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Concentrations and Credit Risk | 6 Months Ended
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Jun. 30, 2024
Risks and Uncertainties [Abstract] |
Concentrations and Credit Risk |
| 16. | CONCENTRATIONS AND CREDIT RISK
(a) | Concentrations
During the six months ended June 3 0 , 2024, three customers accounted for nearly 73 % of the Company’s revenues. During the six months ended June 3 0 , 2023, one customers accounted for 82 % of the Company’s revenues. No other customer accounts for more than 10% of the Company’s revenue in the six months ended June 3 0 , 2024 and 2023. As of June 3 0 , 2024, five customers accounted for 84% of the Company’s accounts receivable. As of December 31, 2023, five customers accounted for 72% of the Company’s accounts receivable. No other customer accounts for more than 10% of the Company’s accounts receivable for the six months ended June 3 0 , 2024 and for the year ended December 31, 2023. During the six months ended June 3 0 , 2024, no supplier accounts for over 10% of the Company’s cost of revenues. During the six months ended June 3 0, 2023, five suppliers accounted for a total of 71 % of the Company’s cost of revenues. No other supplier accounts for over 10% of the Company’s cost of revenues. As of June 3 0 , 2024, no supplier accounted for over 10% of the Company’s accounts payable. As of December 31, 2023, no supplier accounted for 20% of the Company’s accounts payable.
(b) | Credit risk
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of June 3 0 , 2024 and December 31, 2023, substantially all of the Company’s cash were held by major financial institutions located in the PRC, Hong Kong, and the United States, which management believes are of high credit quality. Deposits in the United States up to $250,000 are insured by the Federal Depository Insurance Corporation. For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations.

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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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