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Accrued Expenses and Other Payables

9 Months Ended

Sep. 30, 2024

Account Payables [Abstract]

ACCRUED EXPENSES AND OTHER PAYABLES

14. ACCRUED EXPENSES AND OTHER PAYABLES

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

		September 30,				December 31,
		2024				2023

Legal fee and other professionals		$	543,936			$	828,310
Wages and employee reimbursement			400,508				290,487
Provision for legal case			10,598,380				8,875,265
Suppliers			721,447				731,521
Accruals			1,244,856				1,049,127
Total		$	13,509,127			$	11,774,710

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 (the “Court”). 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, 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.