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Accrued Expenses and Other Payables

3 Months Ended

Mar. 31, 2024

Accrued Expenses and Other Payables [Abstract]

14. ACCRUED EXPENSES AND OTHER PAYABLES

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

	March 31,		December 31,
	2024		2023

Legal fee and other professionals	$	1,055,018	$	832,263
Wages and employee reimbursement		165,550		509,288
Provision for legal case		10,598,380		8,875,265
Suppliers		841,874		731,521
Accruals		528,562		1,049,144
Total	$	13,189,384	$	11,997,481

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. On April 16, 2024, the Court issued an amended judgment, awarding FT Global $10,598,379.93, which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and $980,000.00 in attorney’s fees.