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CONCENTRATIONS OF RISKS | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
CONCENTRATIONS OF RISKS | 19. CONCENTRATIONS OF RISKS (a) Major customers For the years ended December 31, 2024 and 2023, no customer accounted for 10.0% or more of the Company’s total revenues. As of December 31, 2024, one company accounted for approximately 79.7% of the Company’s balance of accounts receivable and six individual customers and one company accounted for approximately 40.2% as of December 31, 2023. (b) Major vendors For the year ended December 31, 2024, two vendors accounted for approximately 59.8% and 17.5% of the Company’s total purchases. For the year ended December 31, 2023, two vendors accounted for approximately 54.8% and 26.0% of the Company’s total purchases. As of December 31, 2024, three vendors accounted for approximately 44.3%, 31.8% and 22.9% of the Company’s total balance of accounts payable, respectively. CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 22.9% of the Company’s total balance of accounts payable. As of December 31, 2023, two vendors accounted for approximately 61.8% and 35.4% of the Company’s total balance of accounts payable, respectively. CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 35.4% of the Company’s total balance of accounts payable. (c) Commission Expenses to Sales Distributors and Stockists For the year ended December 2024, one sales distributor accounted for approximately 21.2% of the Company’s total commission expense. For the year ended December 2023, one sales distributor accounted for approximately 15.1% of the Company’s total commission expense. (d) Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of December 31, 2024 and 2023, $2,030,048 and $4,817,213 were deposited with financial institutions, respectively, $1,806,401 and $4,630,476 of these balances are not covered by deposit insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for credit losses based upon factors surrounding the credit risk of specific customers, historical trends and other information. (e) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. AGAPE ATP CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Currency expressed in United States Dollars (“US$”), except for number of shares)

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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