| OTHER NON-CURRENT ASSETS |
NOTE
17 — OTHER NON-CURRENT ASSETS
As
of December 31, 2024 and 2023, other non-current assets consist of:
SCHEDULE OF OTHER NON-CURRENT
ASSETS
| |
|
2024 |
|
|
2023 |
|
| |
|
As of December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Deposit for investment in FBPAL (1)
|
|
$ |
29,327,892 |
|
|
$ |
- |
|
| Amounts due from FBPAL (1)
|
|
|
6,595,180 |
|
|
|
- |
|
| Liquor license |
|
|
18,889 |
|
|
|
18,889 |
|
| Other non-current assets |
|
$ |
35,941,961 |
|
|
$ |
18,889 |
|
| (1) |
On March 14, 2024,
the Company issued 73,873,784 ordinary shares (“Consideration Shares”) at a market price of $0.3970 to LZG International
Inc (“LZGI”) for the acquisition of FB Prime Source Acquisition LLC (“FBPAL”) and its assets, subject to the
Asset Purchase Agreement dated on January 24, 2024. Subsequent to the share issuance, the Company has made cash payments in total of
US$6,595,180 to FBPAL between March and August, 2024, as post-closing funding commitment as per agreement. As of December 31, 2024, the
acquisition has been rescinded and such shares will not be converted into investment in a subsidiary through obtaining control of FBPAL.
Currently, the Company is under the arbitration process to request the return of 73,873,784 ordinary shares issued and US$6,595,180 cash
paid. (Refer to “NOTE 24 EQUITY — Shares Issued Related to Unconsummated Acquisition” for more details) |
|