v3.25.1
Contract Assets, Net and Liabilities
 12 Months Ended
Dec. 31, 2024
Contract Assets, Net and Liabilities [Abstract]  
CONTRACT ASSETS, NET AND LIABILITIES

NOTE 9 — CONTRACT ASSETS, NET AND LIABILITIES

 

Contract assets is presented net of allowance for expected credit losses:

 

   As of December 31, 
   2023   2024 
Contract assets  $987,084   $1,060,590 
Less: allowance for expected credit losses   (2,949)   (2,919)
Total  $984,135   $1,057,671 

 

The movement of contract assets is as follows:

 

   As of December 31, 
   2023   2024 
Balance at beginning of the year  $960,251   $987,084 
Additions   140,020,469    87,166,469 
Reclassified to receivables due to billings   (139,993,636)   (87,092,963)
Total  $987,084   $1,060,590 

 

The movement of allowance for expected credit losses is as follows:

 

   As of December 31, 
   2023   2024 
Balance at beginning of the year  $(2,895)  $(2,949)
(Provision) Reversal   (54)   30 
Total  $(2,949)  $(2,919)

 

Contract liabilities are recognized when the Company received prepayments from customers. Contract liabilities will be recognized as revenue when promised services are provided. Contract liabilities were $4,015 and $1,525 as of December 31, 2023 and 2024, respectively.