XML 190 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Long-Term Investments

Long-term investments

 

As of December 31,
   

2024

  

2023

Factory Automation Technology Co., Ltd.(1)

  

$

268,271

  

$

195,555

Fully Compulsory Convertible Debentures (“CCDs”)(2)

  

 

76,605

  

 

—

Total

  

$

344,876

  

$

195,555

(1)      The Group held 3.66% of equity interest Factory Automation Technology Co., Ltd., which was accounted for at fair value with all fair value changes recognized in profit or loss on long-term investment in the consolidated statements of operations and comprehensive loss. Gain of $87,482 and loss of $466,262 were recognized for this investment for the years ended December 31, 2024 and 2023, respectively. The investment is classified within Level 3 of the fair value hierarchy due to the lack of quoted market prices and limited observable inputs.

(2)      The Group purchased CCDs issued by Indian Ale Ventures Private Limited during the year ended December 31, 2024 with the consideration of INR 6,250,000 (approximately $76,605). The investment was accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Group in accordance with ASC topic 321, Investments — Equity Securities. There was no impairment recognized for the year ended December 31, 2024. The investment is classified within Level 3 of the fair value hierarchy due to the lack of quoted market prices and limited observable inputs.