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Accounts Receivable, Net | 12 Months Ended
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Dec. 31, 2024
Accounts Receivable, Net [Abstract] |
ACCOUNTS RECEIVABLE, NET | NOTE 2 – ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consist of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Trade accounts receivable |  |  | 13,819,322 |  |  |  | 14,290,522 |
Less: allowance for credit losses |  |  | (13,587,182 | ) |  |  | (13,786,074 | )
Trade accounts receivable, net |  | $ | 232,140 |  |  | $ | 504,448 |
Our allowance for credit losses estimate practice using the current expected credit loss method is that we consider accounts receivable balances aged within 180 days current, except for any individual uncollectible account assessed by management. We account for the following respective percentage as bad debt allowance based on age of the accounts receivables: 10% of accounts receivable that are between 180 days and 365 days old, 70% of accounts receivable that are between 365 days and 720 days old, and 100% of accounts receivable that are greater than 720 days old. We recognize credit losses 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 credit loss for the difference during the current period, and when the current allowance is lower than that of the previous period, we recognize a gain from the reversal of the allowance for doubtful accounts for the difference. The allowance for doubtful account balances were $13.59 million and $13.79 million as of December 31, 2024 and 2023, respectively. The changes in the allowances for doubtful accounts during the years ended December 31, 2024 and 2023 were as follows:
|  | For the Years |
|  | Ended December 31, |
|  | 2024 |  |  | 2023 |
At the beginning of the year |  |  | 13,786,074 |  |  |  | 16,739,527 |
Credit loss expenses (gains) |  |  | 5,702 |  |  |  | (15,757 | )
Credit loss write-offs |  |  | - |  |  |  | (2,671,896 | )
Foreign currency translation adjustment |  |  | (204,594 | ) |  |  | (265,800 | )
At the end of the year |  |  | 13,587,182 |  |  |  | 13,786,074 |

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/326/tableOfContent + Details
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- References No definition available. + Details
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