|12 Months Ended|
Dec. 31, 2017
|Risks and Uncertainties [Abstract]|
NOTE 21 - CONCENTRATIONS
The following table sets forth information as to each customer that accounted for 10% or more of the Company’s revenues for the years ended December 31, 2017 and 2016.
*Less than 10%
Two customers accounted for 48.9% of the Company’s total outstanding accounts receivable and tenants receivable at December 31, 2017.
One customer, who was a related party, accounted for 100% of the Company’s total outstanding accounts receivable at December 31, 2016.
No supplier accounted for 10% or more of the Company’s purchase during the years ended December 31, 2017 and 2016.
One supplier accounted for 100% of the Company’s total outstanding accounts payable at December 31, 2017.
No supplier accounted for 10% or more of the Company’s total outstanding accounts payable at December 31, 2016.
Concentrations of Credit Risk
At December 31, 2017 and 2016, cash balances in the PRC are $1,327,009 and $2,525,630, 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 December 31, 2017 and 2016, the Company’s cash balances in United States bank accounts had approximately $1,162,000 and $80,000 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.
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://www.xbrl.org/2003/role/presentationRef