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Customer and Supplier Concentration

12 Months Ended

Dec. 31, 2018

Risks and Uncertainties [Abstract]

Customer and Supplier Concentration

NOTE 17 – 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’s revenues were concentrated with one customer for the years ended December 31, 2018 and 2017:

Customer			Total revenues from the customer to total revenues for the year ended December 31, 2018				Accounts receivable from the customer as of December 31, 2018 (rounded to 000)				Total revenues from the customer to total revenues for the year ended December 31, 2017				Accounts receivable from the customer as of December 31, 2017 (rounded to 000)
1				39	%		$	1,495,000				12	%		$	372,000

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’s purchases were concentrated among a few vendors for the years ended December 31, 2018 and 2017:

Vendor			Total purchases from the vendor to total purchases for the year ended December 31, 2018				Accounts payable (prepayment) to the vendor as of December 31, 2018 (rounded to 000)				Total purchases from the vendor to total purchases for the year ended December 31, 2017				Accounts payable (prepayment) to the vendor as of December 31, 2017 (rounded to 000)
1				33	%		$	(282,190	)			37	%		$	(61,000	)
2				30	%		$	(17,110	)			-				-
3*				17	%		$	5,491,616				34	%		$	4,325,000

* EDI, a related party. See Note 15.

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-URI http://asc.fasb.org/topic&trid=2134479

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- References

No definition available.

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