PREPAYMENT AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]

Prepayment and Other Current Assets

Prepayment and other current assets consisted of the following:

	December 31, 2023		December 31, 2022
Advance to suppliers	$	12,579,554	$	9,877,337
Deductible input value added tax		6,238,040		4,097,162
Receivable from a third party (1)		1,000,000		-
Loans to a third party (2)		-		1,044,181
Receivable from third parties		-		678,887
Others		573,556		440,763
Prepayment and other current assets	$	20,391,150	$	16,138,330

(1) Receivable from a third party represented the redemption receivable of equity investment in Micro Money Fund SPC. The Company redeemed the investment of $1,000,000 in November 2023 and received the payment subsequently in January 2024.

(2) Loans to a third party represented an interest-bearing loan to HW Electro Co., Ltd. with principal amount of $1,000,000 as of December 31, 2022, with the annual interest rate of 5.00%, which will be due on February 7, 2023. On January 31, 2023, the Company entered into a debt conversion agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 for 1,143,860 shares of HW Electro Co., Ltd.’s common stock totaling 3.00% of its equity interest. The interest of the loan was repaid in February 2023.