| OTHER NON-CURRENT ASSETS |
NOTE
19 — OTHER NON-CURRENT ASSETS
As
of December 31, 2025 and 2024, other non-current assets consist of:
SCHEDULE OF OTHER NON-CURRENT
ASSETS
| |
|
2025 |
|
|
2024 |
|
| |
|
As of December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Deposit for investment in FBPAL (1)
|
|
$ |
29,327,892 |
|
|
$ |
29,327,892 |
|
| Amounts due from FBPAL (1)
|
|
|
6,595,180 |
|
|
|
6,595,180 |
|
| Liquor license |
|
|
18,889 |
|
|
|
18,889 |
|
| Other non-current assets |
|
$ |
35,941,961 |
|
|
$ |
35,941,961 |
|
| (1) |
On
March 14, 2024, the Company issued 73,873,784 ordinary shares (“Consideration Shares”) at a market price of US$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the acquisition has been rescinded and such shares will not be converted into investment in a subsidiary through obtaining control of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 25 EQUITY — Shares Issued Related to Unconsummated Acquisition” for more details) |
|