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ADVANCE TO SUPPLIERS | 12 Months Ended
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Dec. 31, 2024
Advance To Suppliers |
ADVANCE TO SUPPLIERS | NOTE 5 — ADVANCE TO SUPPLIERS Advance to suppliers consists of the following: SCHEDULE OF ADVANCE TO SUPPLIERS
|  | December 31, 2024 |  |  | December 31, 2023 |
Advance to suppliers |  | $ | 871,856 |  |  | $ | 1,589,328 |
Less: impairment of advance to suppliers |  |  | (772,780 | ) |  |  | - |
Advance to suppliers, net |  | $ | 99,076 |  |  | $ | 1,589,328 |
An impairment of advance to suppliers of $772,780 and $nil was recorded during the years ended December 31, 2024 and 2023. In June 2024, we reached a tentative agreement regarding general settlement terms with one supplier who would make payment of approximately $312,500 to resolve the claim. Therefore, we wrote off $772,780 advance to the suppliers, reducing it from $1,085,280 to $312,500. The settlement agreement was finalized in August 2024, and related payment was received in October 2024. During the year ended December 31, 2023, we had no impairment of advance to suppliers.

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