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CONCENTRATION OF CREDIT RISK | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Risks and Uncertainties [Abstract] |  |
CONCENTRATION OF CREDIT RISK | 16. CONCENTRATION OF CREDIT RISK Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit loss. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue. SCHEDULE OF CONCENTRATION OF CREDIT RISK
|  | For the six months ended June 30, |
|  | 2023 |  |  | 2024 |
|  | (Unaudited) |
Percentage of the Company’s total revenue |  |  |  |  |  |
Customer A |  |  | 56.8 | % |  |  | * |
Customer B |  |  | 13.5 | % |  |  | 12.8 | %
Customer C |  |  | 12.1 | % |  |  | 20.2 | %
Customer D |  |  | * |  |  |  | 14.9 | %
Customer K |  |  | * |  |  |  | 13.3 | %
The following table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable:
|  | As of |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  |  |  | (Unaudited) |
Percentage of the Company’s accounts receivable |  |  |  |  |  |
Customer E |  |  | 15.9 | % |  |  | 12.4 | %
Customer F |  |  | 15.1 | % |  |  | 15.7 | %
Customer H |  |  | * |  |  |  | 12.6 | %
Customer K |  |  | * |  |  |  | 16.9 | %
The following table sets forth a summary of single suppliers who represent 10% or more of the Company’s total purchases:
|  | For the six months ended June 30, |
|  | 2023 |  |  | 2024 |
|  |  |  |  | (Unaudited) |
Percentage of the Company’s total purchase |  |  |  |  |  |
Supplier F |  |  | 32.6 | % |  |  | * |
Supplier G |  |  | * |  |  |  | 11.0 | %
Supplier H |  |  | * |  |  |  | 10.7 | %
There are no suppliers who represent 10% or more of the Company’s total accounts payable. MKDWELL TECH INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data) | 19. CONCENTRATION OF CREDIT RISK Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit loss. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue. SCHEDULE OF CONCENTRATION OF CREDIT RISK
|  | For the years ended December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s total revenue |  |  |  |  |  |
Customer A |  |  | 19.5 | % |  |  | 52.1 | %
Customer B |  |  | -* |  |  |  | 13.2 | %
Customer C |  |  | 23.3 | % |  |  | 11.4 | %
Customer D |  |  | 13.9 | % |  |  | -* |
The following table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s accounts receivable |  |  |  |  |  |
Customer A |  |  | 20.2 | % |  |  | 45.1 | %
Customer E |  |  | -* |  |  |  | 15.9 | %
Customer F |  |  | 14.5 | % |  |  | 15.1 | %
Customer D |  |  | 23.4 | % |  |  | -* |
Customer G |  |  | 10.5 | % |  |  | -* |
The following table sets forth a summary of single customer who represent 10% or more of the Company’s total advance from customers:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s advance from customers |  |  |  |  |  |
Customer H |  |  | 76.9 | % |  |  | 77.6 | %
Customer I |  |  | -* |  |  |  | 11.3 | %
Customer J |  |  | 11.4 | % |  |  | -* |
The following table sets forth a summary of single suppliers who represent 10% or more of the Company’s total purchases:
|  | For the years ended December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s total purchase |  |  |  |  |  |
Supplier A |  |  | -* |  |  |  | 24.0 | %
Supplier B |  |  | -* |  |  |  | 11.3 | %
The following table sets forth a summary of single suppliers who represent 10% or more of the Company’s total accounts payable:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s accounts payable |  |  |  |  |  |
Supplier B |  |  | -* |  |  |  | 11.6 | %
Supplier A |  |  | 15.3 | % |  |  | -* |
Supplier C |  |  | 11.8 | % |  |  | -* |
MKDWELL TECH INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data)
19. | CONCENTRATION OF CREDIT RISK - Continued
The following table sets forth a summary of single suppliers who represent 10% or more of the Company’s total advance to supplier:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Percentage of the Company’s advance to supplier |  |  |  |  |  |
Supplier D |  |  | 13.2 | % |  |  | -* |
Supplier C |  |  | 14.5 | % |  |  | -* |
Supplier E |  |  | 48.1 | % |  |  | -* |
* |  | Represent percentage less than 10%

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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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