XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Advances to Suppliers and Other Current Assets
 6 Months Ended
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.