OTHER NON-CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT ASSETS, NET [Abstract]

Other Non-Current Assets, Net

	December 31, 2023		December 31, 2022
Loan to the third party (1)	$	-	$	4,591,717
Deferred cost (2)		203,083		-
Deposit (3)		1,071,974		758,038
Long-term prepayment (4)		952,615		1,280,974
Total		2,227,672		6,630,729
Less: provision for loan to the third party and receivable from a third party		-		(4,591,717	)
Other non-current assets, net	$	2,227,672	$	2,039,012

(1) The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026. As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022. Full provision was made as of December 31, 2022, and the balance was written off as of December 31, 2023.

(2) Since May 2022, the Company entered a series of agreement with Jiangxi ZC Automobile Co., Ltd. (“Jiangxi ZC”) to cooperate on mold development. The agreement stipulated that the mold development fee shall be borne by the Company and Jiangxi ZC, with each bearing 50%, and that Jiangxi ZC would share the ownership of the mold assets with the Company upon completion of the payment. The Company recognized deferred cost borne by Jiangxi ZC before it met the cost reorganization criteria.

(3) The balance mainly consisted of the rental deposit.

(4) The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.