Concentrations

12 Months Ended

Dec. 31, 2023

NOTE 14 - CONCENTRATIONS

Customers 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, 2023 and 2022.

	For the years ended December 31,
	2023					2022
Customer	Amount		%			Amount		%
Customer A		3,332,699		38	%		4,774,456		40	%
Customer B		3,313,441		38	%		4,503,761		38	%

The following table sets forth a summary of single customers who represented 10% or more of the Company’s total accounts receivable:

	As of December 31,
	2023					2022
Customer	Amount		%			Amount		%
Customer A		5,762,712		38	%		5,225,661		41	%
Customer B		5,532,313		37	%		5,412,049		42	%

Suppliers Concentrations

The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchase for the years ended December 31, 2023 and 2022.

	For the years ended December 31,
	2023					2022
Suppliers	Amount		%			Amount		%
Supplier A		1,471,441		33	%		3,735,133		64	%
Supplier B		N/A		N/A			678,040		12	%
Supplier C		919,032		20	%		N/A		N/A
Supplier D		873,366		19	%		N/A		N/A
Supplier E		827,129		18	%		N/A		N/A

Credit Risks

The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. Substantially all of the Company’s cash is maintained with state-owned banks within the PRC, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company’s sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. At December 31, 2023 and 2022, the Company’s cash balances by geographic area were as follows:

	December 31,				December 31,
	2023				2022
United States	$	-	-	%	$	-	-	%
China		1,389	100	%		8,122	100	%
Singapore		-	-	%		-	-	%
Total cash and cash equivalents	$	1,389	100	%	$	8,122	100	%

MULIANG VIAGOO TECHNOLOGY, INC. 10-K