PREPAYMENTS AND OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2022

Prepayments And Other Current Assets Net

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

NOTE 3 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consisted of the following as of December 31, 2022 and 2021:

	2022			2021
Prepayments (including $2,255,288 and $1,813,904 to related parties as of December 31, 2022 and 2021, respectively)	$	3,001,866		$	2,169,095
Other current assets		4,631			7,618
Total prepayments and other current assets		3,006,497			2,176,713
Less: Allowance for doubtful accounts (including $1,152,427 and $nil to related parties as of December 31, 2022 and 2021, respectively)		(1,247,580	)		-
Prepayments and other current assets, net	$	1,758,917		$	2,176,713

Balance of prepayments represented the advanced payments to suppliers including related party suppliers.

Allowance for doubtful accounts movement is as follows: 

	2022			2021
Beginning balance	$	-		$	-
Additions to allowance		1,284,005			-
Foreign currency translation adjustment		(36,425	)		-
Ending balance	$	1,247,580		$	-