Note 5. OTHER RECEIVABLES, NET
The Company’s other receivables, net, are as follows:
| | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2024 | |
| Advances to customers | |
| - | | |
$ | 6,849,309 | |
| Employee business advances | |
| - | | |
| 2 | |
| Total | |
| - | | |
| 6,849,311 | |
| Less: allowances for credit losses | |
| - | | |
| (6,848,699 | ) |
| Other receivables, net | |
| - | | |
$ | 612 | |
Movement of impairment for expected credit losses is as follows:
| | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2024 | |
| Beginning balance | |
$ | 6,848,699 | | |
$ | 6,994,212 | |
| Allowance for credit losses, net of recovery | |
| - | | |
| 19,962 | |
| Write-off | |
| (6,848,699 | ) | |
| (160,000 | ) |
| Exchange rate effect | |
| - | | |
| (2,113 | ) |
| Ending balance | |
| - | | |
$ | 6,848,699 | |
|