| Prepayments and other short-term assets |
9. Prepayments and other short-term assets Prepayments and other short-term assets as of June 30, 2024, and December 31, 2023, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net, Advanced payments |
|
|
1,238,613 |
|
|
|
779,219 |
|
Advanced payments |
|
|
1,445,335 |
|
|
|
1,211,891 |
|
Allowance for bad debts (*) |
|
|
(206,722 |
) |
|
|
(432,672 |
) |
Prepaid expenses |
|
|
437,984 |
|
|
|
390,176 |
|
Value added tax receivables |
|
|
4,796 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,681,393 |
|
|
|
1,169,395 |
|
|
|
|
|
|
|
|
|
|
| (*) |
The management identified that an advanced payment of USD 432,672 in relation to raw material purchase had been outstanding 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. As of June 30, 2024, the allowance was reversed due to the return of the related raw materials, reducing the allowance balance to USD 206,722 as of June 30, 2024 |
|
9. 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) |
|
|
|
|
|
|
|
|
Net, Advanced payments |
|
|
779,219 |
|
|
|
1,503,365 |
|
Advanced payments |
|
|
1,211,891 |
|
|
|
1,503,365 |
|
Allowance for bad debts (*) |
|
|
(432,672 |
) |
|
|
— |
|
Prepaid expenses |
|
|
390,176 |
|
|
|
17,552 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,169,395 |
|
|
|
1,520,917 |
|
|
|
|
|
|
|
|
|
|
| (*) |
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. |
|