XML 19 R9.htm IDEA: XBRL DOCUMENT

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2024

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 2 – ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consist of the following:

		June 30,				December 31,
		2024				2023
Trade accounts receivable			13,960,927				14,290,522
Less: allowance for doubtful accounts			(13,706,077	)			(13,786,074	)
Trade accounts receivable, net		$	254,850			$	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 $13.71 million and $13.79 million as of June 30, 2024 and December 31, 2023, respectively. The changes in the allowances for doubtful accounts during the three and six months ended June 30, 2024 and 2023 were as follows:

		For the Three Months Ended								For the Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Balance, Beginning of Period			13,759,993				16,955,959				13,786,074				16,739,527
Bad debt expense (reversal of allowance for doubtful accounts)			8,476				4,047				6,410				(5,989	)
Foreign currency translation adjustment			(62,392	)			(834,751	)			(86,407	)			(608,283	)
Balance, End of Period			13,706,077				16,125,255				13,706,077				16,125,255