1)

Due to disposal of Weiguan Ship in July 2023, the Company had a receivable from Weiguan Ship for $2,615,882 and $2,630,821 at June 30, 2024 and December 31, 2023, respectively, which was previously eliminated at consolidation before the disposal.

2)

On June 16, 2023, the Company entered a trilateral Corporation Agreement with Yun-Kuang Kung and Guangdong Weiguan Shipping Co., Ltd (“Weiguan Ship”, 100% owned by Mr. Kung after disposal of Weiguan Ship by the Company) to engage in yacht development leasing, dock operations, and related businesses in mainland China. Due to Mr. Kung’s extensive social relationship and rich business experience in China, the Company can do yacht leasing and dock operation business through Yinxin International Financial Leasing Co., Ltd (“Yinxin”) which was obtained through Mr. Kung’s personal channels, the Company advanced $313,743 (TWD 10,017,800), to Yun-Kuang Kung for a three-year term for developing the yacht business in China. Yun-Kuang Kung subsequently transferred the fund to Yinxin pursuant to the loan agreement.

Per the terms of the agreement, Weiguan Ship pledged a yacht with book value of $402,000 (RMB 2,900,000) and estimated fair market value of $494,000 (RMB 3,500,000) as collateral for the loan. Yinxin is responsible for repaying the entire loan amount at the end of the term. Upon full repayment of the principal, Mr. Kung will receive half of the net profits of Yinxin as dividend, on an annual basis. These dividends will then be transferred back to the Company by Mr. Kung.

In the event that Yinxin is unable to repay the full amount at maturity, the Company has the option to accept stock ownership from Yinxin or take possession of the pledged yacht as repayment.

As of June 30, 2024 and December 31, 2023, Vivic HK had a due to Yun-Kuang Kung of $293,307 and $106,337, respectively, resulting from Yun-Kuang Kung’s investment into Vivic HK on behalf of the Company.

After netting-off the amount of due-to and due-from Yun-Kuang Kung, the Company’s outstanding amount receivable from Yun-Kuang Kung was $186,970 and $220,828 as of June 30, 2024 and December 31, 2023, respectively.