| Summary of Prepayments and Other Short-term Assets |
Prepayments and other short-term assets as of December 31, 2023, and December 31, 2022, are as follows:
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(Unit: USD) |
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Net, Advanced payments |
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779,219 |
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1,503,365 |
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Advanced payments |
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1,211,891 |
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1,503,365 |
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Allowance for bad debts (*) |
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(432,672 |
) |
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— |
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Prepaid expenses |
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390,176 |
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17,552 |
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Total |
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1,169,395 |
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1,520,917 |
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| (*) |
During the assessment, the management identified that USD 432,672 of advance payment in relation to raw material purchase has been aged over a year without significant movement in the balance as of December 31, 2023. Consequently, the Company has determined to recognize an allowance for doubtful on the balance of USD 432,672 as of December 31, 2023. |
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