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ACCOUNT RECEIVABLES | 12 Months Ended
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Dec. 31, 2021
ACCOUNT RECEIVABLES |
Account Receivables | NOTE 8 – ACCOUNT RECEIVABLES As of December 31, 2021, account receivables is related to the services fee receivables from customers as follow:
|  | December 31, 2021 |  |  | December 31, 2020 |
Account receivables |  | $ | 5,627,463 |  |  | $ | 2,609,520 |
Account receivables- Related parties |  |  | 3,603,402 |  |  |  | - |
|  | $ | 9,230,865 |  |  | $ | 2,609,520 |
We generally receive the system service fee from YCloud users through Weijiafu and Changtongfu within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled 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 December 31, 2021, account receivable from two main customers are amounted to $9,230,865(2020: $2,609,520) and which is 100% (2020: 100%) of total account receivables. As of reporting date, all the services fee receivables has been fully settled from two main customers.

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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 http://asc.fasb.org/topic&trid=2196771 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -URI http://asc.fasb.org/topic&trid=82887179 + Details
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