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Prepayments and Other Receivables | 12 Months Ended
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Dec. 31, 2024
Prepayments and Other Receivables [Abstract] |
Prepayments and Other Receivables |
| 7. | Prepayments and Other Receivables
Prepayments and other receivables as of December 31, 2023 and 2024 consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2024 |
VAT recoverable |  | $ | 5,248,210 |  |  | $ | 2,444,726 |
Prepayments to suppliers |  |  | 1,341,596 |  |  |  | 7,992,672 |
Deposits |  |  | 108,492 |  |  |  | 83,754 |
Staff advances |  |  | 113,336 |  |  |  | 76,096 |
Prepaid operating expenses |  |  | 645,390 |  |  |  | 501,218 |
Interest receivable |  |  | - |  |  |  | 92,515 |
Receivables from customers for non-operating agency-based service |  |  | - |  |  |  | 8,845,759 |
Other receivables |  |  | 292,458 |  |  |  | 258,219 |
|  |  | 7,749,482 |  |  |  | 20,294,959 |
Less: Allowance for credit losses |  |  | (290,228 | ) |  |  | (289,993 | )
|  | $ | 7,459,254 |  |  | $ | 20,004,966 |
An analysis of the allowance for credit losses are as follows:
Balance as at January 1, 2023 |  | $ | 7,000 |
Current period provision, net |  |  | 284,238 |
Foreign exchange adjustment |  |  | (1,010 | )
Balance as at December 31, 2023 |  |  | 290,228 |
Current period provision, net |  |  | 7,729 |
Foreign exchange adjustment |  |  | (7,964 | )
Balance as at December 31, 2024 |  | $ | 289,993 |

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