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Financing Receivables, net | 12 Months Ended
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Dec. 31, 2024
Financing Receivables, net |
Financing Receivables, net | Note 6 – Financing Receivables, net Starting in June 2022, the Group provided factoring financing service. The financing receivables secured by pledged accounts receivable with stated-owned entities and reputable companies, which have a carrying value of $43,612,371 as of December 31, 2024 and are in excess of the financing provided. The term of the financing receivables is generally within 12 months with annual interest of 6.5%, and renewed upon maturity with annual interest of 4.8%. The interest and principal of financing are due upon maturity. The principal and interest receivable of the financing amounted to $40,072,336 and $5,301,903 as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024, 2023 and 2022, the Group recognized net financing interest income of $1,840,722, $2,180,970 and $1,400,227, respectively. Financing receivables consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 202 4 |  |  | 202 3 |
Financing receivables |  | $ | 45,374,239 |  |  | $ | 44,783,011 |
Allowance for credit losses |  |  | (2,268,712 | ) |  |  | (2,239,151 | )
Financing receivables, net |  | $ | 43,105,527 |  |  | $ | 42,543,860 |
The movement of allowance for credit losses are as follows:
|  | December 31, |  |  | December 31, |
|  | 202 4 |  |  | 202 3 |
Balance at beginning of year |  | $ | 2,239,151 |  |  | $ | - |
Change of allowance for credit losses |  |  | 92,036 |  |  |  | 2,245,159 |
Translation adjustments |  |  | (62,475 | ) |  |  | (6,008 | )
Balance at end of year |  | $ | 2,268,712 |  |  | $ | 2,239,151 |

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