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Concentration of Credit Risk
12 Months Ended
Dec. 31, 2024
Concentration of Credit Risk [Abstract]  
Concentration of Credit Risk

Note 14 – Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits and loan receivable.

Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At December 31, 2024 and 2023, the Company had $nil and $4,458,402 in excess of the FDIC insured limit, respectively. As of December 31, 2024 and 2023, $3,267 and $211,222 were deposited with a financial institution located in the PRC, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

As of December 31, 2024, the loan receivable was written off due to it was more likely than not uncollectible, and the company recognized credit loss on the consolidated statements of operations.