| Other current financial assets |
8. Other current financial assets Other current financial assets as of December 31, 2023, and December 31, 2022, are as follows:
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|
|
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| |
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|
(Unit: USD) |
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|
|
|
|
Net, Short-term loan |
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|
— |
|
|
|
639,491 |
|
Short-term loan |
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|
386,241 |
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|
639,491 |
|
Allowance for bad debts (*) |
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|
(386,241 |
) |
|
|
— |
|
Accrued income |
|
|
1,840 |
|
|
|
76,649 |
|
Net, Outstanding amount (Receivables) |
|
|
71,444 |
|
|
|
319,790 |
|
Outstanding amount (Receivables) |
|
|
4,163,001 |
|
|
|
319,790 |
|
Allowance for bad debts (**) |
|
|
(4,091,557 |
) |
|
|
— |
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|
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|
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|
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Total |
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|
73,284 |
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|
|
1,035,930 |
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| (*) |
As of December 31, 2023, the Company has an outstanding borrowing receivable amounting to USD 386,241 extended to individual, Dongmin Kim. Despite efforts to collect, communication with Dongmin Kim has been unsuccessful, leading to concerns about the recoverability of this borrowing. Given the lack of response and the diminished likelihood of collection, the Company has determined it prudent to recognize a full allowance for doubtful accounts for the entire outstanding balance of USD 386,241. |
| (**) |
On February 9, 2023, the Company entered into an agreement with BioX to transfer ownership of assets valued at USD 4,091,557 related to deposits receivable from Trinit Co., Ltd. (subsequently renamed Yongsan Holdings Co., Ltd.). The Company has recognized a full allowance for doubtful accounts on the entire outstanding balance of USD 4,091,557 as it is doubtful that BioX will collect the deposit from Yongsan Holdings Co., Ltd. |
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