| Prepayments and other current assets |
(5) Prepayments and other current assets
Prepayments and other current assets consisted of the following as
of March 31, 2025 and December 31, 2024:
| | |
March 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Prepayment for purchase of materials | |
$ | 4,137,228 | | |
$ | 5,634,870 | |
| Value-added tax recoverable | |
| 13,320,909 | | |
| 13,154,375 | |
| Prepayment for utilities | |
| 139,190 | | |
| 14,096 | |
| Others | |
| 9,140 | | |
| 8,527 | |
| Allowance for doubtful accounts | |
| (861,824 | ) | |
| (860,601 | ) |
| | |
$ | 16,744,643 | | |
$ | 17,951,267 | |
The movement of allowance for doubtful
accounts was as follows:
| | |
Three Months Ended
March 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Balance at beginning of year | |
$ | 860,601 | | |
$ | - | |
| Additional charge (written off), net | |
| - | | |
| 869,272 | |
| Foreign currency translation difference | |
| 1,223 | | |
| (8,671 | ) |
| | |
| | | |
| | |
| Balance at the end of year | |
$ | 861,824 | | |
$ | 860,601 | |
|