Annual report pursuant to Section 13 and 15(d)

CONCENTRATIONS

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CONCENTRATIONS
12 Months Ended
Dec. 31, 2017
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 years ended December 31, 2017 and 2016.

 

Customer  

Year Ended

December 31, 2017

 

Year Ended

December 31, 2016

A (Beijing Nanshan, a related party)   14%   26%
B (Shanghai Daopei, a related party)   *   51%
C (Hebei Yanda, a related party) *   23%
D 20%   0
E 13%   0
F 11%   0

 

*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.

 

Suppliers

 

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.