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Prepayments and Other Receivables
 12 Months Ended
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