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Prepayments and Other Receivable
 6 Months Ended
Jun. 30, 2023
Prepayments and Other Receivable [Abstract]  
Prepayments and Other Receivable

5. Prepayments and Other Receivable

 

Prepayments and other receivable as of December 31, 2022 and June 30, 2023 consisted of the following:

 

   December 31,   June 30, 
   2022   2023 
Value added tax recoverable  $4,234,082   $3,913,812 
Prepayments to suppliers   220,671    240,667 
Deposits   43,914    93,872 
Staff advances   51,826    116,532 
Prepaid operating expenses   706,190    515,807 
Receivables from sales of vehicles   371,105    146,684 
Others   294,292    280,057 
    5,922,080    5,307,431 
Less: Allowance for credit losses   (7,000)   (40,385)
   $5,915,080   $5,267,046 

 

An analysis of the allowance for credit losses are as follows:

 

Balance as at December 31, 2022  $7,000 
Adoption of ASC Topic 326   
-
 
Balance as at January 1, 2023   7,000 
Current period provision, net   34,978 
Foreign exchange adjustment   (1,593)
Balance as at June 30, 2023  $40,385