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Concentration
12 Months Ended
Dec. 31, 2023
Concentration  
Concentration

Note 14 – Concentration

 

During years ended December 31, 2023 and 2022, customer and supplier concentrations (more than 10%) were as follows:

 

Revenue and accounts receivable

 

 

 

Percentage of Revenue

 

 

Percentage of

 

 

 

For Years ended

 

 

Accounts Receivable

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer A

 

 

32.65%

 

 

-

 

 

 

39.78%

 

 

-

 

Customer B

 

 

44.19%

 

 

-

 

 

 

53.82%

 

 

-

 

Customer C

 

 

-

 

 

 

19.61%

 

 

-

 

 

 

-

 

Customer D

 

 

-

 

 

 

19.61%

 

 

-

 

 

 

-

 

Customer E

 

 

-

 

 

 

17.17%

 

 

-

 

 

 

-

 

Total (as a group)

 

 

76.84%

 

 

56.39%

 

 

93.60%

 

 

-

 

 

Purchase and accounts payable

 

 

 

Percentage of Purchase

 

 

Percentage of

 

 

 

For Years ended

 

 

Accounts Payable

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Supplier A

 

 

77.01%

 

 

96.67%

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (as a group)

 

 

77.01%

 

 

96.67%

 

 

-

 

 

 

-

 

 

To reduce risk, the Company closely monitors the amounts due from its customers and assesses the financial strength of its customers through a variety of methods that include, but are not limited to, engaging directly with customer operations and leadership personnel, visiting customer locations to observe operating activities, and assessing customer longevity and reputation in the marketplace. As a result, the Company believes that its accounts receivable credit risk exposure is limited.