NOTE 5 – DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES, NET

Deposits, prepayments and other receivables, net consist of the following:

SCHEDULE OF DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

During the year ended December 31, 2023, the Company prepaid an aggregate consideration of $6,100,000 to obtain corporate advisory and training services from certain independent third party consultants. The service periods are ranged from March 2023 to December 2024. During the year ended December 31, 2024, the Company agreed with the independent third party consultants to extend the service periods to June 2025. The prepayments are amortized over the service periods and the consulting service fee was expensed to the general and administrative expenses in the consolidated statements of operations and comprehensive loss.

The movement of allowances for expected credit loss is as follow:

SCHEDULE OF ALLOWANCES FOR EXPECTED CREDIT LOSS

For the years ended December 31, 2024 and 2023, the Company has assessed the probable loss and made an allowance for expected credit losses of $1,749,619 and $0 on deposits, prepayments and other receivables, respectively.