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NOTE 8 – Concentration of Risks
6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
NOTE 8 – Concentration of Risks

NOTE 8 – Concentration of Risks

  

Concentration of Credit Risk

 

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investment, account receivables, as well as dividend receivable. The carrying values of the financial instruments approximate their fair values due to their short-term maturities. The Company places its cash and cash equivalents with financial institutions with high-credit ratings and quality. As of June 30, 2024, there were no amounts in excess of the FDIC guarantee.

 

Account receivables primarily comprise of amounts receivable from the trader customers. With respect to the prepayment to service suppliers, the Company performs on-going credit evaluations of the financial condition of these suppliers. The Company establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service providers and other information.

 

Concentration of Customers

 

As of June 30, 2024, the Company only have transaction with East West Development LLC, with revenue amount of $60,000.

 

As of June 30, 2024, the Accounts Receivable balance is $197,055. For which, East West Development LLC takes the full outstanding balance of this amount.

 

Concentration of Vendors

 

As of June 30, 2024, the outstanding balance of Accounts Payable is $1,231 from North American Chinese Financial Association.