PREPAYMENTS, NET

12 Months Ended

Dec. 31, 2023

Prepayments Net

PREPAYMENTS, NET

7. PREPAYMENTS, NET

Prepayments, net consist of the following:

	December 31,		December 31,
	2023		2022
Prepayments	$	36,588	$	19,464
Prepaid research and development expenses		2,388,435		61,370
Other		—		2,495,570
Total prepayments, net	$	2,425,023	$	2,576,404

	December 31,			December 31,
	2023			2022
Prepayments - current	$	464,129		$	503,911
Prepayments - non-current		10,212,984			10,353,273
doubtful accounts - current		(427,541	)		(423,077	)
Impairment loss		(7,824,549	)		(7,857,703	)
Total prepayments, net	$	2,425,023		$	2,576,404

Movements of allowance for doubtful accounts and impairment loss are as follows:

Beginning balance	$	8,280,780		$	9,040,265
Addition		110,015			4,925
Exchange rate effect		(138,705	)		(764,410	)
Ending balance	$	8,252,090		$	8,280,780