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CASH AND CASH EQUIVALENTS
12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
CASH AND CASH EQUIVALENTS

5. CASH AND CASH EQUIVALENTS

 

As of December 31, 2024 and 2023 the Company had $2,040,243 and $4,832,460, respectively, of cash and cash equivalents, which consisted of $240,243 and $494,771, respectively, of cash in banks and $1,800,000 and $4,322,441, respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranges between 1.74% to 2.55% per annum. As of December 31, 2024 and 2023, $1,806,401 and $4,630,476 of these balances were not covered by deposit insurance, respectively.

 

 

AGAPE ATP CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Currency expressed in United States Dollars (“US$”), except for number of shares)