Concentrations of Credit and Business Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit loss by investing its cash with high credit quality financial institutions.

Major customers

For the three months ended of March 31, 2025 and 2024, the Company’s revenue received from the following companies were set out as below:

As of March 31, 2025 and December 31, 2024, the Company’s accounts receivable from the following companies were set out as below:

Major vendors

Two major vendors accounted for more than 98% of our total purchases during the three months ended March 31, 2025 and no major vendor accounted more than 10% of total purchase during the three months ended March 31, 2024.