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Short-Term Loan Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Short-Term Loan Receivables [Abstract]

Schedule of Short Term Loan Receivables

The following table summarizes information with regard to short-term loan receivables outstanding as of December 31, 2024 and December 31, 2023, and the interest income from short-term loan receivables is $0 and $0 for the year ended December 31, 2024 and December 31, 2023.

		Interest Rate				December 31, 2024				December 31, 2023
LA PRIMERA CAPITAL INVESTMENTS			0%			$	30,000			$	30,000
AMERIDGE CORPORATION			0.1%				11,000				97,000
HANRYU BANK CO.LTD			0%				14,721,901				—
FNS CO.LTD			0%				250,332				—
Due to exchange rate fluctuations							—				4,080
(-) Allowance for credit losses							(15,012,895	)			—
Total short-term loans						$	338			$	131,080

*

For the fiscal year ended December 31, 2024, the Company wrote off short-term loan receivables in the amount of $16,179,823, based on the fact that more than six months had passed since the loan due dates and after assessing the recoverability of the amounts. Hanryu Bank Co. Ltd. and FNS Co. Ltd. were excluded from the consolidated subsidiaries as of 2024 due to the sale of all their shares.

*

Allowance for credit losses related to short-term loan receivables denominated in foreign currencies was recognized. The bad debt expense presented in the statement of operations was translated using the average exchange rate, while the allowance balance in the balance sheet was translated using the closing exchange rate. The difference between these amounts arises from exchange rate fluctuations and does not represent an actual change in the amount of credit loss or additional provision.

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- References

No definition available.

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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