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ACCOUNT RECEIVABLES | 6 Months Ended
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Jun. 30, 2022
ACCOUNT RECEIVABLES |
ACCOUNT RECEIVABLES | NOTE 8 – ACCOUNT RECEIVABLES As of June 30, 2022, account receivables is related to the services fee receivables from customers as follow:
|  | June 30, 2022 |  |  | December 31, 2021 |
Account receivables |  | $ | 761,987 |  |  | $ | 5,627,463 |
Account receivables- related parties |  |  | 336,020 |  |  |  | 3,603,402 |
|  | $ | 1,098,007 |  |  | $ | 9,230,865 |
We generally receive the system service fee from customers within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of accounts receivable. The Company does not require collateral for accounts receivables. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success. As of June 30, 2022, account receivable from non-related customers are amounted to $761,987 (December 31, 2021: $5,627,463) and related parties- Changtongfu are amounted to $336,020 (December 31, 2021: $3,603,402), which are 28.6% (December 31, 2021: 64%) of total revenue. As of reporting date, all the services fee receivables has been fully settled from 4 main non-related customers and 1 related party customer- Changtongfu.

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI https://asc.fasb.org/topic&trid=2196771 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -URI https://asc.fasb.org/topic&trid=82887179 + Details
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- References No definition available. + Details
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