Prepayments, Deposits and Other Assets, Net

12 Months Ended

Dec. 31, 2022

Prepayments, Deposits and Other Assets, Net [Abstract]

Prepayments, deposits and other assets, net

Note 4 — Prepayments, deposits and other assets, net

Prepayments, deposits and other assets, net consisted of the following:

	As of December 31,
	2022			2021
Security deposits (1)	$	216,446		$	381,813
Advances to suppliers		564,810			1,483,084
Advances to employees		141,249			317,725
Prepaid expense		976,788			360,074
Others		139,976			188,216
		2,039,269			2,730,912
Less: Long term portion		(226,544	)		(381,656	)
Allowance for doubtful accounts		(364,973	)		(313,844	)
Prepayments, deposits and other assets – current portion	$	1,447,752		$	2,035,412

(1) Security deposits mainly represent contract fulfillment deposits required by customer for specific projects, rent deposits and etc.

Movement of allowance for doubtful accounts is as follows:

	As of December 31,
	2022			2021			2020
Beginning balance	$	313,844		$	306,513		$	31,139
Provision for doubtful accounts		75,000			88,846			258,280
Written-off		-			(88,846	)		-
Foreign currency translation adjustments		(23,871	)		7,331			17,094
Ending balance	$	364,973		$	313,844		$	306,513