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CUSTOMER AND SUPPLIER CONCENTRATION | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
CUSTOMER AND SUPPLIER CONCENTRATION | CUSTOMER AND SUPPLIER CONCENTRATION Significant customers and suppliers are those that account for greater than 10% of the Company’s revenues and purchases. For the year ended December 31, 2024, the Company's revenues were not concentrated with one or more customers. The Company’s revenues were concentrated with one customer for the year ended December 31, 2023.
Customer |  | Total revenues from the customer as a percentage of total revenues for the year ended December 31, 2024 |  | Accounts receivable from the customer as of December 31, 2024 (in thousands) |  | Total revenues from the customers as a percentage of total revenues for the year ended December 31, 2023 |  | Accounts receivable from the customers as of December 31, 2023 (in thousands)
1 |  | — | % |  | $ | — |  |  | 10 | % |  | $ | 1,762 |
The loss of a significant customer or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition. For the year ended December 31, 2024 and December 31, 2023, the Company's purchases were concentrated among one vendor.
Vendor |  | Total purchases from the vendor as a percentage of total cost of revenues for the year ended December 31, 2024 |  | Accounts payable (prepayment) to the vendor as of December 31, 2024 (in thousands) |  | Total purchases from the vendors as a percentage of total cost of revenues for the year ended December 31, 2023 |  | Accounts payable (prepayment) to the vendors as of December 31, 2023 (in thousands)
1 |  | 51 | % |  | $ | 16,059 |  |  | 48 | % |  | $ | 20,472 |
The Company believes there are numerous other suppliers that could be substituted should the above 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 -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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