Accounts Receivable, Net

12 Months Ended

Dec. 31, 2024

NOTE 7 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	As of December 31,
	2024			2023
Accounts receivable	$	3,388		$	3,283
Accounts receivable – related parties		1,100			1,094
Less: allowance for expected credit losses		(1,615	)		(312	)
Accounts receivable, net	$	2,873		$	4,065

The accounts receivable due from related parties represented the management service rendered to the portfolio assets of related companies, which are controlled by stockholder, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.

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

	As of December 31,
	2024		2023
Balance at beginning of year	$	312	$	94
Additions from acquisition of subsidiaries		386		—
Additions		914		217
Foreign translation adjustment		3		1
Balance at end of year	$	1,615	$	312

The Company generally conducts its business with creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

For the years ended December 31, 2024 and 2023, the Company has assessed the probable loss and made a provision for allowance for expected credit losses of approximately $0.9 million and $0.2 million on accounts receivable, respectively.