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CONCENTRATION OF CREDIT RISK
12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
CONCENTRATION OF CREDIT RISK

16. CONCENTRATION OF CREDIT RISK

 

Financial instruments, which potentially the Company to concentrations of credit risk, consist primarily of cash. The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. However, cash balances in excess of Chinese government (Deposit insurance regulations, effective from May 1, 2015) insured limit of RMB500,000 (approximately of $70,451) are at risk. As of December 31, 2023 and 2022, the Company had cash and cash equivalents of $266,542 and $454,980, with $9,814 and $65,322 was not insured, respectively. The cash that not insured are deposits in non-traditional bank accounts or financial institutions.