Quarterly report pursuant to Section 13 or 15(d)

Concentrations

v3.19.1
Concentrations
3 Months Ended
Mar. 31, 2019
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 20 - 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 months ended March 31, 2019 and 2018.

 

Customer   Three Months Ended
March 31, 2019
    Three Months Ended
March 31, 2018
 
A     29 %     27 %
B     19 %     18 %
C     15 %     14 %

 

* 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 March 31, 2019, accounted for 46.6% of the Company's total outstanding accounts receivable and accounts receivable – related party and tenants receivable at March 31, 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

 

No supplier accounted for 10% or more of the Company's purchase during the three months ended March 31, 2019 and 2018.

 

Three suppliers, whose outstanding payable accounted for 10% or more of the Company's total outstanding accounts payable at March 31, 2019, accounted for 91.9% of the Company's total outstanding accounts payable at March 31, 2019.

 

One 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 March 31, 2019 and December 31, 2018, cash balances in the PRC are $814,166 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 March 31, 2019 and December 31, 2018, the Company's cash balances in United States bank accounts had approximately $374,000 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.