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Prepaid Expenses and Other Current Assets

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Prepaid Expenses and Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:

	December 31,			June 30,
	2022			2023
Advances to suppliers	$	4,537		$	40,689
Value-added tax (“VAT”) prepayment		1,954			2,276
Advance for deferred cost of Business Combination ⁽¹⁾		1,325			-
Deferred IPO costs		868			-
Other receivables from third parties		763			804
Prepaid expenses and other current assets		9,447			43,769
Allowance for doubtful accounts		(177	)		(168	)
Prepaid expenses and other current assets, net	$	9,270		$	43,601

⁽¹⁾

The advance for deferred cost of Business Combination represented the advances to Goldenbridge Acquisition Limited (“GBRG”) in form of non-interest-bearing loans, pursuant to the agreement and plan of merger, dated as of May 23, 2022, which provides for a Business Combination between GBRG and Auto Services Group Limited. Such advance was provided to GBRG to extend the period of time for GBRG to consummate the Business Combination.

As of May 17, 2023, the Closing Date, the advance for deferred cost of Business Combination was of $1,499, and was expected to be converted into ordinary shares of the Company at a price of US$10 per share.

The Group assessed the collectability of other current assets, and recorded nil and nil provision for doubtful recoveries of advances to suppliers that the collectability is considered remote for the six months ended June 30, 2022 and 2023, respectively.

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets, net consisted of the following:

	December 31,
	2021			2022

Advances to suppliers	$	1,699		$	4,537
Value-added tax (“VAT”) receivables		3,246			1,954
Advance for deferred cost of Business Combination⁽¹⁾		-			1,325
Deferred IPO costs		-			868
Others		986			763
Prepaid expenses and other current assets		5,931			9,447
Allowance for doubtful accounts		(191	)		(177	)
Prepaid expenses and other current assets, net	$	5,740		$	9,270

(1)

The Group assessed the collectability of other current assets, and recorded $39, $148 and nil provision for doubtful recoveries of advances to suppliers that the collectability is considered remote for the years ended December 31, 2020, 2021 and 2022, respectively.

The movement of allowance for doubtful accounts for the years ended December 30, 2020, 2021 and 2022 were as following:

	For the years ended December 31,
	2020		2021		2022
Balance at the beginning of the year	$	-	$	41	$	191
Additions		39		148		-
Foreign currency translation		2		2		(14	)
Balance at the end of the year	$	41	$	191	$	177