Advances to Suppliers and Other Current Assets

9 Months Ended

Sep. 30, 2024

Advances to Suppliers and Other Current Assets [Abstract]

ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS

7. ADVANCES TO SUPPLIERS AND OTHER CURRENT ASSETS

The amount of other current assets consisted of the followings:

	September 30,		December 31,
	2024		2023
Prepayments for Supply Chain Financing/Trading	$	3,412,610	$	2,743,539
Prepaid expenses		11,545,355		29,694
Deposit		595,171		-
Others		3,657,362		1,056,562
Total	$	19,210,498	$	3,829,795

As of September 30, 2024, prepaid expenses were $11.55 million.

On February 3, 2023, Future Fintech Group Inc. entered into a “Consulting Agreement” with a third party for its professional service of potential acquisition projects. Future Fintech Group Inc. provided initial amount of cash deposit to the third party in the amount of $2.40 million.

On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Mobile Software Application Development Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $4.00 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.00 million. Development shall take 250 man-days.

On December 6, 2023, Future Fintech (Hong Kong) Limited entered into a “Augmented Reality (AR) Group Development and Service Agreement” with a third-party. Future Fintech (Hong Kong) Limited shall pay $7.08 million. Future Fintech (Hong Kong) Limited provided initial amount of cash deposit to the third party in the amount of $2.50 million. Development shall take 365 man-days. As of September 30, 2024, Future Fintech (Hong Kong) Limited paid the remaining balance $4.58 million.

In addition, other receivables included total $0.10 million prepayments to a third party.