Quarterly report pursuant to Section 13 or 15(d)

Concentrations

v3.19.2
Concentrations
6 Months Ended
Jun. 30, 2019
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 21 – CONCENTRATIONS

 

Customers

 

The following table sets forth information as to each customer that accounted for 10% or more of the Company's revenues for the three and six months ended June 30, 2019 and 2018.

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Customer   2019     2018     2019     2018  
A (Beijing Daopei, a related party)     14.0 %     29 %     8.2 %     18 %
B (Hebei Daopei, a related party)     13.9 %     16 %     8.1 %     20 %
C     20.2 %     11 %     23.8 %     13 %
D     13.5 %     *       15.9 %     11 %

 

* Less than 10%

 

Three customers, whose outstanding receivable accounted for 10% or more of the Company's total outstanding accounts receivable and accounts receivable – related party and tenants receivable at June 30, 2019, accounted for 83.5%  of the Company's total outstanding accounts receivable and accounts receivable – related party and tenants receivable at June 30, 2019.

 

Two customers, whose outstanding receivable accounted for 10% or more of the Company's total outstanding accounts receivable and accounts receivable – related party and tenants receivable at December 31, 2018, accounted for 56.0% of the Company's total outstanding accounts receivable and accounts receivable – related party and tenants receivable at December 31, 2018.

 

Suppliers

 

Four suppliers accounted for 10% or more of the Company's purchase during the three and six months ended June 30, 2019. Three suppliers accounted for 10% or more of the Company's purchase during the three and six months ended June 30, 2018.

 

Four suppliers, whose outstanding payable accounted for 10% or more of the Company's total outstanding accounts payable at June 30, 2019, accounted for 87.5% of the Company's total outstanding accounts payable at June 30, 2019.

 

Three supplier, whose outstanding payable accounted for 10% or more of the Company's total outstanding accounts payable at December 31, 2018, accounted for 95.5% of the Company's total outstanding accounts payable at December 31, 2018.

 

Concentrations of Credit Risk

 

At June 30, 2019 and December 31, 2018, cash balances in the PRC are $640,253 and $1,216,485, respectively, are uninsured. The Company has not experienced any losses in PRC bank accounts and believes it is not exposed to any risks on its cash in PRC bank accounts.

 

The Company maintains its cash in United States bank and financial institution deposits that at times may exceed federally insured limits. At June 30, 2019 and December 31, 2018, the Company's cash balances in United States bank accounts had approximately $2,761,051 and $239,000 in excess of the federally-insured limits, respectively. The Company has not experienced any losses in its United States bank accounts through and as of the date of this report.