| ACCOUNTS RECEIVABLE, NET |
NOTE 3 — ACCOUNTS RECEIVABLE, NET | | | June 30,
2026 | | | December 31,
2025 | | | | | | | | | | | Accounts receivable from third-party customers | | $ | 14,758,890 | | | $ | 10,968,823 | | | Less: allowance for credit losses | | | (3,823,023 | ) | | | (1,719,781 | ) | | Accounts receivable, net | | $ | 10,935,867 | | | $ | 9,249,042 | | | | | June 30,
2026 | | | December 31,
2025 | | | | | | | | | | | Accounts receivable from non-state-owned customers | | $ | 11,568,482 | | | $ | 8,282,192 | | | Accounts receivable from state-owned customers | | | 3,190,409 | | | | 2,686,631 | | | Less: allowance for credit losses | | | (3,823,023 | ) | | | (1,719,781 | ) | | Accounts receivable, net | | $ | 10,935,867 | | | $ | 9,249,042 | | Allowance for credit losses movement is as follows: | | | June 30,
2026 | | | December 31,
2025 | | | | | | | | | | | Beginning balance | | $ | 1,719,781 | | | $ | 367,577 | | | Provision | | | 2,027,423 | | | | 1,336,110 | | | Foreign currency translation adjustments | | | 75,819 | | | | 16,094 | | | Ending balance | | $ | 3,823,023 | | | $ | 1,719,781 | | Approximately $5.5 million or 37.0% of the account receivable balance as of June 30, 2026 has been collected as of September 7, 2026.
|