Property and Equipment, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT, NET | 9. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consist of the following:
Depreciation expenses totaled $226,158, $172,394, and $241,842 for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, the Company purchased three properties in Beijing, Shanghai and Japan for a total purchase price of approximately $3.0 million to be used as office for Beijing Boya, Shanghai Huijing and Zhongchao Japan, the VIE’s subsidiaries and one subsidiary of the Company.
During the year ended December 31, 2023, the Company demolished one building in Beijing and disposed certain vehicle and office equipment. In May 2023, the Company received a notice from local government to demolish its building as it violated certain law and location regulation. The total carrying value of the demolished building and disposed vehicle and office equipment was $1,433,889. The Company recorded loss from the disposal of the building and office equipment of $1,402,255 as “Loss from disposal of property and equipment” in the consolidated statements of operations and comprehensive loss. |
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