Prepayments and Other Receivables

3 Months Ended

Mar. 31, 2024

Prepayments and Other Receivables [Abstract]

Prepayments and Other Receivables

6. Prepayments and Other Receivables

Prepayments and other receivables as of December 31, 2023 and March 31, 2024 consisted of the following:

	December 31,			March 31,
	2023			2024
Value added tax recoverable	$	5,248,210		$	4,798,150
Prepayments to suppliers		1,341,596			2,452,257
Deposits		108,492			84,096
Staff advances		113,336			228,264
Prepaid operating expenses		645,390			789,037
Others		292,458			372,126
		7,749,482			8,723,930
Less: Allowance for credit losses		(290,228	)		(285,396	)
	$	7,459,254		$	8,438,534

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

Balance as at January 1, 2024	$	290,228
Current period provision, net		-
Foreign exchange adjustment		(4,832	)
Balance as at March 31, 2024	$	285,396