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ADVANCE TO SUPPLIERS
 9 Months Ended
Sep. 30, 2025
Advance To Suppliers  
ADVANCE TO SUPPLIERS

NOTE 5 — ADVANCE TO SUPPLIERS

 

Advance to suppliers consisted of the following:

 

   September 30, 2025   December 31, 2024 
Advance to suppliers  $341,778   $871,856 
Less: impairment loss allowance due to irrecoverable prepayment   -    (772,780)
Advance to suppliers, net  $341,778   $99,076 

 

An impairment loss allowance of advances to suppliers of nil, nil, $29,883 and $772,780 impairment loss allowance of advances to suppliers was recorded during the three and nine months ended September 30, 2025 and 2024.

 

In June 2024, the Company reached a tentative agreement regarding general settlement terms with one supplier who would make payment of approximately $312,500 to resolve the claim. Therefore, the Company 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.