Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

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CONCENTRATIONS
9 Months Ended
Sep. 30, 2018
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 16 - 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 nine months ended September 30, 2018 and 2017.

 

Customer   Three Months
Ended
September 30, 2018
    Three Months
Ended
September 30, 2017
    Nine Months
Ended
September 30, 2018
    Nine Months
Ended
September 30, 2017
 
A (Beijing Daopei, a related party)     17 %     0 %     18 %     0 %
B (Beijing Nanshan, a related party)     0 %     *       0 %     20 %
C     19 %     27 %     20 %     18 %
D     13 %     16 %     13 %     11 %
E     10 %     13 %     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 September 30, 2018, accounted for 80.3% of the Company’s total outstanding accounts receivable and accounts receivable – related party and tenants receivable at September 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 nine months ended September 30, 2018 and 2017.

 

Two suppliers, whose outstanding payable accounted for 10% or more of the Company’s total outstanding accounts payable at September 30, 2018, accounted for 100% of the Company’s total outstanding accounts payable at September 30, 2018.

 

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

 

Concentrations of Credit Risk

 

At September 30, 2018 and December 31, 2017, cash balances in the PRC are $1,654,815 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 September 30, 2018 and December 31, 2017, the Company’s cash balances in United States bank accounts had approximately $1,374,000 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.