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Prepayments and Other Receivables | 6 Months Ended
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Jun. 30, 2024
Prepayments and Other Receivables [Abstract] |
Prepayments and Other Receivables |
| 6. | Prepayments and Other Receivables
Prepayments and other receivables as of December 31, 2023 and June 30, 2024 consisted of the following:
|  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2024 |
Value added tax recoverable |  | $ | 5,248,210 |  |  | $ | 3,509,712 |
Prepayments to suppliers |  |  | 1,341,596 |  |  |  | 260,253 |
Deposits |  |  | 108,492 |  |  |  | 123,118 |
Staff advances |  |  | 113,336 |  |  |  | 191,302 |
Prepaid operating expenses |  |  | 645,390 |  |  |  | 599,193 |
Interest receivable |  |  | - |  |  |  | 301,217 |
Others |  |  | 292,458 |  |  |  | 314,026 |
|  |  | 7,749,482 |  |  |  | 5,298,821 |
Less: Allowance for credit losses |  |  | (290,228 | ) |  |  | (280,839 | )
|  | $ | 7,459,254 |  |  | $ | 5,017,982 |
An analysis of the allowance for credit losses are as follows:
Balance as at January 1, 2024 |  | $ | 290,228 |
Current period reversal, net |  |  | (2,775 | )
Foreign exchange adjustment |  |  | (6,614 | )
Balance as at June 30, 2024 |  | $ | 280,839 |

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