As of December 31, 2022, we had current assets of 9,444 billion and current liabilities of 13,962 billion, resulting in a working capital deficit of 4,518 billion. As of December 31, 2023, we had current assets of 9,503 billion and current liabilities of 13,885 billion, resulting in a working capital deficit of 4,382 billion. As of December 31, 2024, we had current assets of 10,123 billion (US$6,850 million) and current liabilities of 15,859 billion (US$10,731 million), resulting in a working capital deficit of 5,736 billion (US$3,881 million). The decrease in working capital deficit as of December 31, 2023, compared to the working capital deficit as of December 31, 2022, was primarily attributable to a 859 billion increase in net trade accounts and notes receivable, which was mainly caused by a decrease in the amount of trade accounts and notes receivable sold to financial institutions as well as the depreciation of the Korean Won against the U.S. dollar as of the end of 2023 compared to the end of 2022, a 433 billion increase in our cash and cash equivalents, reflecting the combined effect of changes in our cash flows as described below, and a 324 billion decrease in our other accounts payable, which was primarily attributable to a decrease in the level of our ongoing capital investments. The effects of such changes were partially offset by a 817 billion decrease in deposits in banks, which mainly reflected a decrease in our restricted deposits as of the end of 2023 compared to the end of 2022 as described above, and a 561 billion increase in our advances received, which was primarily attributable to advances received pursuant to long-term supply agreements in 2023, compared to no such advances received in 2022. The increase in working capital deficit as of December 31, 2024, compared to the working capital deficit as of December 31, 2023, was primarily attributable to our recognition of liabilities held for sale of 1,657 billion in 2024, resulting from our agreement with TCL CSOT to dispose of our entire equity interest in LG Display (China) Co., Ltd. and LG Display Guangzhou Co., Ltd. as discussed above, a 1,265 billion increase in current financial liabilities, which mainly reflected an increase in our current portion of long-term borrowings payable as of the end of 2024 compared to the end of 2023, and a 905 billion decrease in deposits in banks, which was primarily attributable to a decrease in restricted cash deposits in connection with secured borrowings from our subsidiaries. The effects of such changes were partially offset by a 1,198 billion decrease in other accounts payable, which mainly reflected a decrease in our capital expenditures in 2024 compared to 2023, and a 983 billion increase in assets held for sale, which was attributable to our agreement with TCL CSOT as discussed above.
Our management constantly monitors our working capital, and we have historically been able to satisfy our cash requirements from cash flows from operations and debt financing. We believe that we have sufficient sources of working capital, including in the form of debt financing, for at least the next 12 months following the date of this annual report. In 2024, we entered into a number of short-term and long-term facility loan agreements, from which we have drawn down the full aggregate principal amount of 270 billion (US$183 million), US$320 million and CNY 381 million in short-term loans, and 650 billion (US$440 million) and CNY 4,270 million in long-term loans, in each case as of December 31, 2024, primarily to fund our capital expenditures and refinance our existing borrowings maturing in 2024. In addition, on December 22, 2023, we entered into a syndicated loan agreement with The Korea Development Bank and certain other banks in Korea in the amount of 650 billion (US$440 million), from which we have drawn down the full aggregate principal amount of 200 billion (US$135 million) in December 2023, 100 billion (US$68 million) in February 2024, 220 billion (US$149 million) in April 2024 and 130 billion (US$88 million) in July 2024.
Our ability to satisfy our cash requirements from cash flows from operations and financing activities will be affected by our ability to maintain and improve our margins and, in the case of external financing, market conditions, which in turn may be affected by various factors outside of our control. Therefore, we re-evaluate our capital requirements regularly in light of our cash flows from operations, the progress of our expansion plans and market conditions. To the extent that we do not generate sufficient cash flows from our operations to meet our capital requirements, we may rely on other financing activities, such as external borrowings and securities offerings, including the issuance of equity, equity-linked and other debt securities. In March 2024, as part of our ongoing efforts to improve our financial condition and liquidity, we issued 142,184,300 new shares of common stock (including 1,038,078 new shares represented by 2,076,156 ADSs) at a subscription price of 9,090 per share (and US$3.450019 per ADS) pursuant to a preemptive rights offering to our existing shareholders, including ADS holders, followed by a public offering in Korea. We have used the proceeds of such offering to fund our capital investments, general corporate purposes (including purchases of raw materials) and the repayment of certain of our outstanding debt. Immediately following the completion of such offering, the number of issued and outstanding shares of our common stock increased to 500,000,000.
Our net cash provided by operating activities amounted to 3,011 billion in 2022, 1,683 billion in 2023 and 2,412 billion (US$1,632 million) in 2024. The decrease in net cash provided by operating activities in 2023 compared to 2022 was mainly due to a decrease in cash collected from our customers primarily as a result of a decrease in our sales revenue, as well as an increase in trade accounts and notes receivable of 1,014 billion in 2023 compared to a decrease of 1,833 billion in 2022, primarily resulting from a decrease in the amount of trade accounts and notes receivable sold to financial institutions without recourse towards the end of 2023 compared to the end of 2022.