v3.25.2
CONCENTRATIONS
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

19. CONCENTRATIONS

 

Concentrations of Credit Risk

 

As of December 31, 2024 and 2023, cash and cash equivalents balances in the PRC are $470,335 and $182,829, respectively, which were primarily deposited in financial institutions located in Mainland China. Each bank account is insured by The People’s Bank of China (the central bank of China) with the maximum limit of RMB500,000 (equivalent to $70,692). To limit exposure to credit risk relating to deposits, the Company primarily places cash and cash equivalent deposits with large financial institutions in China which management believes are of high credit quality and management also continually monitors the financial institutions’ credit worthiness.

 

Concentrations of Customers

 

The following table sets forth information as to each customer that accounted for 10% or more of total accounts receivable as of December 31, 2024 and 2023:

 

   As of   As of 
   December 31,   December 31, 
   2024   2023 
       % of       % of 
   Amount   Total   Amount   Total 
A  $795,879    52.82%  $-*    -* %
B   316,273    20.99%   -*    -* %
C   -*    -* %   997,506    39.39%
D   -*    -* %   553,800    21.87%
E   -*    -* %   479,511    18.93%
Total  $1,112,152    73.81%  $2,030,817    80.19%

 

The following table sets forth information as to each customer that accounted for 10% or more of total revenue for the years ended December 31, 2024 and 2023.

 

  

Year Ended December 31,

 
   2024   2023 
Customer      % of       % of 
   Amount   Total   Amount   Total 
A  $4,612,959    21.77%  $1,951,384    12.61%
B   2,182,042    10.30%   -*    -* %
C   2,151,473    10.15%   -*      -*  %
D    -*      -*  %   1,611,111    10.41%
E   -*     -*  %   -*     -*  %
Total  $8,946,474    42.22%  $3,562,495    23.02%

 

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable for the years ended December 31, 2024 and 2023.

 

   As of   As of  
   December 31,   December 31,  
   2024   2023  
Suppliers      % of       % of  
   Amount   Total   Amount   Total  
A  $724,946    32.69%  $829,815    89.25% 
B   417,196    18.81%   -*     -* % 
C   324,219    14.62%   -*     -* % 
D   273,999    12.35%   -*     -* % 
Total  $1,740,360    78.47%   829,815    89.25% 

 

* represented the percentage below 10%

 

There following table sets forth information as to each supplier that accounted for 10% or more of total purchase during the year ended December 31, 2024 and 2023.

 

   Year Ended December 31, 
   2024  2023 
Suppliers      % of        % of 
   Amount   Total    Amount   Total 
A  $3,808,157    16.99%   $-*    -* %
B   2,471,212    11.02%    1,706,583    11.95%
C   -*    - * %    2,607,552    18.25%
Total  $6,279,369    28.01%    4,314,135    30.20%