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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
Risks and Uncertainties [Abstract] |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES Current vulnerability due to certain concentrations For the nine months ended September 30, 2023, no customer accounted for greater than 10.0% of sales and three customers accounted for 53.1%, 11.5% and 10.4% of accounts receivable. Two suppliers accounted for 13.4% and 10.4% of raw material purchases, and four different products accounted for 20.9%, 19.4%, 18.2% and 10.5% of revenue. For the nine months ended September 30, 2022, one customer accounted for 10.2% of sales and three customers accounted for 52.8%, 11.4% and 10.4% of accounts receivable. Three suppliers accounted for 24.1%, 12.6% and 10.8% of raw material purchases, and four different products accounted for 25.5%, 25.0%, 14.9% and 11.2% of revenue. Nature of Operations Economic environment - Substantially all of the Company’s operations are conducted in the PRC, and therefore the Company is subject to special considerations and significant risks not typically associated with companies operating in the United States of America. These risks include, among others, the political, economic and legal environments and fluctuations in the foreign currency exchange rate. The Company’s results from operations may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The unfavorable changes in global macroeconomic factors may also adversely affect the Company’s operations. In addition, all of the Company’s revenue is denominated in the PRC’s currency of Renminbi (RMB), which must be converted into other currencies before remittance out of the PRC. Both the conversion of RMB into foreign currencies and the remittance of foreign currencies abroad require approval of the PRC government.

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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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