Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

ACCOUNTS RECEIVABLE, NET

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ACCOUNTS RECEIVABLE, NET
12 Months Ended
Dec. 31, 2024
Accounts Receivable Net  
ACCOUNTS RECEIVABLE, NET

NOTE 5 — ACCOUNTS RECEIVABLE, NET

 

    2024     2023  
    As of December 31,  
    2024     2023  
             
Accounts receivable, (gross)   $ 7,620,758     $ 8,411,835  
Less: Allowance for expected credit losses   $ (5,967,520 )   $ (6,542,904 )
Accounts receivable, net   $ 1,653,238     $ 1,868,931  

 

The changes in the allowance for expected credit losses are as follows:

 

    2024     2023  
    For the Years Ended December 31,  
    2024     2023  
             
Balance at the beginning of the year   $ 6,542,904     $ 3,721,293  
Add: Additions     -      

2,821,611

 
Less: Reversals     (575,384 )     -  
Balance at the end of the year   $ 5,967,520     $ 6,542,904