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ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Payables and Accruals [Abstract] |  |
SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES | Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | As of |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  |  |  | (Unaudited) |
Equipment purchase payable |  | $ | 987,811 |  |  | $ | 1,005,770 |
Long-term payments of leaseback, current (1) |  |  | 307,694 |  |  |  | 636,733 |
Advance from customer |  |  | 304,488 |  |  |  | 303,899 |
Interest payable |  |  | 161,043 |  |  |  | 157,289 |
Payroll and welfare payable |  |  | 173,925 |  |  |  | 128,540 |
Deposit |  |  | - |  |  |  | 44,366 |
VAT payable |  |  | 27,545 |  |  |  | 7,190 |
Long-term payable, current portion |  |  | 7,445 |  |  |  | - |
Others |  |  | 69,378 |  |  |  | 27,590 |
Total |  | $ | 2,039,329 |  |  | $ | 2,311,377 |
| (1) | During the six months ended June 30, 2023 and 2024, the Company continuously entered into certain sale-and-leaseback arrangements for the purpose of obtaining financing. As a result of the available repurchase option, for accounting purposes these sale-and-leaseback arrangements are accounted for as a financing rather than a sale. Loans payables resulted from such financing were pledged by the Company’s machinery and equipment, amounted to US$485,070 and US$866,826 as of December 31, 2023 and June 30, 2024, respectively. The loans payables were installment maturity and due in July 2026 with annual interest rate ranging from 9.4% to 10.2%. The interest expenses were US$23,738 and US$17,688 for the six months ended June 30, 2023 and 2024, respectively.
| Accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Equipment purchase payable |  | $ | 1,027,996 |  |  | $ | 987,811 |
Long-term payments of leaseback, current (1) |  |  | 366,753 |  |  |  | 307,694 |
Advance from customer |  |  | 189,192 |  |  |  | 304,488 |
Payroll and welfare payable |  |  | 175,626 |  |  |  | 173,925 |
Interest payable |  |  | 165,821 |  |  |  | 161,043 |
Long-term payable, current portion (2) |  |  | 15,746 |  |  |  | 7,445 |
VAT payable |  |  | 1,727 |  |  |  | 27,545 |
Others |  |  | 79,070 |  |  |  | 69,378 |
Total |  | $ | 2,021,931 |  |  | $ | 2,039,329 |
(1) | During the years ended December 31, 2022 and 2023, the Company continuously entered into certain sale-and-leaseback arrangements for the purpose of obtaining financing. As a result of the available repurchase option, for accounting purposes these sale-and-leaseback arrangements are accounted for as a financing rather than a sale. Loans payables resulted from such financing were pledged by the Company’s machinery and equipment, amounted to US$478,088 and US$485,070 as of December 31, 2022 and 2023, respectively. The loans payables are repayable in installments from February 2022 to November 2025 with an annual interest rate of 10%. The interest expenses were US$52,524 and US$23,562 for the years ended December 31, 2022 and 2023, respectively.
(2) | In June 2022, the Company obtained a vehicle mortgage loan from a third party at an annual interest rate of 7.5%, with the payables are repayable in installments from June 2022 to June 2024. The assets value of pledged vehicle is US$ 22,318, and the interest expenses were US$1,006 and US$702 for the year ended December 31, 2022 and 2023.

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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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