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Other Receivables, Net | 12 Months Ended
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Dec. 31, 2024
Other Receivables, Net [Abstract] |
OTHER RECEIVABLES, NET |
4. | OTHER RECEIVABLES, NET
Other receivables consist of the following:
|  | December 31, 2024 |  |  | December 31, 2023 |
Deposit to non-trade suppliers |  | $ | 71,326 |  |  | $ | 51,315 |
Loan receivable |  |  | 18,553 |  |  |  | 18,553 |
Prepayments |  |  | 222,022 |  |  |  | 172,996 |
Allowance for expected credit losses |  |  | (161,620 | ) |  |  | (162,894 | )
Total other receivables, net |  | $ | 150,281 |  |  | $ | 79,970 |
Movements of allowance for expected credit losses are as follows: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 162,894 |  |  | $ | 170,842 |
Addition |  |  | 2,014 |  |  |  | 228 |
Reverse |  |  | (3,288 | ) |  |  | (8,176 | )
Ending balance |  | $ | 161,620 |  |  | $ | 162,894 |
Prepayments primarily consist of amounts advanced to suppliers in connection with the Company’s commodity trading activities. The increase in the balance as of December 31, 2024, reflects the Company’s higher trading volume during the year. During the year ended December 31, 2024, the Company recognized impairment losses of approximately US$137.1 million on certain prepayments that were determined to be unrecoverable.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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