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Customer and Supplier Concentration | 6 Months Ended
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Jun. 30, 2017
Risks and Uncertainties [Abstract] |
Customer and Supplier Concentration | NOTE 19 – CUSTOMER AND SUPPLIER CONCENTRATION- Significant customers and suppliers are those that account for greater than 10% of the Company’s revenues and purchases. The Company generated a portion of its revenues from one customer (17%) for the six months ended June 30, 2017. As of June 30, 2017 and December 31, 2016, the amount due from the one customer included in accounts receivable was $46,700 and $11,917, respectively. The loss of the significant customer or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition. The Company purchased a portion of materials from two vendors (41% and 25%) for the six months ended June 30, 2017. As of June 30, 2017 and December 31, 2016, the amounts due to one of the vendors included in accounts payable – related party was $3,324,151 and $3,754,050, respectively. As of June 30, 2017 and December 31, 2016, the Company had prepayments to another vendor included in prepaid expenses and other current assets of $928,215 and $228,552, respectively. The Company believes there are numerous other suppliers that could be substituted should the supplier become unavailable or non-competitive

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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