PREPAYMENTS AND OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2023

Prepayments And Other Current Assets Net

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

NOTE 4 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consisted of the following as of December 31, 2023 and 2022:

	2023			2022
Prepayments (including $2,769,741 and $2,255,288 to related parties as of December 31, 2023 and 2022, respectively)	$	3,995,750		$	3,001,866
Other current assets		2,330			4,631
Total prepayments and other current assets		3,998,080			3,006,497
Less: Allowance for doubtful accounts (including $1,827,763 and $1,152,427 to related parties as of December 31, 2023 and 2022, respectively)		(2,354,625	)		(1,247,580	)
Prepayments and other current assets, net	$	1,643,455		$	1,758,917

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

Allowance for doubtful accounts movement is as follows:

	2023			2022
Beginning balance	$	1,247,580		$	-
Additions to allowance		1,169,058			1,284,005
Foreign currency translation adjustment		(62,013	)		(36,425	)
Ending balance	$	2,354,625		$	1,247,580