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PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Prepaid Expenses And Other Current Assets Net |  |
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS | Prepayments and other current assets, net consisted of the following: SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | As of |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  |  |  | (Unaudited) |
Loans to a third party (1) |  | $ | 581,229 |  |  | $ | 906,356 |
Deductible input VAT |  |  | 225,735 |  |  |  | 179,891 |
Advance to suppliers |  |  | 20,682 |  |  |  | 21,467 |
Prepaid expense |  |  | 13,073 |  |  |  | 405 |
Advance to employee |  |  | 109 |  |  |  | 186 |
Deposit |  |  | 34,291 |  |  |  | - |
Total |  | $ | 875,119 |  |  | $ | 1,108,305 |
(1) | On November 1, 2023, MKD BVI lent US$575,000 to Cetus Sponsor LLC with an annual interest of 6.5%. The loan is used to pay the application fee for the extension of business combination between the Company and Cetus Capital and shall be repaid on the earlier of i) the date on which the Cetus Capital consummates an initial business combination with a target business, and ii) May 2, 2024. The Company is currently negotiating with Cetus Sponsor LLC to postpone the repayment date of the loan to December 31, 2025. On February 1, 2024, MKD BVI lent US$300,000 to Cetus Sponsor LLC with an annual interest of 6.5%. The loan is used to pay the application fee for the extension of business combination between the Company and Cetus Capital and shall be repaid on the earlier of i) the date on which the Cetus Capital consummates an initial business combination with a target business, and ii) May 2, 2024. The Company is currently negotiating with Cetus Sponsor LLC to postpone the repayment date of the loan to December 31, 2025. The balance consisted of the principal amount lent to Cetus Sponsor LLC and accrued interest receivables.
| Prepayments and other current assets, net consisted of the following: SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Loan to a third party(1) |  | $ | - |  |  | $ | 581,229 |
Deductible input VAT |  |  | 103,753 |  |  |  | 225,735 |
Deposit |  |  | - |  |  |  | 34,291 |
Advance to suppliers |  |  | 18,376 |  |  |  | 20,682 |
Prepaid expense |  |  | 14,645 |  |  |  | 13,073 |
Advance to employee |  |  | 20,844 |  |  |  | 109 |
Total |  | $ | 157,618 |  |  | $ | 875,119 |
(1) | On November 1, 2023, MKD BVI lent US$575,000 to Cetus Sponsor LLC with an annual interest of 6.5%. The loan is used to pay the application fee for the extension of business combination between the Company and Cetus Capital Acquisition Corp. (“Cetus Capital”) and shall be repaid on the earlier of i) the date on which the Cetus Capital consummates an initial business combination with a target business, and ii) May 2, 2024. The Company is currently negotiating with Cetus Sponsor LLC to postpone the repayment date of the loan to December 31, 2025.

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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