v3.25.2
Accrued Liabilities and Other Payables
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued Liabilities and Other Payables

Note 8 – Accrued Liabilities and Other Payables

 

Accrued liabilities and other payables consisted of the following as of June 30, 2025 and December 31, 2024:

 

   June 30, 2025   December 31, 2024 
         
Other payables  $438,304   $986,945 
Salary payable   4,688    8,727 
Marketing   10,000    10,000 
Financed insurance premiums   164,050    62,531 
Auditing fee   -    190,000 
Warranty liability   7,770    15,103 
Accrued commission   40,018    47,466 
Accrued expenses, others   322,635    362,261 
Total accrued liabilities and other payable  $987,465   $1,683,033 

 

As of June 30, 2025 and December 31, 2024, other accrued expenses mainly included legal and professional fees, utilities and unpaid operating expenses incurred in Malaysia. Other payables represented balance on credit card, other taxes payable, 401(k) payable and payable for marketing, shipping, director and showroom.

 

On September 12, 2023, Nova Malaysia entered into an agreement with a consulting firm to deliver consultancy service for AI Trends and Tools. Nova Malaysia agreed to pay 5,000,000 Malaysia Ringgit ($1,065,235) for the service. During 2024, Nova Malaysia paid 4,100,000 Malyaia Ringgit ($896,234) to the consultant and was recorded as consulting expense. The remaining balance was recorded as accrued expenses.

 

Note 8 – Accrued Liabilities and Other Payables

 

Accrued liabilities and other payables consisted of the following as of December 31, 2024 and December 31, 2023:

 

   December 31, 2024   December 31, 2023 
         
Other payables  $986,945   $139,722 
Salary payable   8,727    7,511 
Marketing   10,000    - 
Financed insurance premiums   62,531    69,337 
Auditing fee   190,000    125,000 
Warranty liability   15,103    27,545 
Accrued commission   47,466    58,669 
Accrued expenses, others   362,261    672,877 
Total accrued liabilities and other payable  $1,683,033   $1,100,661 

 

As of December 31, 2024 and 2023, other accrued expenses mainly included legal and professional fees, utilities and unpaid operating expenses incurred in Malaysia. Other payables represented balance on credit card, other taxes payable, 401(k) payable and payable for marketing, shipping, director and showroom.

 

On September 12, 2023, Nova Malaysia entered into an agreement with a consulting firm to deliver consultancy service for AI Trends and Tools. Nova Malaysia agreed to pay 5,000,000 Malaysia Ringgit ($1,065,235) for the service. During 2024, Nova Malaysia paid 4,100,000 Malyaia Ringgit ($896,234) to the consultant and was recorded as consulting expense. The remaining balance was recorded as accrued expenses.