CONCENTRATIONS

6 Months Ended

Jun. 30, 2024

Risks and Uncertainties [Abstract]

CONCENTRATIONS

18. CONCENTRATIONS

Concentrations of Credit Risk

As of June 30, 2024, cash and cash equivalents balances in the PRC are $1,115,181, 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 June 30, 2024 and December 31, 2023:

	As of					As of
	June 30, 2024					December 31, 2023
			% of					% of
	Amount		Total			Amount		Total
A	$	727,855		31.10	%	$			*	%
B		454,360		19.42	%				*	%
C		412,364		17.62	%					%
D		302,919		12.95	%		479,511		18.93	%
E		255,423		10.92	%		*		*	%
F		*		*			997,506		39.39	%
G		*		*	%		553,800		21.87	%
Total	$	2,152,921		92.01	%	$	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 six months ended June 30, 2024 and 2023.

	Six Months Ended June 30,
	2024					2023
Customer			% of					% of
	Amount		Total			Amount		Total
I	$	3,022,476		24.91	%	$	*		*	%
A		2,050,295		16.90	%		*		*	%
B		1,298,049		10.70	%		*		*	%
H		*		*	%		1,421,213		17.46	%
F		*		*	%		1,145,778		14.08	%
Total	$	6,370,820		52.51	%	$	2,566,991		31.54	%

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of June 30, 2024 and December 31, 2023.

	As of					As of
	June 30,					December 31,
	2024					2023
Suppliers			% of					% of
	Amount		Total			Amount		Total
A	$	810,711		63.29	%	$	829,815		89.25	%
B		211,509		16.51	%		*		*	%
Total	$	1,022,220		79.80	%		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 six month ended June 30, 2024 and 2023.

	Six Months Ended June 30,
	2024					2023
Suppliers			% of					% of
	Amount		Total			Amount		Total
C	$	2,301,768		17.54	%	$	*		*	%
D		1,811,820		13.80	%		*		*	%
E		1,438,856		10.96	%		*		*	%
F		*		*	%		1,831,395		26.35	%
G		*		*	%		759,940		10.93	%
Total	$	5,552,444		42.3	%		2,591,335		37.28	%