Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 6 – ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following:

	As of December 31, 2023			As of December 31, 2022
Trade accounts receivable from third-part customers	$	3,208,916		$	3,922,211
Less: allowances for doubtful accounts		(2,146,679	)		(1,771,761	)
Total accounts receivable from third-party customers, net		1,062,237			2,150,450
Add: accounts receivable, net, related parties		108,188			83,736
Accounts receivable, net	$	1,170,425		$	2,234,186

Due to a change in market conditions as affected by the COVID-19 outbreak and spread, the Company’s collection efforts did not result in a favorable outcome as compared to prior years. Out of the Company’s accounts receivable balance from third party customers as of December 31, 2023, approximately $0.7 million, or 22%, has been collected and the remaining balance is expected to be substantially collected from customers before December 31, 2024.

Allowance for credit losses movement is as follows: 

	For the Year ended December 31, 2023			For the Year ended December 31, 2022
Beginning balance	$	1,771,761		$	904,052
Provision for credit losses		433,867			981,811
Recovery		(7,061	)
Write off		-			(22,290	)
Foreign exchange translation		(51,888	)		(91,812	)
Ending balance	$	2,146,679		$	1,771,761

Below is the aging schedule of accounts receivable as of December 31, 2023 and 2022:

	As of December 31, 2023			As of December 31, 2022
Accounts Receivable Aging:
Less than 3 months	$	296,148		$	462,575
From 4 to 6 months		6,203			1,262,588
From 7 to 9 months		18,446			1,440,668
From 10 to 12 months		132,538			86,712
Over 1 year		2,863,769			753,404
Bad debt reserve		(2,146,679	)		(1,771,761	)
Accounts Receivable, net	$	1,170,425		$	2,234,186