Inventories

12 Months Ended

Dec. 31, 2023

10. Inventories

Inventories as of December 31, 2023, are as follows:


						(Unit: USD)
	As of December 31, 2023
Classification	Acquisition cost		Provision for valuation of inventory			Book value
Products		3,234,508		—			3,234,508
Raw material		1,729,744		(218,321	)		1,511,423

Total		4,964,252		(218,321	)		4,745,931

Inventories as of December 31, 2022, are as follows:


						(Unit: USD)
	As of December 31, 2022
Classification	Acquisition cost		Provision for valuation of inventory			Book value
Products		4,671,074		—			4,671,074
Raw material		1,246,042		(202,764	)		1,043,278

Total		5,917,116		(202,764	)		5,714,352

In 2022, the Company wrote off USD 4,922,600 of

G-SMATT

America’s inventory which were held for more than two years and considered as obsolete. The remaining balance of

G-SMATT

America inventory as of December 31, 2023, and December 31, 2022, was USD 0 and USD 170,603, respectively.