NOTE 16 – OTHER LIABILITIES

Other Current Liabilities

As of June 30, 2025, and December 31, 2024, other current liabilities were $1,230,606 and $1,090,063, respectively. The components of other current liabilities are as follows:

Other current payables include any amounts due to parties that do not meet the requirements to be classified as accounts payable, such as interest payable, fines, penalties, employee receivables, fees, etc.

Other Non-Current Liabilities

As of June 30, 2025, and December 31, 2024, other non-current liabilities were $6,132,222 and $6,658,377, respectively. The components of other non-current liabilities are as follows:

The deferred tax liabilities resulted from the Meridian Purchase and Classics Holdings acquisition, which led to the recognition of intangible assets and corresponding deferred tax liabilities. These deferred tax liabilities will be amortized in line with the amortization of the related intangible assets.