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Other Current Assets
 3 Months Ended
Mar. 31, 2024
Other Current Assets [Abstract]  
OTHER CURRENT ASSETS

8. OTHER CURRENT ASSETS

 

The amount of other current assets consisted of the followings:

 

   March 31,   December 31, 
   2024   2023 
         
Prepayments for Supply Chain Financing/Trading  $4,016,482   $2,743,539 
Prepaid expenses   9,823,422    29,694 
Deposit   3,246,774    
-
 
Others   1,304,741    1,064,519 
Total  $18,391,419   $3,837,752 

 

As of March 31, 2024, prepaid expenses were 9.82 million.

 

On February 3, 2023, Future Fintech Group Inc. entered into a “Consulting Agreement” with a third party for its professional service of potential acquisition projects. Future Fintech Group Inc. provided initial amount of cash deposit to the third party in the amount of $2.40 million.

 

On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Mobile Software Application Development Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $4.00 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.00 million. Development shall take 250 man-days.

 

On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Augmented Reality (AR) Group Development and Service Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $5.08 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.50 million. Development shall take 180 man-days. On March 8, 2024, the Company pays the remaining balance $2.58 million.

  

In addition, other receivables included total $0.34 million prepayments to a third party.