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CONCENTRATIONS OF RISK
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF RISK

NOTE – 17 CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

SCHEDULE OF CONCENTRATION OF RISK 

(a) Major customers

 

For the three and six months ended June 30, 2025 and 2024, respectively, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at period-end dates, are presented as follows:

 

   For the Three Months Ended     
   June 30, 2025   June 30, 2025 
       Percentage of   Accounts  
Customer  Revenue   revenues   receivable  
Customer A  $247,699    24.94%  $—  
Customer B  $300,000    30.21%  $—  
Customer C  $250,000    25.18%  $—  

 

   For the Six Months Ended     
   June 30, 2025   June 30, 2025 
       Percentage of   Accounts  
Customer  Revenue   revenues   receivable  
Customer A  $423,382    33.18%  $—  
Customer B  $300,000    23.51%  $—  
Customer C  $250,000    19.59%  $—  

 

 

   For the Three Months Ended     
   June 30, 2024   June 30, 2024 
       Percentage of   Accounts  
Customer  Revenue   revenues   receivable  
Customer A  $53,710    9.93%  $—  

 

   For the Six Months Ended     
   June 30, 2024   June 30, 2024 
       Percentage of   Accounts  
Customer  Revenue   revenues   receivable  
Customer A  $20,278    11.69%  $—  

 

(b) Credit risk

 

Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors affecting the credit risk of specific customers, historical trends and other information.

 

(c) Exchange rate risk

 

The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in VND, SGD, CNY, IDR and MYR and a significant portion of the assets and liabilities are denominated in VND, SGD, CNY, IDR and MYR. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and VND, SGD, CNY, IDR and MYR. If VND, SGD, CNY, IDR and MYR depreciate against US$, the value of VND, SGD, CNY, IDR and MYR revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk.

 

(d) Economic and political risks

 

The Company’s operations are conducted in the Republic of Vietnam. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the Vietnam, and by the general state of the Vietnam economy.

 

The Company’s operations in the Vietnam and India are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in Vietnam and India, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.