Concentration Risk

9 Months Ended

Sep. 30, 2022

Risks and Uncertainties [Abstract]

Concentration Risk

9. Concentration Risk

(a) Customers

A substantial percentage of the Group’s net revenue comes from sales made to a large number of customers at a small transaction amount, to whom sales are typically made on an open account basis.

There was no customer of which the revenue accounted for 10% or more of total net revenue for the three months and nine months ended September 30, 2022 and 2021.

As of September 30, 2022, there was one customer of which the accounts receivable accounted for 13% of total accounts receivable. As of December 31, 2021, there was one customer of which the accounts receivable accounted for 21% of total accounts receivable.

(b) Suppliers

As of September 30, 2022, there was two suppliers of which the accounts payable accounted for 18% and 12% of total accounts payable, respectively. As of December 31, 2021, there was no supplier of which the accounts payable accounted for 10% or more of total accounts payable.