XML 47 R23.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Accrued Expenses and Other Payables
 12 Months Ended
Dec. 31, 2023
Accrued Expenses and Other Payables [Abstract]  
ACCRUED EXPENSES AND OTHER PAYABLES

16. ACCRUED EXPENSES AND OTHER PAYABLES 

 

The amount of accrued expenses and other payables were consisted of the followings:

 

   December 31,   December 31, 
   2023   2022 
         
Legal fee and other professionals  $832,263   $533,048 
Wages and employee reimbursement   509,288    763,983 
Provision for legal case   8,875,265    - 
Suppliers   731,521    708,287 
Accruals   1,049,144    103,459 
Total  $11,997,481   $2,108,777 

 

In January 2021, FT Global Capital, Inc. (“FT Global”), a former placement agent of the Company filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia. FT Global served the complaint upon the Company in January 2021. In the complaint, FT Global alleges claims, most of which attempt to hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement between FT Global and the Company in July 2020 which had a term of three months. FT Global claims that the Company failed to compensate FT Global for securities purchase transactions between December 2020 and April 2021, pursuant to the terms of the expired exclusive placement agent agreement. On April 11, 2024, on which date the jury returned a verdict in favor of FT Global and the Court entered a judgment awarding FT Global $8,875,265.