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Prepayments and Other Receivables | 3 Months Ended
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Mar. 31, 2025
Prepayments and Other Receivables [Abstract] |
Prepayments and Other Receivables |
6. | Prepayments and Other Receivables
Prepayments and other receivables as of December 31, 2024 and March 31, 2025 consisted of the following:
|  | December 31, |  |  | March 31, |
|  | 2024 |  |  | 2025 |
VAT recoverable |  | $ | 2,444,726 |  |  | $ | 2,898,590 |
Prepayments to suppliers |  |  | 7,992,672 |  |  |  | 6,806,532 |
Deposits |  |  | 83,754 |  |  |  | 83,496 |
Staff advances |  |  | 76,096 |  |  |  | 143,986 |
Prepaid operating expenses |  |  | 501,218 |  |  |  | 501,507 |
Interest receivable |  |  | 92,515 |  |  |  | 202,311 |
Receivables from customers for non-operating agency-based service |  |  | 8,845,759 |  |  |  | 7,321,568 |
Other receivables |  |  | 258,219 |  |  |  | 254,720 |
|  |  | 20,294,959 |  |  |  | 18,212,710 |
Less: Allowance for credit losses |  |  | (289,993 | ) |  |  | (221,445 | )
|  | $ | 20,004,966 |  |  | $ | 17,991,265 |
An analysis of the allowance for credit losses are as follows:
Balance as at January 1, 2025 |  | $ | 289,993 |
Current period provision, net |  |  | (69,934 | )
Foreign exchange adjustment |  |  | 1,386 |
Balance as of March 31, 2025 |  | $ | 221,445 |

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