XML 55 R46.htm IDEA: XBRL DOCUMENT v3.24.3
Prepayments, Deposits and Other Assets, Net (Details) - Schedule of Prepayments, Deposits and Other Assets, Net - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Schedule of Prepayments, Deposits and Other Assets, Net [Abstract]    
Security deposits [1] $ 287,621 $ 248,146
Advances to suppliers 1,964,693 2,032,099
Advances to employees 107,772 46,293
Prepaid expense 815,742 1,099,950
Prepayment for potential acquisition [2] 15,906,186 15,906,186
Antique art pieces [3] 45,479,830 59,651,975
Deferred financing cost 237,430
Others 3,030 6,511
Prepayments, deposits and other assets, net 64,802,304 78,991,160
Less: Long term portion (46,275,401) (76,274,752)
Allowance for credit losses (281,694)
Prepayments, deposits and other assets – current portion $ 18,526,903 $ 2,434,714
[1] Security deposits mainly represent contract fulfillment deposits required by customer for specific projects, rent deposits and etc.
[2] On March 24, 2023, the Group entered into an equity transfer agreement with a shareholder of DTI Group Limited (“DTI”), pursuant to which the Group agreed to prepay 698,301 shares (split-adjusted 34,915 shares, equivalent to $15,906,186) to purchase 32% equity of DTI.
[3] On January 5, 2023, the Group received 20 antique art pieces to settle $59,651,975 (RMB411,157,212) from a debt extinguish agreement. On May 1, 2024, the Group settled 7 antique art pieces as a purchase consideration to acquire Hongchuangxin (details refer to Note 3).