Suppliers, Net [Abstract]
ADVANCES TO SUPPLIERS, NET	Note 4 - ADVANCES TO SUPPLIERS, NET   Advances to suppliers consisted of the following:       June 30,     December 31,       2024     2023   Advances to suppliers     78,772,548       76,463,466   Provision for impairment     (34,796,757 )     (20,048,713 ) Advances to suppliers, net   $ 43,975,791     $ 56,414,753     For the six months ended June 30, 2024 and December 31,2023, the Company recorded provision of $34,796,757 and $20,048,713 from continuing operations and $8,306,942 and $8,556,789 from discontinued operations, respectively.

v3.24.3

Inventories	6 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
INVENTORIES	Note 5 - INVENTORIES   Inventories, primarily consisted of cryptocurrency mining machines and standardized computing equipment, which are finished goods from manufactures. As of June 30, 2024 and December 31, 2023, inventories consisted of the following:         June 30,       December 31,         2024       2023   Finished goods   $ -     $ -     No inventory write-down was recorded for the six months ended June 30, 2024 and December 31,2023.

v3.24.3

Prepayment and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Prepayment and Other Current Assets [Abstract]
PREPAYMENT AND OTHER CURRENT ASSETS	Note 6 - Prepayment and OTHER CURRENT ASSETS   Prepayment and other current assets consist of prepaid expenses, other receivables, and deposits. As of June 30, 2024 and December 31, 2023, prepayment and other current assets consisted of the following:       June 30,     December 31,       2024     2023   Loan receivable (1)   $ 4,161,309     $ 3,776,608   Prepaid input VAT     -       -   Deposits and others     1,136,375       1,155,769   Subtotal     5,297,684       4,932,377   Allowance for credit losses (2)     (1,155,768 )     (1,155,768 ) Total prepayment and other current assets   $ 4,141,916     $ 3,776,609     (1) In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd. In April 2022, the Company extended additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% as working capital support and change the amount to $1,200,000 in April 4, 2023. As of June 30, 2024, the outstanding amount of loans to AGM Group Ltd. was $1,350,000, generating interest income of $31,172   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. On April 9, 2023, both parties agreed to extend the loan to December 31, 2024 and increased the amount to $600,000. As of June 30, 2024, the outstanding amount of loans to Muliang Agriculture Limited was $465,000, generating interest income of $8,064   On March 1, 2023, the Company entered into a loan agreement with a third party, Northnew Management Limited, to lend $2,000,000 at the interest rate of 1%. On February 6, 2024, both parties agreed to extend the loan to February 28, 2025 and increased the amount to $2,300,000.As of June 30, 2024, the outstanding amount of loans to Northnew Management Limited was $2,295,426, generating interest income of $16,963.    (2) As of June 30, 2024 and December 31, 2023, the Company recorded credit losses of $1,155,768 and $1,155,768 for the long-age deposit, respectively.

v3.24.3

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Net [Abstract]
INTANGIBLE ASSETS, NET	Note 7 - INTANGIBLE ASSETS, NET   As of June 30, 2024 and December 31, 2023, intangible assets, net consisted of the following:       June 30,     December 31,       2024     2023   AGM domain name   $ 14,800     $ 14,800   Software     50,000       50,000   Total intangible assets     64,800       64,800   Less: accumulated amortization     (26,533 )     (20,793 ) Total intangible assets, net     38,267       44,007     For the six months ended June 30, 2024 and 2023, amortization expenses amounted to $5,740 and $5,740 respectively. The following is an estimated, by fiscal years, of amortization amount of intangible asset:   Year ending December 31,       2024 (remaining 6 months)   $ 5,740   2025     11,480   2026     11,480   2027     9,567   Total   $ 38,267

v3.24.3

Related Party Transactions and Balances	6 Months Ended
	Jun. 30, 2024
Related Party Transactions and Balances [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	Note 8 - RELATED PARTY TRANSACTIONS AND BALANCES   As of June 30, 2024, related parties of the Company consist of the following:   Name of Related Party   Nature of Relationship 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 June 30, 2024 and December 31, 2023, due to related parties consisted the following:       December 31,                 Interest     Exchange Rate     June 30,       2023     Received     Repayment     Expenses     Translation     2024   HongKong Kisen (1)     9,240,203       560,000             -       4,766             -       9,804,969   Total due to related parties     9,240,203       560,000       -       4,766       -       9,804,969     (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 and repaid $2,000,000 to HongKong Kisen in advance in 2022.   On January 1, 2023, both parties agreed to terminate the loan agreement mentioned above and obtain borrowings up to $20,000,000 at the interest rate of 0.1% for one year as working capital support. In 2023, the Company borrowed $4,384,975 from HongKong Kisen and repaid $3,160,000, generating interest expense of $9,316. In 2024, the Company borrowed $560,000 from HongKong Kisenas, generating interest expense of $4,766, of June 30,2024, the total amount of loans to HongKong Kisen was $9,784,975, total interest payable is $19,994. The loan mentioned above can be extended on both parties’ consensus.   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.

v3.24.3

Shareholders’ Equity	6 Months Ended
	Jun. 30, 2024
Shareholders’ Equity [Abstract]
SHAREHOLDERS’ EQUITY	Note 9 - SHAREHOLDERS’ EQUITY   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 June 30, 2024, 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 per share. 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 June 30, 2024, and December 31, 2023, the Company had 1,652,175 and 1,652,175 warrants outstanding to purchase 1,652,175 and 1,652,175 class A ordinary shares with weighted average exercise price of $8.3 per share and remaining contractual lives of 0.95 and 1.45 years.   Following is a summary of the status of warrants outstanding and exercisable as of June 30, 2024:       Warrants     Weighted Average Exercise Price   Warrants outstanding, as of December 31, 2022           $   Issued     1,652,175       8.3   Exercised     -       -   Expired     -       -   Warrants outstanding, as of December 31, 2023     1,652,175     $ 8.3   Issued     -       -   Exercised     -       -   Expired     -       -   Warrants outstanding, as of June 30, 2024     1,652,175     $ 8.3   Warrants exercisable, as of June 30, 2024     1,652,175     $ 8.3

v3.24.3

Restricted Net Assets	6 Months Ended
	Jun. 30, 2024
Restricted Net Assets [Abstract]
RESTRICTED NET ASSETS	Note 10 - RESTRICTED NET ASSETS   Part of the Company’s operations are conducted through its PRC subsidiaries, and the Company’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 Company’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 Company. As of June 30, 2024 and December 31, 2023, net assets restricted in the aggregate included in the Company’s consolidated net assets were both $335,696.

v3.24.3

Discontinued Operation	6 Months Ended
	Jun. 30, 2024
Discontinued Operations [Abstract]
DISCONTINUED OPERATION	Note 11 - DISCONTINUED OPERATION   On October 25, 2024, the Company decided to sell the subsidiaries, Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense based on a strategic plan. Purchase has not yet been identified however these entities are ready for sale. The disposal of the entities was treated as a discontinued operation for all periods or years presented.   In accordance with the provision of ASC 205-20, the Company has separately reported the assets and liabilities of the discontinued operations in the Condensed Consolidated Balance Sheets. The assets and liabilities have been reflected as discontinued operations in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, and consist of the following:       June  30,     December 31,       2024     2023                 ASSETS             CURRENT ASSETS:             Cash and cash equivalents   $ 22,191     $ 54,058   Restricted cash     -       1,573   Accounts receivable, net     96,537       -   Inventories             5,502,404   Advances to suppliers, net     6,477,049       14,888,691   Prepayment and other current assets, net     278,254       74,638   Total current assets     6,874,031       20,521,364   NON - CURRENT ASSETS:                 Property and equipment, net     237,376       379,678   Intangible assets, net     -       -   Operating lease right-of-use assets     99,719       270,248   Deferred tax assets     3,289,820       2,578,256   Total non - current assets     3,626,915       3,228,182   TOTAL ASSETS   $ 10,500,946     $ 23,749,546                     LIABILITIES AND SHAREHOLDERS’ EQUITY                 CURRENT LIABILITIES:                 Accounts payable   $ 1,741,791     $ 1,902,320   Accrued expenses and other payables     2,624,596       1,057,005   Advances from customers     16,357,806       26,424,582   Due to related parties     4,543       187,129   Deferred government grant, current     38,229       37,610   Operating lease liabilities, current     8,819       79,736   Income tax payable     665,623       670,481   Total current liabilities     21,441,407       30,358,863   NON - CURRENT LIABILITIES:                 Operating lease liabilities, non-current     -       73,596   Deferred government grant, non-current     36,708       59,527   Total non - current liabilities     36,708       133,123   TOTAL LIABILITIES   $ 21,478,115     $ 30,491,986     In accordance with the provisions of ASC 205-20, the Company has not included in the results of continuing operations the results of operations of the discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income. The results of operations for Nanjing Lucun, AGM Tianjing, AGM Beijing and Beijing Keen Sense for the six months ended June 30, 2024 and 2023 have been reflected as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income and consist of the following:       Six months ended     Six months ended       June 30, 2024     June 30, 2023   Net revenues   $ 23,287,088     $ 4,851,551   Cost of revenues     (22,785,394 )     (4,621,665 ) Gross profit     501,694       229,886   Operating expenses     5,582,294       969,378   Other income/(expenses).net     48,541       16,562   Loss before income tax   $ (5,032,059 )   $ (722,930 ) Income tax expense     729,740       180,733   Loss from discontinued operation, net of income tax   $ (4,302,319 )   $ (542,197 )

v3.24.3

Income Tax	6 Months Ended
	Jun. 30, 2024
Income Tax [Abstract]
INCOME TAX	Note 12 - 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.   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 believes 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 six months ended June 30, 2024 and the year ended December 31, 2023,the Company has evaluated this uncertain tax position and recorded a tax liability on the Condensed Consolidated Balance Sheet.   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, Beijing Keen Sense, and AGM Bixin are subject to 25% China statutory tax rate. AGM Beijing, AGM Tianjin, Nanjing Lucun, Beijing Keen Sense, AGM Bixin, AGM Holdings, AGM Software, and AGM Defi Tech incurred net loss for the six months ended June 30, 2024 .   The provision for income taxes consisted of the following:       For The Six Months Ended June 30,       2024     2023   Current   $ (307,348 )   $ (254,549 ) Deferred     3,703,105       (5,486,218 ) Total   $ 3,395,757     $ (5,740,767 )   The reconciliations of the statutory income tax rate and the Company’s effective income tax rate are as follows:       For The Six Months Ended June 30,       2024     2023   Statutory income tax rate     25 %     25 % Tax effect of different tax rates in other jurisdictions     (1 )%     1 % Tax effect of non-deductible expenses     0 %     0 % Changes in valuation allowance     0 %     0 % Effective tax rate     24 %     26 %   The summary of cumulative net operating losses carried forward for the Company’s subsidiaries in different regions is as follows:       For The Six Months Ended June 30,       2024     2023   PRC Region   $ 28,757     $ -   HK Region     2,569       1,934   Singapore Region     6,440       6,444   Total cumulative net operating loss carry-forward   $ 37,766     $ 8,378                       Components of the Company’s net deferred tax assets are set forth below:       June 30,     December 31,       2024     2023   Deferred tax assets:             Net operating loss carry-forwards   $ 8,476     $ 1,121   Allowance for credit losses     2,152,715       2,142,711   Provision of advances to suppliers     8,699,189       5,012,179   Lease liability     -       -   Total of deferred tax assets   $ 10,860,380     $ 7,156,011   Less: valuation allowance     (1,286 )     -   Net deferred tax assets   $ 10,859,094     $ 7,156,011                     Defer tax liabilities:     -       -   Right-of-use assets   $ -     $ -   Total deferred tax liabilities     -       -   Deferred tax assets, net   $ 10,859,094     $ 7,156,011     As of June 30,2024 and December 31, 2023, net deferred tax assets, net of the Company were of $10,859,094 and $7,156,011, respectively, which was consisted of allowance for credit losses, provision of advances to suppliers and operating loss carry-forwards. As of June 30, 2024, the Management believes that the Company’s cumulative losses arising from recurring business of strading ubsidiaries constituted significant strong evidence that most of the deferred tax assets would be realizable, and therefore, no valuation allowance was accrued accordingly over those subsidiaries. Valuation allowance was fully accrued for subsidiaries not generating income apart from AGM Bixin for the six months ended June 30, 2024. As of June 30, 2024 and December 31, 2023, valuation allowance was $1,286 and nil.   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 six months ended June 30, 2024 and he years ended December 31, 2023, 2022 and 2021, 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 Condensed Consolidated Balance Sheets as of June 30,2024 and December 31, 2023.   The activity of the unrecognized tax positions related to the Company’s uncertain tax positions is summarized as follows:       June 30,     December 31,       2024     2023   Gross beginning balance     6,961,166       6,567,028   Gross increase to tax positions in the current period     307,348       394,138   Gross ending balance     7,268,514       6,961,166     There were no interests and penalties in relation to the Company uncertain tax positions for June 30, 2024, December 31, 2023 and 2022.

v3.24.3

Concentrations of Credit Risk and Major Customers	6 Months Ended
	Jun. 30, 2024
Concentrations of Credit Risk and Major Customers [Abstract]
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS	Note 13 - 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 June 30, 2024 and December 31, 2023, the Company had $55 and $400 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 $70,000). As a result, cash held in China financial institutions of nil and nil were not insured as of June 30,2024 and December 31, 2023, respectively. The Company have not experienced any losses in such accounts through June 30, 2024.   The Company’s cash position by geographic area was as follows:        June 30, 2024     December 31, 2023   Country:                         Singapore   $ 234,823       19 %   $ 234,897       15 % China (Hongkong)     976,695       81 %     1,310,551       85 % China (Mainland)     55       - %     400       - % Total cash and cash equivalents, and restricted cash   $ 1,211,573       100 %   $ 1,545,848       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   As of June 30,2024, one customer accounted for 99% of the Company’s revenues. As of June 30,2023, three customers accounted for 39%, 23% and 21% of the Company’s revenues, respectively.   Suppliers   As of June 30,2024, one supplier accounted for 100% of the Company’s cost of revenues. As of June 30,2023, three suppliers accounted for 32%, 30% and 23% of the Company’s cost of revenues, respectively.   As of June 30, 2024, the Company entered into lease agreements as lessee with third parties for the operation. The Company has total future lease payment of $0 from continuing operations and of $8,840 from discontinued operation, respectively. As of June 30, 2024, the Group did not have any purchase commitments or capital commitments.

v3.24.3

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 14 - SUBSEQUENT EVENTS   The Company filed F-1 Registration Statement to raise capital on September 30, 2024. The company is authorized to issue a miximum of 400,000,000 shares with a par value of $0.001 each, being a dual class structure consiting of 200,000,000 Class A ordinary shares of $0.001 par value per share and 200,000,000 Class B ordinary shares of $0.001 par value per share.   On October 10, 2024 AGM Holdings announced AGM Canada entered into a partnership agreement Nowlit Solutions Corp. (“Nowlit”), a high performnce computing and data center supplier, in Canada on October 2, 2024 to establish a joint venture name AGM Energy Corp. (“AGM Energy”).   Pursuant to the Agreement, AGM Energy plans to invest in and operate clean energy including oil fields, natural gas fields, and hydropower plants in Canada. AGM Energy intends to actively promote two aspects of business:   (1) Acquiring high-quality energy assets in North America, such as oil fields, natural gas and hydropower plants, through investment or merger and acquisition, and the business income is the proceeds from energy sales.   (2) Providing electricity and operation capabilities to customers in the AI and cryptocurrency industries through the construction of IDC data centers and cryptocurrency mining farms, and its business income is electricity charges and hosting operation management service fees.   On October 10, 2024, Nanjing Lucun Semiconductor Co., Ltd. Beijing Branch was deregistered.   The Company has performed an evaluation of subsequent events through November 18, 2024, which was the date of the condensed consolidated financial statements were issued, and determined that no other events that would have required adjustment or disclosure in the condensed consolidated financial statements except for the events mentioned below.

v3.24.3

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed 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 Company. Significant accounting policies followed by the Company in the preparation of the accompanying condensed consolidated financial statements are summarized below.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts for AGM Holdings and all its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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 non-profit activity. A disposal of a component 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 ad distribution to owners in a spinoff). For the component disposed of other than by sale in accordance with paragraph 360-10-45-15, the Company adopted ASC Topic 205-20-45-3 and reported the results of operations of the discontinued operations, less applicable income tax expenses or benefits as a separate component in the statement where net income (loss) is reported for current and all prior periods presented. Based on a strategic plan, the Company plans to sell Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. As of June 30, 2024 and December 31, 2023, the operation of these entities was classified as a discontinued operation. For the six months ended June 30, 2024 and 2023, the operation of the above entities was presented in discontinued operations.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to current period presentation in order to reflect the discontinued operations of Nanjing Lucun, AGM Tianjin, AGM Beijing and Beijing Keen Sense. None of the ese reclassifications had an impact on reported financial position or cash flows for any of the period presented.
Foreign Currency Translation	Foreign Currency Translation The accompanying condensed 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 condensed consolidated statements of operations. The condensed consolidated balance sheet balances, with the exception of equity at June 30, 2024 and December 31, 2023 were translated at RMB7.1268 and RMB7.0827 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to condensed consolidated statements of operations and cash flows for the six months ended June 30, 2024 and 2023 were RMB7.1051, RMB6.9291 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 condensed 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, allowance for credit losses, provision of advances to suppliers, discount rate for leases, depreciation of property and equipment and impairment assessments of long-lived assets 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 June 30, 2024 and December 31, 2023, the Company’s cash equivalents primarily consist cash in various financial institutions.
Restricted cash	Restricted cash Restricted cash consists of frozen deposits due to overdue reconciliations. The balance of restricted cash was nil and nil from continuing operations and nil and $1,573 from discontinued operation as of June 30, 2024 and December 31, 2023, respectively.
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 the six months ended June 30, 2024 and the year ended December 31, 2023.
Advances to suppliers	Advances to Suppliers Advances to suppliers primarily consists of prepayments for purchase of cryptocurrency mining machines and standardized computing equipment. Advance payment depends on specific circumstances, including the industry practice, negotiations with suppliers, security for steady supply of products, and the delivery time of products received from suppliers after the advance payment. Advance to suppliers is settled when the products are provided and accepted by the Company. The Company reviews   its advance to suppliers on a periodic basis and determines the adequacy of provision. Provision is recognized to reflect the expected recoverable amount from the advances to suppliers when the Company considers the likelihood of future economic benefits associated with the advances to supplier is remote.
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 condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and other current assets, accounts payable and other payables, due to related parties and contingent consideration approximate their fair value based on the short-term maturity of these instruments.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses 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 evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Company’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Company’s expected loss estimates. The Company adjusts the allowance percentage periodically when there are significant differences between estimated credit losses and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Company also makes specific allowance 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.   Adoption of Accounting Standards Update (“ASU” 2016-13) In June 2016, the FASB issued ASU 2016-13: Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The Company has adopted ASU 2016-13 since January 1, 2021, the impact of which on the Company’s condensed consolidated financial statements was immaterial.
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 value rate     Useful life Electronic equipment               5 %   3 years Office equipment     5 %   5 years Leasehold improvement     0 %   Shorter of the lease term or the estimated useful life of the assets
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 value rate     Useful life AGM domain name     0 %   10 years Software     0 %   5 years
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 developer, engaging in research, development and sale of server, including ASIC miner, and standardized computing equipment and bundle of products or services that may include a combination of these items. The Company derives revenue from the sales of cryptocurrency mining machines and standardized computing equipment 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. For the six months ended June 30, 2024 and 2023, the Company derives revenue from the sale 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.
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, cryptocurrency mining machines and standardized computing equipment. As of June 30, 2024 and December 31, 2023, the Company’s advances from customers amounted to $539 and $3,707,166 from continuing operations and$16,357,806 and $26,424,582 from discontinued operation, 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 cost of product revenue, which includes direct costs of cryptocurrency mining machines, standardized computing equipment.
Leases	Leases On January 1, 2021, 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 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. Operating leases are included in operating lease right-of-use (“ROU”) assets and current and non-current lease liabilities in the condensed consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the condensed consolidated balance sheets. There were no finance leases for the six months ended June 30, 2024 and the years ended December 31, 2023.
Selling, general & administrative expenses	Selling, General & Administrative Expenses Selling, general and administrative expenses consist primarily of credit losses, sales and administrative employee-related expenses and professional fees.
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 June 30, 2024 and December 31, 2023, the balance of deferred government grant was nil and nil from continuing operations and$74,937 and $97,137 from discontinued operation, respectively. The amount of other income for the government grant recognized during the six months ended June 30, 2024 and 2023 was nil and nil from continuing operations and $20,084 and $20,594 from discontinued operation, respectively.
Income Taxes	Income Taxes The Company is governed by the Income Tax Law of China and Inland Revenue Ordinance of Hong Kong, 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 June 30, 2024,and December 31, 2023, 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 Value Added Tax (“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 condensed consolidated statements of operations.
Comprehensive (Loss)/ Income	Comprehensive (Loss)/ Income ASC 220 “Comprehensive Income” established standards for reporting and display of comprehensive (loss)/income, its components and accumulated balances. Components of comprehensive (loss)/income include net loss/income and foreign currency translation adjustments. For the six months ended June 30, 2024 and 2023 , the only component of accumulated other comprehensive loss 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. 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.
(Loss)/Earnings per Common Share	(Loss)/Earnings per Common Share  Basic (loss)/earnings per ordinary share is computed by dividing net (loss)/earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted (loss)/earnings per share is computed by dividing net (loss)/income 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 Company’s PRC subsidiaries must make appropriations from their after-tax profits as determined under the People’s Republic of China Generally Accepted Accounting Principles (“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 six months ended June 30, 2024 and the year ended December 31, 2023, profit appropriation to statutory surplus fund for the Company’s entities incorporated in the PRC was nil and nil, respectively. No appropriation to other reserve funds was made for any of the periods presented.
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 March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements”, which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. In addition, the ASU amends the accounting for leasehold improvements in common-control arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The Company will adopt ASU 2023-01 from January 1, 2024. The Company expects the impact of adoption of this ASU to be immaterial to condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is in the process of evaluation the impact of adopting this new guidance on its condensed consolidated financial statement. Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s condensed 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 condensed 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 condensed consolidated financial condition, results of operations, cash flows, or disclosures.

v3.24.3

Organization and Principal Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Organization and Principal Activities [Abstract]
Schedule of AGM Holdings' Subsidiaries	As of June 30, 2024, AGM Holdings’ subsidiaries are as follows: Name   Date of Incorporation   Place of Incorporation   Percentage of Effective Ownership   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. (“AGM Beijing”)   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 Electronic Technology Limited (“AGM HK”)    January 26, 2024   Hong Kong   100%   Sale of cryptocurrency mining machines and standardized computing equipment AGM Canada Holdings Limted (“AGM Canada”)   April 17, 2024   Canada   100%   Sale of cryptocurrency mining machines and standardized computing equipment Beijing Bixin Electronic Technology Co., Ltd (“AGM Bixin”)   April 26, 2024   China   100%   Software development and provider

v3.24.3

Summary of Significant Policies (Tables)	6 Months Ended
	Jun. 30, 2024
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 value rate     Useful life Electronic equipment               5 %   3 years Office equipment     5 %   5 years Leasehold improvement     0 %   Shorter of the lease term or the estimated useful life of the assets
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 value rate     Useful life AGM domain name     0 %   10 years Software     0 %   5 years

v3.24.3

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following:     June 30,     December 31,       2024     2023   Accounts receivable     7,455,097       12,275,650   Allowance for credit losses     (7,455,097 )     (7,415,079 ) Accounts receivable, net   $ -     $ 4,860,571

v3.24.3

Advances to Suppliers, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Advances to Suppliers, Net [Abstract]
Schedule of Advances to Suppliers	Advances to suppliers consisted of the following:     June 30,     December 31,       2024     2023   Advances to suppliers     78,772,548       76,463,466   Provision for impairment     (34,796,757 )     (20,048,713 ) Advances to suppliers, net   $ 43,975,791     $ 56,414,753

v3.24.3

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
Schedule of Inventories	As of June 30, 2024 and December 31, 2023, inventories consisted of the following:       June 30,       December 31,         2024       2023   Finished goods   $ -     $ -

v3.24.3

Prepayment and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Prepayment and Other Current Assets [Abstract]
Schedule of Prepayment and Other Current Assets	As of June 30, 2024 and December 31, 2023, prepayment and other current assets consisted of the following:     June 30,     December 31,       2024     2023   Loan receivable (1)   $ 4,161,309     $ 3,776,608   Prepaid input VAT     -       -   Deposits and others     1,136,375       1,155,769   Subtotal     5,297,684       4,932,377   Allowance for credit losses (2)     (1,155,768 )     (1,155,768 ) Total prepayment and other current assets   $ 4,141,916     $ 3,776,609   (1) In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd. In April 2022, the Company extended additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% as working capital support and change the amount to $1,200,000 in April 4, 2023. As of June 30, 2024, the outstanding amount of loans to AGM Group Ltd. was $1,350,000, generating interest income of $31,172 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. On April 9, 2023, both parties agreed to extend the loan to December 31, 2024 and increased the amount to $600,000. As of June 30, 2024, the outstanding amount of loans to Muliang Agriculture Limited was $465,000, generating interest income of $8,064 On March 1, 2023, the Company entered into a loan agreement with a third party, Northnew Management Limited, to lend $2,000,000 at the interest rate of 1%. On February 6, 2024, both parties agreed to extend the loan to February 28, 2025 and increased the amount to $2,300,000.As of June 30, 2024, the outstanding amount of loans to Northnew Management Limited was $2,295,426, generating interest income of $16,963.  (2) As of June 30, 2024 and December 31, 2023, the Company recorded credit losses of $1,155,768 and $1,155,768 for the long-age deposit, respectively.

v3.24.3

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Net [Abstract]
Schedule of Intangible Assets, Net	As of June 30, 2024 and December 31, 2023, intangible assets, net consisted of the following:     June 30,     December 31,       2024     2023   AGM domain name   $ 14,800     $ 14,800   Software     50,000       50,000   Total intangible assets     64,800       64,800   Less: accumulated amortization     (26,533 )     (20,793 ) Total intangible assets, net     38,267       44,007
Schedule of Amortization Amount of Intangible Asset	The following is an estimated, by fiscal years, of amortization amount of intangible asset: Year ending December 31,       2024 (remaining 6 months)   $ 5,740   2025     11,480   2026     11,480   2027     9,567   Total   $ 38,267

v3.24.3

Related Party Transactions and Balances (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions and Balances [Abstract]
Schedule of Related Parties	As of June 30, 2024, related parties of the Company consist of the following: Name of Related Party   Nature of Relationship 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 June 30, 2024 and December 31, 2023, due to related parties consisted the following:     December 31,                 Interest     Exchange Rate     June 30,       2023     Received     Repayment     Expenses     Translation     2024   HongKong Kisen (1)     9,240,203       560,000             -       4,766             -       9,804,969   Total due to related parties     9,240,203       560,000       -       4,766       -       9,804,969   (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 and repaid $2,000,000 to HongKong Kisen in advance in 2022.   On January 1, 2023, both parties agreed to terminate the loan agreement mentioned above and obtain borrowings up to $20,000,000 at the interest rate of 0.1% for one year as working capital support. In 2023, the Company borrowed $4,384,975 from HongKong Kisen and repaid $3,160,000, generating interest expense of $9,316. In 2024, the Company borrowed $560,000 from HongKong Kisenas, generating interest expense of $4,766, of June 30,2024, the total amount of loans to HongKong Kisen was $9,784,975, total interest payable is $19,994. The loan mentioned above can be extended on both parties’ consensus.

v3.24.3

Shareholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Shareholders’ Equity [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 June 30, 2024:     Warrants     Weighted Average Exercise Price   Warrants outstanding, as of December 31, 2022           $   Issued     1,652,175       8.3   Exercised     -       -   Expired     -       -   Warrants outstanding, as of December 31, 2023     1,652,175     $ 8.3   Issued     -       -   Exercised     -       -   Expired     -       -   Warrants outstanding, as of June 30, 2024     1,652,175     $ 8.3   Warrants exercisable, as of June 30, 2024     1,652,175     $ 8.3

v3.24.3

Discontinued Operation (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations [Abstract]
Schedule of Assets and Liabilities from Discontinued Operations	The assets and liabilities have been reflected as discontinued operations in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, and consist of the following:     June  30,     December 31,       2024     2023                 ASSETS             CURRENT ASSETS:             Cash and cash equivalents   $ 22,191     $ 54,058   Restricted cash     -       1,573   Accounts receivable, net     96,537       -   Inventories             5,502,404   Advances to suppliers, net     6,477,049       14,888,691   Prepayment and other current assets, net     278,254       74,638   Total current assets     6,874,031       20,521,364   NON - CURRENT ASSETS:                 Property and equipment, net     237,376       379,678   Intangible assets, net     -       -   Operating lease right-of-use assets     99,719       270,248   Deferred tax assets     3,289,820       2,578,256   Total non - current assets     3,626,915       3,228,182   TOTAL ASSETS   $ 10,500,946     $ 23,749,546                     LIABILITIES AND SHAREHOLDERS’ EQUITY                 CURRENT LIABILITIES:                 Accounts payable   $ 1,741,791     $ 1,902,320   Accrued expenses and other payables     2,624,596       1,057,005   Advances from customers     16,357,806       26,424,582   Due to related parties     4,543       187,129   Deferred government grant, current     38,229       37,610   Operating lease liabilities, current     8,819       79,736   Income tax payable     665,623       670,481   Total current liabilities     21,441,407       30,358,863   NON - CURRENT LIABILITIES:                 Operating lease liabilities, non-current     -       73,596   Deferred government grant, non-current     36,708       59,527   Total non - current liabilities     36,708       133,123   TOTAL LIABILITIES   $ 21,478,115     $ 30,491,986
Schedule of Revenues and Income from Discontinued Operations	The results of operations for Nanjing Lucun, AGM Tianjing, AGM Beijing and Beijing Keen Sense for the six months ended June 30, 2024 and 2023 have been reflected as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income and consist of the following:     Six months ended     Six months ended       June 30, 2024     June 30, 2023   Net revenues   $ 23,287,088     $ 4,851,551   Cost of revenues     (22,785,394 )     (4,621,665 ) Gross profit     501,694       229,886   Operating expenses     5,582,294       969,378   Other income/(expenses).net     48,541       16,562   Loss before income tax   $ (5,032,059 )   $ (722,930 ) Income tax expense     729,740       180,733   Loss from discontinued operation, net of income tax   $ (4,302,319 )   $ (542,197 )

v3.24.3

Income Tax (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consisted of the following:     For The Six Months Ended June 30,       2024     2023   Current   $ (307,348 )   $ (254,549 ) Deferred     3,703,105       (5,486,218 ) Total   $ 3,395,757     $ (5,740,767 )
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 Six Months Ended June 30,       2024     2023   Statutory income tax rate     25 %     25 % Tax effect of different tax rates in other jurisdictions     (1 )%     1 % Tax effect of non-deductible expenses     0 %     0 % Changes in valuation allowance     0 %     0 % Effective tax rate     24 %     26 %
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 Six Months Ended June 30,       2024     2023   PRC Region   $ 28,757     $ -   HK Region     2,569       1,934   Singapore Region     6,440       6,444   Total cumulative net operating loss carry-forward   $ 37,766     $ 8,378
Schedule of Net Deferred Tax Assets	Components of the Company’s net deferred tax assets are set forth below:     June 30,     December 31,       2024     2023   Deferred tax assets:             Net operating loss carry-forwards   $ 8,476     $ 1,121   Allowance for credit losses     2,152,715       2,142,711   Provision of advances to suppliers     8,699,189       5,012,179   Lease liability     -       -   Total of deferred tax assets   $ 10,860,380     $ 7,156,011   Less: valuation allowance     (1,286 )     -   Net deferred tax assets   $ 10,859,094     $ 7,156,011                     Defer tax liabilities:     -       -   Right-of-use assets   $ -     $ -   Total deferred tax liabilities     -       -   Deferred tax assets, net   $ 10,859,094     $ 7,156,011
Schedule of Unrecognized Tax Positions	The activity of the unrecognized tax positions related to the Company’s uncertain tax positions is summarized as follows:     June 30,     December 31,       2024     2023   Gross beginning balance     6,961,166       6,567,028   Gross increase to tax positions in the current period     307,348       394,138   Gross ending balance     7,268,514       6,961,166

v3.24.3

Concentrations of Credit Risk and Major Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Concentrations of Credit Risk and Major Customers [Abstract]
Schedule of Geographic Area	The Company’s cash position by geographic area was as follows:     June 30, 2024     December 31, 2023   Country:                         Singapore   $ 234,823       19 %   $ 234,897       15 % China (Hongkong)     976,695       81 %     1,310,551       85 % China (Mainland)     55       - %     400       - % Total cash and cash equivalents, and restricted cash   $ 1,211,573       100 %   $ 1,545,848       100 %

v3.24.3

Organization and Principal Activities (Details) - Schedule of AGM Holdings' Subsidiaries	6 Months Ended
	Jun. 30, 2024
AGM Technology Limited (“AGM Technology “) [Member]
Schedule of AGM Holdings
Date of Incorporation	May 21, 2015
Percentage of Effective Ownership	100.00%
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
Date of Incorporation	Oct. 13, 2015
Percentage of Effective Ownership	100.00%
Principal Activities	Holding entity
Place of Incorporation	China
Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Nov. 13, 2015
Percentage of Effective Ownership	100.00%
Principal Activities	Software development and provider
Place of Incorporation	China
AGM Software Service LTD (“AGM Software”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Jun. 14, 2017
Percentage of Effective Ownership	100.00%
Principal Activities	Core technology service provider
Place of Incorporation	BVI
Nanjing Lucun Semiconductor Co., Ltd. (“Nanjing Lucun”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Jun. 17, 2021
Percentage of Effective Ownership	100.00%
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
Date of Incorporation	Jul. 30, 2021
Percentage of Effective Ownership	100.00%
Principal Activities	Software development and provider
Place of Incorporation	Singapore
AGM Defi Tech Limited (“AGM Defi Tech”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Aug. 08, 2021
Percentage of Effective Ownership	100.00%
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
Date of Incorporation	Oct. 21, 2021
Percentage of Effective Ownership	100.00%
Principal Activities	Software development and provider
Place of Incorporation	China
AGM Electronic Technology Limited (“AGM HK”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Jan. 26, 2024
Percentage of Effective Ownership	100.00%
Principal Activities	Sale of cryptocurrency mining machines and standardized computing equipment
Place of Incorporation	Hong Kong
AGM Canada Holdings Limted (“AGM Canada”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Apr. 17, 2024
Percentage of Effective Ownership	100.00%
Principal Activities	Sale of cryptocurrency mining machines and standardized computing equipment
Place of Incorporation	Canada
Beijing Bixin Electronic Technology Co., Ltd (“AGM Bixin”) [Member]
Schedule of AGM Holdings
Date of Incorporation	Apr. 26, 2024
Percentage of Effective Ownership	100.00%
Principal Activities	Software development and provider
Place of Incorporation	China

v3.24.3

Summary of Significant Policies (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Policies [Line Items]
Restricted cash			$ 1,573
Estimated life period	10 years
Advances from customers amount	$ 539		3,707,166
Enterprise years	5 years
Deferred government grant
Other income
Income tax percentage	24.00%	26.00%
Net profit
Securities, percentage	10.00%
Statutory surplus percentage	10.00%
Statutory surplus fund
Hong Kong [Member]
Summary of Significant Policies [Line Items]
Income tax percentage	8.25%
Net profit	$ 2,000,000
Discontinued Operations [Member]
Summary of Significant Policies [Line Items]
Advances from customers amount	16,357,806		26,424,582
Deferred government grant	74,937		97,137
Other income	20,084	$ 20,594
Continuing Operations [Member]
Summary of Significant Policies [Line Items]
Restricted cash
AGM Technology, and AGM Defi Tech [Member] | Hong Kong [Member]
Summary of Significant Policies [Line Items]
Income tax percentage	16.50%
PRC Companies [Member]
Summary of Significant Policies [Line Items]
Statutory surplus percentage	50.00%
Cash [Member]
Summary of Significant Policies [Line Items]
Restricted cash	$ 1,573
RMB [Member]
Summary of Significant Policies [Line Items]
Translated rate	7.1268		7.0827
Average exchange rate	7.1051%	6.9291%
US [Member]
Summary of Significant Policies [Line Items]
Translated rate	1		1
Average exchange rate	1.00%

v3.24.3

Summary of Significant Policies (Details) - Schedule of Residual Value Rate and Useful Life of Property and Equipment	Jun. 30, 2024
Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Residual value rate	5.00%
Useful life	3 years
Leasehold improvement	5.00%
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Residual value rate	5.00%
Useful life	5 years
Leasehold improvement	5.00%
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Residual value rate	0.00%
Leasehold improvement	0.00%
Leasehold improvement	Shorter of the lease term or the estimated useful life of the assets

v3.24.3

Summary of Significant Policies (Details) - Schedule of Intangible Assets	Jun. 30, 2024
AGM domain name [Member]
Finite-Lived Intangible Assets [Line Items]
Residual value rate	0.00%
Useful life	10 years
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Residual value rate	0.00%
Useful life	5 years

v3.24.3

Accounts Receivable, Net (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, Net [Line Items]
Credit losses from continuing operations	$ 7,455,097	$ 7,415,079
Credit losses from discontinued operations	$ 4,906,524	$ 0

v3.24.3

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accounts Receivable [Abstract]
Accounts receivable	$ 7,455,097	$ 12,275,650
Allowance for credit losses	(7,455,097)	(7,415,079)
Accounts receivable, net		$ 4,860,571

v3.24.3

Advances to Suppliers, Net (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Continuing Operations [Member]
Advances to Suppliers, Net [Line Items]
Provision of advances to suppliers	$ 34,796,757	$ 20,048,713
Discontinued Operations [Member]
Advances to Suppliers, Net [Line Items]
Provision of advances to suppliers	$ 8,306,942	$ 8,556,789

v3.24.3

Advances to Suppliers, Net (Details) - Schedule of Advances to Suppliers - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Advances to Suppliers [Abstract]
Advances to suppliers	$ 78,772,548	$ 76,463,466
Provision for impairment	(34,796,757)	(20,048,713)
Advances to suppliers, net	$ 43,975,791	$ 56,414,753

v3.24.3

Inventories (Details) - Schedule of Inventories - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Inventories [Abstract]
Finished goods

v3.24.3

Prepayment and Other Current Assets (Details) - USD ($)						6 Months Ended
		Mar. 01, 2023	Jul. 31, 2022	Apr. 30, 2022	Apr. 10, 2022	Jun. 30, 2024	Jun. 30, 2021	Feb. 06, 2024	Dec. 31, 2023	Apr. 09, 2023	Apr. 04, 2023
Prepayment and Other Current Assets [Line Items]
Interest income						$ 31,172
Credit losses of long-age rental deposit	[1]					1,155,768			$ 1,155,768
AGM Group Ltd [Member]
Prepayment and Other Current Assets [Line Items]
Agreement, amount				$ 900,000
Working capital											$ 1,200,000
Outstanding amount						1,350,000
Muliang Agriculture Limited [Member]
Prepayment and Other Current Assets [Line Items]
Working capital										$ 600,000
Outstanding amount						465,000
Interest income						8,064
Northnew Management Limited [Member]
Prepayment and Other Current Assets [Line Items]
Agreement, amount		$ 2,000,000
Interest rate percentage		1.00%
Working capital								$ 2,300,000
Outstanding amount						2,295,426
Interest income						$ 16,963
Loan Agreement [Member]
Prepayment and Other Current Assets [Line Items]
Agreement, amount			$ 25,000		$ 280,000		$ 400,000
Loan Agreement [Member] | AGM Group Ltd [Member]
Prepayment and Other Current Assets [Line Items]
Interest rate percentage											1.00%
Loan Agreement [Member] | Muliang Agriculture Limited [Member]
Prepayment and Other Current Assets [Line Items]
Interest rate percentage					1.00%
[1] As of June 30, 2024 and December 31, 2023, the Company recorded credit losses of $1,155,768 and $1,155,768 for the long-age deposit, respectively.

v3.24.3

Prepayment and Other Current Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Schedule of Prepayment and Other Current Assets [Abstract]
Loan receivable	[1]	$ 4,161,309	$ 3,776,608
Prepaid input VAT
Deposits and others		1,136,375	1,155,769
Subtotal		5,297,684	4,932,377
Allowance for credit losses	[2]	(1,155,768)	(1,155,768)
Total prepayment and other current assets		$ 4,141,916	$ 3,776,609
[1] In 2021, the Company entered into a loan agreement to lend $400,000 loan to AGM Group Ltd. In April 2022, the Company extended additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% as working capital support and change the amount to $1,200,000 in April 4, 2023. As of June 30, 2024, the outstanding amount of loans to AGM Group Ltd. was $1,350,000, generating interest income of $31,172 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. On April 9, 2023, both parties agreed to extend the loan to December 31, 2024 and increased the amount to $600,000. As of June 30, 2024, the outstanding amount of loans to Muliang Agriculture Limited was $465,000, generating interest income of $8,064 On March 1, 2023, the Company entered into a loan agreement with a third party, Northnew Management Limited, to lend $2,000,000 at the interest rate of 1%. On February 6, 2024, both parties agreed to extend the loan to February 28, 2025 and increased the amount to $2,300,000.As of June 30, 2024, the outstanding amount of loans to Northnew Management Limited was $2,295,426, generating interest income of $16,963. [2] As of June 30, 2024 and December 31, 2023, the Company recorded credit losses of $1,155,768 and $1,155,768 for the long-age deposit, respectively.

v3.24.3

Intangible Assets, Net (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Intangible Assets, Net [Line Items]
Amortization expenses	$ 5,740	$ 5,740

v3.24.3

Intangible Assets, Net (Details) - Schedule of Intangible Assets, Net - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Intangible Assets, Net [Line Items]
Total intangible assets	$ 64,800	$ 64,800
Less: accumulated amortization	(26,533)	(20,793)
Total intangible assets, net	38,267	44,007
AGM Domain name [Member]
Schedule of Intangible Assets, Net [Line Items]
Total intangible assets	14,800	14,800
Software [Member]
Schedule of Intangible Assets, Net [Line Items]
Total intangible assets	$ 50,000	$ 50,000

v3.24.3

Intangible Assets, Net (Details) - Schedule of Amortization Amount of Intangible Asset	Dec. 31, 2023 USD ($)
Schedule of Amortization Amount of Intangible Asset [Abstract]
2024 (remaining 6 months)	$ 5,740
2025	11,480
2026	11,480
2027	9,567
Total	$ 38,267

v3.24.3

Related Party Transactions and Balances (Details) - USD ($)			6 Months Ended
	Jun. 30, 2023	Apr. 07, 2022	Jun. 30, 2024	Jan. 01, 2023
Related Party Transactions and Balances [Line Items]
Borrowing amount				$ 20,000,000
Generating interest expense	$ 9,316		$ 4,766
HongKong Kisen [Member]
Related Party Transactions and Balances [Line Items]
Borrowing amount			560,000
Interest rate percentage		0.10%		0.10%
Working capital support and repaid	3,160,000	$ 2,000,000
Total amount of loans			9,784,975
Interest payable			$ 19,994
Related Party [Member]
Related Party Transactions and Balances [Line Items]
Borrowing amount	$ 4,384,975
Related Party [Member] | HongKong Kisen [Member]
Related Party Transactions and Balances [Line Items]
Borrowing amount		$ 10,000,000

v3.24.3

Related Party Transactions and Balances (Details) - Schedule of Related Parties	6 Months Ended
	Jun. 30, 2024
HongKong Kisen Co., Limited [Member]
Schedule of Related Parties [Line Items]
Nature of Relationship	Company ultimately controlled by Chief Strategy Officer (“CSO”)

v3.24.3

Related Party Transactions and Balances (Details) - Schedule of Operations Through Proceeds Borrowed From Related Parties	6 Months Ended
	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Due to related parties, beginning	$ 9,240,203
Received	560,000
Repayment
Interest Expenses	4,766
Exchange Rate Translation
Due to related parties, ending	9,804,969
HongKong Kisen [Member]
Related Party Transaction [Line Items]
Due to related parties, beginning	9,240,203	[1]
Received	560,000	[1]
Repayment		[1]
Interest Expenses	4,766	[1]
Exchange Rate Translation		[1]
Due to related parties, ending	$ 9,804,969
[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 and repaid $2,000,000 to HongKong Kisen in advance in 2022.

v3.24.3

Shareholders’ Equity (Details) - USD ($)		1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 14, 2021	Aug. 31, 2021	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholders Equity [Line Items]
Deposited, escrow agent (in Dollars)			$ 500,000
Deducting charge fee (in Dollars)					$ 492,490
Exercise price (in Dollars per share)			$ 8.3
Purchase price (in Dollars per share)	$ 6.9
Aggregate of warrants				1,652,175
Fair value of warrants (in Dollars)			$ 12,200,000
Warrants outstanding			1,652,175	1,652,175
Warrant [Member]
Shareholders Equity [Line Items]
Ordinary shares, issued	1
Aggregate warrants (in Dollars)	$ 1,449,276
Contractual lives	3 years 6 months
Exercise price (in Dollars per share)	$ 8.3
Placement Agent [Member]
Shareholders Equity [Line Items]
Contractual lives			3 years 6 months
Exercise price (in Dollars per share)			$ 8.3
Aggregate of warrants			202,899
Class A Ordinary Shares [Member]
Shareholders Equity [Line Items]
Investors shares	2,898,552
Ordinary shares, issued			24,254,842	24,254,842
Ordinary shares, outstanding			24,254,842	24,254,842
Contractual lives			11 months 12 days	1 year 5 months 12 days
Class A Ordinary Shares [Member] | Firebull Holding Limited [Member]
Shareholders Equity [Line Items]
Shares issued		5,000,000
Class A Ordinary Shares [Member] | Firebull Tech Limited [Member]
Shareholders Equity [Line Items]
Shares issued		5,000,000
Class A Ordinary Shares [Member] | Warrant [Member]
Shareholders Equity [Line Items]
Shares issued			1,652,175	1,652,175
Class B Ordinary Shares [Member]
Shareholders Equity [Line Items]
Shares issued		5,000,000
Ordinary shares, issued			2,100,000	2,100,000
Ordinary shares, outstanding			2,100,000	2,100,000
Class B Ordinary Shares [Member] | Firebull Holding Limited [Member]
Shareholders Equity [Line Items]
Shares issued		5,000,000

v3.24.3

Shareholders’ Equity (Details) - Schedule of Fair Value of Net Proceeds	Dec. 31, 2021
Annual dividend yield [Member]
Schedule of Fair Value of Net Proceeds [Line Items]
Fair value of the warrants
Expected life (years) [Member]
Schedule of Fair Value of Net Proceeds [Line Items]
Fair value of the warrants	3.5
Risk-free interest rate [Member]
Schedule of Fair Value of Net Proceeds [Line Items]
Fair value of the warrants	1.01
Expected volatility [Member]
Schedule of Fair Value of Net Proceeds [Line Items]
Fair value of the warrants	152.16

v3.24.3

Shareholders’ Equity (Details) - Schedule of Warrants Outstanding and Exercisable - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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

v3.24.3

Restricted Net Assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Restricted Net Assets [Abstract]
Annual after-tax profit percentage	10.00%
Registered capital percentage	50.00%
Net assets restricted	$ 335,696	$ 335,696

v3.24.3

Discontinued Operation (Details) - Schedule of Assets and Liabilities from Discontinued Operations - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 22,191	$ 54,058
Restricted cash		1,573
Accounts receivable, net	96,537
Inventories		5,502,404
Advances to suppliers, net	6,477,049	14,888,691
Prepayment and other current assets, net	278,254	74,638
Total current assets	6,874,031	20,521,364
NON - CURRENT ASSETS:
Property and equipment, net	237,376	379,678
Intangible assets, net
Operating lease right-of-use assets	99,719	270,248
Deferred tax assets	3,289,820	2,578,256
Total non - current assets	3,626,915	3,228,182
TOTAL ASSETS	10,500,946	23,749,546
CURRENT LIABILITIES:
Accounts payable	1,741,791	1,902,320
Accrued expenses and other payables	2,624,596	1,057,005
Advances from customers	16,357,806	26,424,582
Due to related parties	4,543	187,129
Deferred government grant, current	38,229	37,610
Operating lease liabilities, current	8,819	79,736
Income tax payable	665,623	670,481
Total current liabilities	21,441,407	30,358,863
NON - CURRENT LIABILITIES:
Operating lease liabilities, non-current		73,596
Deferred government grant, non-current	36,708	59,527
Total non - current liabilities	36,708	133,123
TOTAL LIABILITIES	$ 21,478,115	$ 30,491,986

v3.24.3

Discontinued Operation (Details) - Schedule of Revenues and Income from Discontinued Operations - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Revenues and Income from Discontinued Operations [Abstract]
Net revenues	$ 23,287,088	$ 4,851,551
Cost of revenues	(22,785,394)	(4,621,665)
Gross profit	501,694	229,886
Operating expenses	5,582,294	969,378
Other income/(expenses).net	48,541	16,562
Loss before income tax	(5,032,059)	(722,930)
Income tax expense	729,740	180,733
Loss from discontinued operation, net of income tax	$ (4,302,319)	$ (542,197)

v3.24.3

Income Tax (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax [Line Items]
Percentage of statutory tax rate	25.00%	25.00%
Net profit (in Dollars)	$ 37,766	$ 8,378
Taxable operating losses carried forward	5 years
Income tax rate	24.00%	26.00%
Deferred tax assets, net (in Dollars)	$ 10,859,094		$ 7,156,011
Valuation allowance (in Dollars)	$ 1,286
Inland Revenue, Singapore (IRAS) [Member]
Income Tax [Line Items]
Tax rate	10.00%
State Administration of Taxation, China [Member]
Income Tax [Line Items]
Income tax rate	25.00%
Hong Kong [Member]
Income Tax [Line Items]
Percentage of statutory tax rate	8.25%
Net profit (in Dollars)	$ 2,569	$ 1,934
Income tax rate	8.25%
Hong Kong [Member] | AGM Technology, and AGM Defi Tech [Member]
Income Tax [Line Items]
Percentage of statutory tax rate	16.50%
Net profit (in Dollars)	$ 2,000,000
Income tax rate	16.50%
China [Member]
Income Tax [Line Items]
Percentage of statutory tax rate	25.00%
Net profit (in Dollars)	$ 28,757
Tax rate	10.00%
China [Member] | State Administration of Taxation, China [Member]
Income Tax [Line Items]
Uniform tax rate	25.00%

v3.24.3

Income Tax (Details) - Schedule of Provision for Income Taxes - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Provision for Income Taxes [Abstract]
Current	$ (307,348)	$ (254,549)
Deferred	3,703,105	(5,486,218)
Total	$ 3,395,757	$ (5,740,767)

v3.24.3

Income Tax (Details) - Schedule of Reconciliations of the Statutory Income Tax Rate and the Company's Effective Income Tax Rate	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Reconciliations of the Statutory Income Tax Rate and the Company
Statutory income tax rate	25.00%	25.00%
Tax effect of different tax rates in other jurisdictions	(1.00%)	1.00%
Tax effect of non-deductible expenses	0.00%	0.00%
Changes in valuation allowance	0.00%	0.00%
Effective tax rate	24.00%	26.00%

v3.24.3

Income Tax (Details) - Schedule of Cumulative Net Operating Losses Carried Forward - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Schedule of Cumulative Net Operating Losses Carried Forward [Line Items]
Total cumulative net operating loss carry-forward	$ 37,766	$ 8,378
PRC Region [Member]
Schedule of Cumulative Net Operating Losses Carried Forward [Line Items]
Total cumulative net operating loss carry-forward	28,757
HK Region [Member]
Schedule of Cumulative Net Operating Losses Carried Forward [Line Items]
Total cumulative net operating loss carry-forward	2,569	1,934
Singapore Region [Member]
Schedule of Cumulative Net Operating Losses Carried Forward [Line Items]
Total cumulative net operating loss carry-forward	$ 6,440	$ 6,444

v3.24.3

Income Tax (Details) - Schedule of Net Deferred Tax Assets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$ 8,476	$ 1,121
Allowance for credit losses	2,152,715	2,142,711
Provision of advances to suppliers	8,699,189	5,012,179
Lease liability
Total of deferred tax assets	10,860,380	7,156,011
Less: valuation allowance	(1,286)
Net deferred tax assets	10,859,094	7,156,011
Defer tax liabilities:
Right-of-use assets
Total deferred tax liabilities
Deferred tax assets, net	$ 10,859,094	$ 7,156,011

v3.24.3

Income Tax (Details) - Schedule of Unrecognized Tax Positions - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Unrecognized Tax Positions Related to the Company’s Uncertain Tax Positions [Abstract]
Gross beginning balance	$ 6,961,166	$ 6,567,028
Gross increase to tax positions in the current period	307,348	394,138
Gross ending balance	$ 7,268,514	$ 6,961,166

v3.24.3

Concentrations of Credit Risk and Major Customers (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Concentrations of Credit Risk and Major Customers [Line Items]
Cash balance (in Dollars)	$ 1,211,573	$ 3,469,558		$ 1,544,275
China [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Cash balance (in Dollars)	55			400
Insured bank account	70,000		¥ 500,000
Not insured amount (in Dollars)
Continuing Operations [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Total future lease payment (in Dollars)	0
Discontinued Operations [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Total future lease payment (in Dollars)	$ 8,840
Suppliers One [Member] | Customer Concentration Risk [Member] | Cost of Revenues [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage		32.00%
Suppliers One [Member] | Supplier Concentration Risk [Member] | Cost of Revenues [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage	100.00%
Suppliers Two [Member] | Customer Concentration Risk [Member] | Cost of Revenues [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage		30.00%
Suppliers Three [Member] | Customer Concentration Risk [Member] | Cost of Revenues [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage		23.00%
Customers One [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage	99.00%	39.00%
Customers Two [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage		23.00%
Customer Three [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Concentrations of Credit Risk and Major Customers [Line Items]
Concentration risk, percentage		21.00%

v3.24.3

Concentrations of Credit Risk and Major Customers (Details) - Schedule of Geographic Area - Geographic Concentration Risk [Member] - Cash and Cash Equivalents [Member] - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Country:
Total cash and cash equivalents, and restricted cash	$ 1,211,573	$ 1,545,848
Total cash and cash equivalents, and restricted cash, percentage	100.00%	100.00%
Singapore [Member]
Country:
Total cash and cash equivalents, and restricted cash	$ 234,823	$ 234,897
Total cash and cash equivalents, and restricted cash, percentage	19.00%	15.00%
China (Hongkong) [Member]
Country:
Total cash and cash equivalents, and restricted cash	$ 976,695	$ 1,310,551
Total cash and cash equivalents, and restricted cash, percentage	81.00%	85.00%
China (Mainland) [Member]
Country:
Total cash and cash equivalents, and restricted cash	$ 55	$ 400

v3.24.3

Subsequent Events (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Subsequent Events [Line Items]
Par value	$ 0.001
Class A Ordinary Shares [Member]
Subsequent Events [Line Items]
Authorized shares	200,000,000	200,000,000
Par value	$ 0.001	$ 0.001
Class B Ordinary Shares [Member]
Subsequent Events [Line Items]
Authorized shares	200,000,000	200,000,000
Par value	$ 0.001	$ 0.001
Maximum [Member]
Subsequent Events [Line Items]
Authorized shares	400,000,000

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