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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 12 — PROPERTY AND EQUIPMENT, NET

 

Property and equipment consisted of the following:

 

   As of December 31, 
   2023   2022 
As cost:        
Land and building  $1,885,786   $7,881,202 
Furniture, fixtures and equipment   39,743    13,412 
Computer equipment   243,314    164,536 
Motor vehicles   108,989    108,994 
    2,277,832    8,168,144 
Less: accumulated depreciation   (556,548)   (808,728)
Property and equipment, net  $1,721,284   $7,359,416 

 

Depreciation expense for the years ended December 31, 2023 and 2022 were $261,323 and $392,873, respectively.

 

For the year ended December 31, 2023, the Company sold one of its office premises to an independent third party for a consideration of $6.13 million and a gain on disposal of $664,816 was recognized. The office premise was pledged for a mortgage loan (see Note 13).