Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

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CONCENTRATIONS
6 Months Ended
Jun. 30, 2018
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 17 - 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, 2018 and 2017.

 

    Three Months     Three Months     Six Months     Six Months  
    Ended     Ended     Ended     Ended  
Customer   June 30, 2018     June 30, 2017     June 30, 2018     June 30, 2017  
A (Beijing Daopei, a related party)     29 %     *       18 %     *  
B (Beijing Nanshan, a related party)     0 %     41 %     0 %     35 %
C (Shanghai Daopei, a related party)     0 %     *       0 %     15 %
D     16 %     14 %     20 %     12 %
E     11 %     *       13 %     *  
F     *       *       11 %     *  

 

*Less than 10%

 

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 June 30, 2018, accounted for 74.9% of the Company’s total outstanding accounts receivable and accounts receivable – related party and tenants receivable at June 30, 2018.

 

Two customers, whose outstanding receivable accounted for 10% or more of the Company’s total outstanding accounts receivable and tenants receivable at December 31, 2017, accounted for 48.9% of the Company’s total outstanding accounts receivable and tenants receivable at December 31, 2017.

 

Suppliers

 

No supplier accounted for 10% or more of the Company’s purchase during the three and six months ended June 30, 2018 and 2017.

 

One supplier accounted for 100% of the Company’s total outstanding accounts payable at June 30, 2018.

 

One supplier accounted for 100% of the Company’s total outstanding accounts payable at December 31, 2017.

 

Concentrations of Credit Risk

 

At June 30, 2018 and December 31, 2017, cash balances in the PRC are $1,318,799 and $1,327,009, 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, 2018 and December 31, 2017, the Company’s cash balances in United States bank accounts had approximately $1,507,000 and $1,162,000 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.