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Advances to Suppliers and Other Current Assets | 9 Months Ended
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Sep. 30, 2024
Advances to Suppliers and Other Current Assets [Abstract] |
ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS | 7. ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS The amount of other current assets consisted of the followings:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Prepayments for Supply Chain Financing/Trading |  | $ | 3,412,610 |  |  | $ | 2,743,539 |
Prepaid expenses |  |  | 11,545,355 |  |  |  | 29,694 |
Deposit |  |  | 595,171 |  |  |  | - |
Others |  |  | 3,657,362 |  |  |  | 1,056,562 |
Total |  | $ | 19,210,498 |  |  | $ | 3,829,795 |
As of September 30, 2024, prepaid expenses were $11.55 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 $7.08 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. As of September 30, 2024, Future Fintech (Hong Kong) Limited paid the remaining balance $4.58 million. In addition, other receivables included total $0.10 million prepayments to a third party.

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