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CONCENTRATIONS OF RISK | 12 Months Ended
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Dec. 31, 2021
Risks and Uncertainties [Abstract] |
CONCENTRATIONS OF RISK | NOTE－21 CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the years ended December 31, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at year-end dates, are presented as follows:
Schedule of concentrations of risk |  |  |  |  |  |
|  | Year ended December 31, 2021 |  | December 31, 2021
Customer |  | Revenues |  | Percentage of revenues |  | Accounts receivable
Customer A** |  | $ | 387,213 |  |  |  | 74 | % |  | $ | 54,160 | *
Customer B*** |  | $ | 94,698 |  |  |  | 18 | % |  | $ | (9,298 | )****
*This included value added taxed (“VAT”) ** The Company engaged Tiki Smart Logistic for collection of cash on delivery arrangement from their end customer. *** The Company engaged PayDollars for online payment gateway arrangement from their end customer **** Due to order cancelation the amount became credit balance
|  | Years ended December 31, 2020 |  | December 31, 2020
Customer |  | Revenues |  | Percentage of revenues |  | Accounts receivable
Customer A |  | $ | 40,719 |  |  |  | 75 | % |  | $ | — |
All customers are located in Vietnam except one located in Indonesia. (b) Major vendors For the year ended December 31, 2021, there is no single vendor exceeding 10% of the Company’s purchase cost.
|  | Years ended December 31, 2020 |  | December 31, 2020
Customer |  | Cost of sales |  | Percentage of revenues |  | Accounts receivable
Vendor A |  | $ | 68,657 |  |  |  | 78 | % |  | $ | 39,279 |
All vendors are located in Vietnam. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in VND, SGD and INR and a significant portion of the assets and liabilities are denominated in VND, SGD and INR. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and VND, SGD and INR. If VND, SGD and INR depreciates against US$, the value of VND, SGD and INR revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk. (e) Economic and political risks The Company's operations are conducted in the Republic of Vietnam. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the Vietnam, and by the general state of the Vietnam economy. The Company's operations in the Vietnam and India are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the Vietnam and India, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.

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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 + Details
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