Credit and Concentration Risks |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| Credit and Concentration Risks [Abstract] | |||
| Credit and Concentration Risks |
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk resulting from the possibility that a customer or counterparty to a financial instrument defaults on their financial obligations or if there is a concentration of transactions carried out with the same counterparty. Financial instruments that potentially subject the Company to concentrations of credit risk include cash, cash equivalents and accounts receivable.
The Company’s cash and cash equivalents are held in reputable banks in its country of domicile and management believes the risk of loss to be remote. We maintain cash balances that exceed the insured limits by the Federal Deposit Insurance Corporation and the Canada Deposit Insurance Corporation. The Company is exposed to credit risk in the event of default by its customers. Accounts receivables are recorded at the invoiced amount, do not bear interest, and do not require collateral. For the three and six months ended June 30, 2025, no single customer represented 10% or more of the Company’s total revenue. For the three and six months ended June 30, 2024, one customer accounted for $5,803,843 and $8,479,419 or 26% and 21% of revenue, respectively. As of June 30, 2025 and December 31, 2024, no single customer represented 10% or more of the total accounts receivable. |