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Advances to Suppliers and Other Current Assets | 6 Months Ended
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Jun. 30, 2024
Advances to Suppliers and Other Current Assets [Abstract] |
ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS | 8. ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS The amount of other current assets consisted of the followings:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Prepayments for Supply Chain Financing/Trading |  | $ | 5,582,840 |  |  | $ | 2,743,539 |
Prepaid expenses |  |  | 10,056,402 |  |  |  | 29,694 |
Deposit |  |  | 3,788,117 |  |  |  | - |
Others |  |  | 1,091,055 |  |  |  | 1,056,562 |
Total |  | $ | 20,518,414 |  |  | $ | 3,829,795 |
As of June 30, 2024, prepaid expenses were $10.06 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 365 man-days. On March 8, 2024, the Company paid the remaining balance $2.58 million. In addition, other receivables included total $0.58 million prepayments to a third party.

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