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Deposit, Prepayments and Other Receivables , Net
 12 Months Ended
Dec. 31, 2023
Deposit, Prepayments and Other Receivables , Net  
DEPOSIT, PREPAYMENTS AND OTHER RECEIVABLES , NET

NOTE 10 — DEPOSIT, PREPAYMENTS AND OTHER RECEIVABLES , NET

 

Deposit, prepayment and other receivables, net consisted of the following: 

 

   As of December 31, 
   2023   2022 
Deposits  $710,702   $364,490 
Prepayments   1,026,767    104,262 
Other receivables   850,361    163,207 
    2,587,830    631,959 
Less: allowance for expected credit losses   (818,248)   (42,173)
Deposit, prepayment and other receivables, net  $1,769,582   $589,786 

 

The following table presents the activity in the allowance for expected credit losses:

 

   As of December 31, 
   2023   2022 
Balance at beginning of year  $42,173   $25,650 
Allowance for expected credit losses   774,070    16,509 
Foreign translation adjustment   2,005    14
Balance at end of year  $818,248   $42,173 

 

In accordance with ASC Topic 326, the Company accounts for its allowance for expected credit losses on deposit and other receivables using the CECL model. Periodic changes to the allowance for expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2023 and 2022, the Company has evaluated the probable losses on the deposit and other receivables and made an allowance for expected credit losses of $774,070 and $16,509.