Concentrations of risks |
6 Months Ended |
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Jun. 30, 2026 | |
| Risks and Uncertainties [Abstract] | |
| Concentrations of risks | Concentrations of risks Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Federal Deposit Insurance Corporation pays compensation up to a limit of USD250,000 if the bank with which a depositor holds its eligible deposit fails. As of June 30, 2026, a cash balance of USD2,651,697 was maintained at financial institutions in the United States, of which USD2,148,890 was subject to credit risk. The Canadian Deposit Insurance Corporation pays compensation up to a limit of CAD100,000 (approximately USD70,433) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2026, a cash balance of CAD327,220 (USD230,469) was maintained at financial institutions in Canada, of which CAD227,220 (USD160,036) was subject to credit risk. The Taiwan Central Deposit Insurance Corporation pays compensation up to a limit of TWD3,000,000 (approximately USD94,221) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2026, an aggregated cash balance of USD972,640 was maintained at financial institutions in Taiwan, of which USD603,315 was subject to credit risk. As of June 30, 2026, cash balance of USD199,897 was maintained at financial institutions in Kingdom of Cambodia, all of which was subject to credit risk. The European Banking Authority pays compensation up to a limit of EUR100,000 (approximately USD114,090) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2026, cash balance of EUR266,033 (USD303,517) was maintained at financial institutions in Europe, of which EUR144,465 (USD164,821) was subject to credit risk. The Reserve Bank of India pays compensation up to a limit of INR500,000 (approximately USD5,292) if the bank with which an individual/a company holds its eligible deposit fails. As of June 30, 2026, cash balance of INR1,404,308 (USD14,862) was maintained at financial institutions in India, of which INR904,308 (USD9,570) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. 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 three months ended June 30, 2026, four customers accounted for 15.6%, 14.2%, 12.4% and 10.7% of the Company’s total revenue, respectively. For the three months ended June 30, 2025, two customers accounted for 13.3% and 12.3% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the three months ended June 30, 2026 and 2025. For the six months ended June 30, 2026, four customers accounted for 15.0%, 12.7%, 12.2% and 11.1% of the Company’s total revenue, respectively. For the six months ended June 30, 2025, two customers accounted for 15.1% and 13.9% of the Company’s total revenue, respectively. No other customer accounted for more than 10% of the Company’s revenue for the six months ended June 30, 2026 and 2025. As of June 30, 2026, three customers accounted for 27.0%, 18.3% and 11.6% of the total balance of accounts receivable, respectively. As of December 31, 2025, four customers accounted for 21.1%, 15.3%, 13.8% and 11.8% of the total balance of accounts receivable, respectively. No other customer accounted for more than 10% of the Company’s accounts receivable as of June 30, 2026 and December 31, 2025. Vendor concentration risk For the three months ended June 30, 2026, Tangshan Huida Ceramic Group Co., Ltd (“Huida”) accounted for 53.6% of the Company’s total purchases. For the three months ended June 30, 2025, Huida accounted for 51.0% of the Company’s total purchases. No other supplier accounted for more than 10% of the Company’s total purchases for the three months ended June 30, 2026 and 2025. For the six months ended June 30, 2026, Huida accounted for 50.7% of the Company’s total purchases. For the six months ended June 30, 2025, Huida and another vendor accounted for 56.5% and 10.1% of the Company’s total purchases, respectively. No other supplier accounted for more than 10% of the Company’s total purchases for the six months ended June 30, 2026 and 2025. As of June 30, 2026, Huida accounted for 75.1% of the total balance of accounts payable. As of December 31, 2025, Huida accounted for 83.3% of the total balance of accounts payable. No other supplier accounted for more than 10% of the Company’s accounts payable as of June 30, 2026 and December 31, 2025.
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