v3.25.2
Other Receivable
 3 Months Ended
Mar. 31, 2025
Other Receivalbe [Abstract]  
OTHER RECEIVALBE

5. OTHER RECEIVALBE

 

Other receivable consisted of the following:

 

   As of 
   March 31,   December 31, 
   2025   2024   2023 
   US$   US$   US$ 
Advanced construction payment   
-
    6,849,972    
-
 
Loans to third parties   
-
    
-
    1,079,127 
Others   74,693    4,402    27,447 
                
    74,693    6,854,374    1,106,574 

 

In March 2025, Hongchang Food received a refund of approximately US$1.12 million from Sichuan Xiongji Construction Engineering Co., Ltd. (“Sichuan Xiongji”) and reached Supplementary Agreement No. 1 with Sichuan Xiongji that the remaining advanced approximately US$5.77 million to Sichuan Xiongji would be treated as a prepayment for the construction of Phase II of the Hongchang Food Industrial Park.

 

For the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, the Company had no allowance for expected credit losses for other receivable.