Accounts receivable, net

6 Months Ended

Jun. 30, 2025

Credit Loss [Abstract]

Accounts receivable, net

Note 3 – Accounts receivable, net

Accounts receivable, net consist of the following:

	As of
	June 30, 2025			December 31, 2024
	(Unaudited)			(Audited)
Accounts receivable	$	29,942,050		$	21,808,030
Allowance for doubtful accounts		(1,570,348	)		(1,486,333	)
Total, net	$	28,371,702		$	20,321,697

As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for expected credit loss, based on the invoice date is as follows:

	As of
	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Within 90 days	$	11,898,706	$	7,998,811
Between 91 and 180 days		1,636,109		11,774,674
Between 181 and 365 days		5,095,824		529,797
More than 365 days		9,741,063		18,415
Total, net	$	28,371,702	$	20,321,697

The movement of allowances for expected credit loss is as follow:

	As of
	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Balance at January 1, 2025 and 2024	$	1,486,333	$	1,371,341
Addition		807		69,474
Foreign exchange difference		83,208		45,518
Balance at June 30, 2025 and December 31, 2024	$	1,570,348	$	1,486,333

The Company’s normal trade credit term is 30 days (2024: 30 days). Other credit terms are assessed and approved by the management on a case-by-case basis.

Subsequent to June 30, 2025, the Company received a total of $11,137,302 in payments on accounts receivable. The Company entered into installment agreements with major customers, which stipulated periodic payments over a specified duration, requiring the customers to fulfil all payment obligations. Under the terms of these installment agreements, $14,986,210 was scheduled with monthly repayments and will be fully settled by May 2026. For the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, allowances for expected credit loss were $807, $69,474 and $nil respectively.