| Schedule of Prepayment and Other Current Assets |
Prepayment and other current assets consist of
prepaid expenses, other receivables, and deposits. As of December 31, 2025 and 2024, prepayment and other current assets consisted of
the following:
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Loan receivable (1) | |
$ | 4,595,623 | | |
$ | 4,182,031 | |
| Prepaid input VAT | |
| - | | |
| 1,088 | |
| Other unit receivable (2) | |
| 5,194,172 | | |
| | |
| Deposits and others | |
| 17,292 | | |
| 1,147,517 | |
| Subtotal | |
| 9,807,087 | | |
| 5,330,636 | |
| Allowance for credit losses | |
| - | | |
| (1,155,768 | ) |
| Total prepayment and other current assets, net | |
$ | 9,807,087 | | |
$ | 4,174,868 | |
| (1) | In 2021, the Company entered into a loan agreement to lend $400,000 to AGM Group Ltd. In April 2022, the Company extended an additional $900,000 loan to AGM Group Ltd. at the interest rate of 1% as working capital support and change the amount to $1,200,000 on April 4, 2023. The loan was further extended to December 31, 2026 on December 5, 2025. As of December 31, 2025, the outstanding loan balance due from AGM Group Ltd. was $950,000. During the year ended December 31, 2025, the Company recognized interest income of $13,500 in connection with this loan. | | (2) | Other unit receivables primarily consisted of amounts due from Nanjing Lucun, a former subsidiary of the Company that was disposed of on May 7, 2025, which remained outstanding as of the balance sheet dates. |
| (3) | As of December 31, 2025, 2024 and 2023, the balance of credit
losses was nil, $1,155,768 and $1,155,768, respectively. |
|