Prepayments and Other Receivables

3 Months Ended

Mar. 31, 2023

Prepayments and Other Receivables [Abstract]

Prepayments and Other Receivables

5. Prepayments and Other Receivables

Prepayments and other receivables as of December 31, 2022 and March 31, 2023 consisted of the following:

	December 31,			March 31,
	2022			2023
Value added tax recoverable	$	4,234,082		$	4,293,598
Prepayments to suppliers		220,671			493,717
Deposits		43,914			269,597
Staff advances		51,826			104,371
Prepaid operating expenses		706,190			551,216
Receivables from sales of vehicles		371,105			154,901
Others		294,292			296,011
		5,922,080			6,163,411
Less: Allowance for credit losses		(7,000	)		(42,255	)
	$	5,915,080		$	6,121,156

An analysis of the allowance for credit losses are as follows:

Balance as at December 31, 2022	$	7,000
Adoption of ASC Topic 326		-
Balance as at January 1, 2023		7,000
Current period provision, net		35,392
Foreign exchange adjustment		(137	)
Balance as at March 31, 2023	$	42,255