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Prepayments, Deposits and Other Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Prepayments, Deposits and Other Assets, Net [Abstract] |
Schedule of Prepayments, Deposits and Other Assets, Net | Prepayments, deposits and other assets, net consisted of the following:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Security deposits (1) |  | $ | 248,146 |  |  | $ | 216,446 |
Advances to suppliers |  |  | 2,032,099 |  |  |  | 564,810 |
Advances to employees |  |  | 46,293 |  |  |  | 141,249 |
Prepaid expense |  |  | 1,099,950 |  |  |  | 976,788 |
Prepayment for potential acquisition (2) |  |  | 15,906,186 |  |  |  | - |
Antique art pieces (3) |  |  | 59,651,975 |  |  |  | - |
Others |  |  | 6,511 |  |  |  | 139,976 |
|  |  | 78,991,160 |  |  |  | 2,039,269 |
Less: Long term portion |  |  | (76,274,752 | ) |  |  | (226,544 | )
Allowance for credit losses |  |  | (281,694 | ) |  |  | (364,973 | )
Prepayments, deposits and other assets – current portion |  | $ | 2,434,714 |  |  | $ | 1,447,752 |
(1) | Security deposits mainly represent contract fulfillment deposits required by customer for specific projects, rent deposits and etc.
(2) | On March 24, 2023, the Company entered into an equity transfer agreement with a shareholder of DTI Group Limited (“DTI”), pursuant to which the Company agreed to prepay 698,301 shares (equivalent to $15,906,186) to purchase 32% equity of DTI.
(3) | Details refer to Note 6
Schedule of Allowance for Credit Losses | Movement of allowance for credit losses is as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 364,973 |  |  | $ | 313,844 |  |  | $ | 306,513 |
Provision for credit losses |  |  | - |  |  |  | 75,000 |  |  |  | 88,846 |
Written-off |  |  | (75,000 | ) |  |  | - |  |  |  | (88,846 | )
Foreign currency translation adjustments |  |  | (8,279 | ) |  |  | (23,871 | ) |  |  | 7,331 |
Ending balance |  | $ | 281,694 |  |  | $ | 364,973 |  |  | $ | 313,844 |

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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- Definition Tabular disclosure of allowance for credit loss of financing receivable, classified as current. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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