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ACCRUED EXPENSES AND OTHER LIABILITIES | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Payables and Accruals [Abstract] |  |
ACCRUED EXPENSES AND OTHER LIABILITIES | 11. 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.
| 12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES 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 The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 720 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483384/720-30-45-1 + Details
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