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OTHER NON-CURRENT ASSETS
 12 Months Ended
Dec. 31, 2025
Non-current assets [abstract]  
OTHER NON-CURRENT ASSETS

NOTE 19 — OTHER NON-CURRENT ASSETS

 

As of December 31, 2025 and 2024, other non-current assets consist of:

 

   2025   2024 
   As of December 31, 
   2025   2024 
Deposit for investment in FBPAL (1)  $29,327,892   $29,327,892 
Amounts due from FBPAL (1)   6,595,180    6,595,180 
Liquor license   18,889    18,889 
Other non-current assets  $35,941,961   $35,941,961 

 

(1) On March 14, 2024, the Company issued 73,873,784 ordinary shares (“Consideration Shares”) at a market price of US$0.3970 to LZG International Inc (“LZGI”) for the acquisition of FB Prime Source Acquisition LLC (“FBPAL”) and its assets, subject to the Asset Purchase Agreement dated on January 24, 2024. Subsequent to the share issuance, the Company has made cash payments in total of US$6,595,180 to FBPAL between March and August, 2024, as post-closing funding commitment as per agreement. As of December 31, 2024, the acquisition has been rescinded and such shares will not be converted into investment in a subsidiary through obtaining control of FBPAL. Currently, the Company is under the arbitration process to request the return of 73,873,784 ordinary shares issued and US$6,595,180 cash paid. (Refer to “NOTE 25 EQUITY — Shares Issued Related to Unconsummated Acquisition” for more details)