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Prepayment and Other Current Assets - Schedule of Prepayment and Other Current Assets (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Prepayment and Other Current Assets [Abstract]      
Loan receivable [1] $ 4,182,031 $ 3,796,003  
Prepaid input VAT 1,088 1,105  
Deposits and others 1,147,517 1,148,760  
Subtotal 5,330,636 4,945,868  
Allowance for credit losses (1,155,768) [2] (1,155,768) [2]
Total prepayment and other current assets $ 4,174,868 $ 3,790,100  
[1]

In 2021, the Company entered into a loan agreement to lend $400,000 to AGM Group Ltd. In April 2022, both parties agreed to increase the loan amount by additional $900,000 at the interest rate of 1% as working capital support and further increased the amount to $1,200,000 on April 4, 2023. As of December 31, 2024, the total amount of loans to AGM Group Ltd. was $1,350,000, generating interest income of $37,978.

 

On April 10, 2022, 19 July, 2022 and 18 October, 2022, the Company entered into a loan agreement with a third party, Muliang Agriculture Limited, to lend $280,000, $20,000 and $5,000 at the interest rate of 1% for one year as working capital support. On April 9, 2023, both parties agreed to extend the term to December 31, 2024 and increased the amount to a total of $600,000. On December 3, 2024, both parties agreed to further extend the term to December 31, 2025. As of December 31, 2024, the total amount of loans to Muliang Agriculture Limited was $465,000, generating interest income of $10,408.

 

On March 1, 2023, the Company entered into a loan agreement with a third party, Northnew Management Limited, to lend $2,000,000 at the interest rate of 1%. On March 10, 2024, both parties agreed to extend the term to December 31, 2024 and increased the amount to $2,300,000. On December 11, 2024, both parties agreed to further extend the term to December 31, 2025. As of December 31, 2024, the total amount of loans to Northnew Management Limited was $2,295,426, generating interest income of $28,535.
[2] The Company recorded credit losses of nil, $1,155,768 and nil for the year ended December 31, 2024, 2023 and 2022.