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Concentrations of Risks | 6 Months Ended
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Jun. 30, 2024
Risks and Uncertainties [Abstract] |
Concentrations of Risks | Note 13 — Concentrations of risks Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Canadian Deposit Insurance Corporation pays compensation up to a limit of CAD 100,000 (approximately USD 73,000) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2024, a cash balance of CAD 1,398,717 (USD 1,020,961) was maintained at financial institutions in Canada, of which CAD 1,198,717 (USD 874,976) was subject to credit risk. The Taiwan Central Deposit Insurance Corporation pays compensation up to a limit of New Taiwan Dollar 3,000,000 (approximately USD 92,000) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2024, an aggregated cash balance of USD 544,840 was maintained at financial institutions in Taiwan, of which USD 355,481 was subject to credit risk. The European Banking Authority pays compensation up to a limit of EUR 100,000 (approximately USD 107,000) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2024, cash balance of EUR 355,524 (USD 380,565) was maintained at financial institutions in Europe, of which EUR 255,524 (USD 273,521) was subject to credit risk. As of June 30, 2024, cash balance of USD 112,587 was maintained at financial institutions in Kingdom of Cambodia, all of which was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. The Company is also exposed to risk from its accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment. Customer concentration risk For the three months ended June 30, 2024, two customers accounted for 18.4% and 17.2% of the Company’s total revenue, respectively. For the three months ended June 30, 2023, three customers accounted for 18.3%, 16.7% and 11.4% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the three months ended June 30, 2024 and 2023. For the six months ended June 30, 2024, three customers accounted for 17.8% and 16.3% of the Company’s total revenue, respectively. For the six months ended June 30, 2023, two customers accounted for 19.1% and 17.7% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the six months ended June 30, 2024 and 2023. As of June 30, 2024, two customers accounted for 28.4% and 10.5% of the total balance of accounts receivable, respectively. As of December 31, 2023, four customers accounted for 27.2%, 19.0%, 12.0% and 11.1% of the total balance of accounts receivable, respectively. No other customer accounted for more than 10% of the Company’s accounts receivable as of June 30, 2024 and December 31, 2023. Vendor concentration risk For the three months ended June 30, 2024, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) and another vendor accounted for 57.0% and 11.9% of the Company’s total purchases, respectively. For the three months ended June 30, 2023, Huida and another vendor accounted for 55.2% and 10.2% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the three months ended June 30, 2024 and 2023. For the six months ended June 30, 2024, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) accounted for 54.6% of the Company’s total purchases. For the six months ended June 30, 2023, Huida and another vendor accounted for 53.4% and 13.3% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the six months ended June 30, 2024 and 2023. As of June 30, 2024, Huida accounted for 81.1% of the total balance of accounts payable. As of December 31, 2023, Huida accounted for 71.4% of the total balance of accounts payable. No other supplier accounted for more than 10% of the Company’s accounts payable as of June 30, 2024 and December 31, 2023.

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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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