v3.26.1
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2025
Accounts Receivable, Net [Abstract]  
Accounts receivable, net

Note 5 — Accounts receivable, net

 

Accounts receivable, net, consists of the following:

 

   As of December 31, 
   2025   2024 
         
Accounts receivable  $22,567,000   $28,715,543 
Less: Allowance for credit losses   (8,422,902)   (11,434,431)
Accounts receivable, net  $14,144,098   $17,281,112 

 

Unbilled accounts receivable included in accounts receivable above amounted to $8,472,637 and $11,973,816 as of December 31, 2025 and 2024, respectively. The unbilled accounts receivables as of December 31, 2025 are expected to be billed within one year and collected over one year. The billed accounts receivable is expected to be collected within one year.

 

As of April 10, 2026, approximately $0.8 million (or 3.8%) of total accounts receivable as of December 31, 2025 was collected. It represented 3.5% of billed accounts receivable balance and 4.2% of unbilled accounts receivable balance as of December 31, 2025, respectively.

 

Movement of allowance for credit losses is as follows:

 

   As of December 31, 
   2025   2024   2023 
             
Beginning balance  $11,434,431   $7,133,370   $7,080,677 
Provision for credit losses   (2,353,710)   4,625,042    256,834 
Written-off   (201,621)   (131,158)   (6,214)
Decrease from disposal of subsidiaries   (690,021)   
-
    
-
 
Foreign currency translation adjustments   233,823    (192,823)   (197,927)
Ending balance  $8,422,902   $11,434,431   $7,133,370