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Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2024
Accounts Receivable, Net [Abstract]  
ACCOUNTS RECEIVABLE, NET

NOTE 2 – ACCOUNTS RECEIVABLE, NET

 

Accounts receivable, net, consist of the following:

 

   March 31,   December 31, 
   2024   2023 
Trade accounts receivable  $14,118,758   $14,290,522 
Less: allowance for doubtful accounts   13,759,993    13,786,074 
Trade accounts receivable, net  $358,765   $504,448 

 

We recognize bad debt expenses per actual write-offs as well as changes of allowance for doubtful accounts. To the extent that our current allowance for doubtful accounts is higher than that of the previous period, we recognize a bad debt expense for the difference during the current period, and when the current allowance is lower than that of the previous period, we recognize a bad debt credit for the difference. The allowance for doubtful account balances were $13.76 million and $13.79 million as of March 31, 2024 and December 31, 2023, respectively. The changes in the allowances for doubtful accounts during the three months ended March 31, 2024 and 2023 were as follows:

 

   For the Three Months Ended 
   March 31, 
   2024   2023 
Balance, Beginning of Period  $13,786,074   $16,739,527 
Reversal of allowance for doubtful accounts   (2,066)   (10,036)
Foreign currency translation adjustment   (28,147)   226,468 
Balance, End of Period  $13,759,993   $16,955,959