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Concentration of risk | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Concentration of risk | Note 13 – Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash in bank. As of December 31, 2024 and 2023, $3,521,677 and $4,718 were deposited with financial institutions located in the PRC, respectively. Deposit insurance system in China only insured each depositor at one bank for a maximum of approximately $68,000 (RMB 500,000). As of December 31, 2024 and 2023, $3,232,446 and nil are over the China deposit insurance limit which is not covered by insurance, respectively. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD 500,000 (approximately USD 64,000) if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2024 and 2023, cash balance of $1,172,048 and $47,941 was maintained at financial institutions in Hong Kong, of which $1,043,310 and nil was subject to credit risk, respectively. 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 year ended December 31, 2024, two customers accounted for 71.8% and 26.0% of the Company’s total revenues, respectively. For the year ended December 31, 2023, two customers accounted for 64.3% and 35.7% of the Company’s total revenues, respectively. For the year ended December 31, 2022, none of customer accounted for more than 10.0% of the Company’s total revenues. As of December 31, 2024, two customers accounted for 52.3% and 46.8% of the total balance of accounts receivable. As of December 31, 2023, one customer accounted for 100.0% of the total balance of accounts receivable. Vendor concentration risk For the year ended December 31, 2024, three vendors accounted for 42.4%, 29.7% and 15.1% of the Company’s total purchases. For the year ended December 31, 2023 and 2022, none of vendor accounted for more than 10.0% of the Company’s total purchases. As of December 31, 2024, two vendors accounted for 36.9% and 30.0% of the total balance of accounts payable. As of December 31, 2023, none of vendor accounted for more than 10.0% of the total balance of accounts payable.

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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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