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SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]      
Equipment purchase payable $ 1,005,770 $ 987,811 $ 1,027,996
Long-term payments of leaseback, current 636,733 [1] 307,694 [1],[2] 366,753 [2]
Advance from customer 303,899 304,488 189,192
Interest payable 157,289 161,043 165,821
Payroll and welfare payable 128,540 173,925 175,626
Deposit 44,366  
VAT payable 7,190 27,545 1,727
Long-term payable, current portion 7,445 [3] 15,746 [3]
Others 27,590 69,378 79,070
Total $ 2,311,377 $ 2,039,329 $ 2,021,931
[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.
[2] 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$23,562 for the years ended December 31, 2022 and 2023, respectively.
[3] In June 2022, the Company obtained a vehicle mortgage loan from a third party at an annual interest rate of 7.5%, with the payables are repayable in installments from June 2022 to June 2024. The assets value of pledged vehicle is US$ 22,318, and the interest expenses were US$1,006 and US$702 for the year ended December 31, 2022 and 2023.