Company: QSJC
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001683168-25-001892
Chunk: 61

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 61
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 tax positions taken or expected to be taken in a tax return.
Tax benefits are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position
will be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest
and penalties if any, related to unrecognized tax benefits in income tax expenses.

(l) Comprehensive Income or Loss

Comprehensive income or loss includes net income
and foreign currency translation adjustments. Comprehensive income or loss is reported in the statements of comprehensive income or loss.

(m) Concentration of Credit Risk

Financial instruments that potentially expose
the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and other receivables. As of
December 31, 2024 and 2023, substantially all of the Company’s cash and cash equivalents were deposited with financial institutions
with high-credit ratings and quality. During the years ended December 31, 2024 and 2023, revenue amounting to $168,296 and $1,969,094
were generated from third parties, respectively; and $334,254 and $ nil were generated from a related party (see Note 7), respectively.

Details of customer who accounted for 10% or more
of the Company’s total revenue for the years ended December 31, 2024 and 2023 are as follows:

    Schedule of revenue concentration 

    For the years ended December 31, 

    2024  
    2023 

    Amount  
    % of total 
revenue  
    Amount  
    % of total 
revenue 
  
    Customer A 
    $–  
     -%  
    $214,114  
     10.9% 
  
    Customer B 
     74,727  
     14.9%  
     100,728  
     5.1% 
  
    Customer C 
     334,254  
     66.5%  
     –  
     -% 

    $408,981  
     81.4%  
    $314,842  
     16.0% 

Details of supplier who accounted for 10% or more
of the Company’s total purchase for the years ended December 31, 2024 and 2023 are as follows:

    Schedule of  purchase concentration 

    For the