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Other Receivables, Net
 12 Months Ended
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.