Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 193

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 193
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 31, 2024 to $7,506,551 from $6,443,357 for the year ended December 31, 2023. The increase was mainly due to increase in units sold in 2024. We renegotiated bank borrowings with lower interest rate to sustain our operation cash needs. Our bank borrowings outstanding as of December 31, 2024 was approximately $0.4 million as compared to approximately $0.5 million as of December 31, 2023. Selling and marketing expenses increased to $1,102,778 in 2024 from $59,841 for 2023 because of increase in market research expenses. Our general and administrative expenses decreased to approximately $3.4 million for 2024 from approximately $4.4 million for 2023 because of decrease in compensation to directors and executive officers and professional fees as a public company. Finance costs were decreased to $25,834 for 2024 from $26,935 for 2023. The combination of all above factors, along with decrease in other income and increase of provision for income tax, have resulted in an increase of our net loss of $188,769 to $3,690,287 for 2024 from $3,501,518 for 2023.
 

  59 
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Currently, our customer and geographical market concentration are high. To mitigate the issues of concentration of customers and geographical markets, we are contacting property and hotel/service apartment developers in China and South-east Asia to diversify our customer base and reduce our market concentration. The following table shows revenues from customers that accounted for more than 10% of our total operating revenues:
 

                                                                  For the years ended                                                      
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                                                                                                                           December 31,    
             2024                                       2023                                       2022                                    
Customer A             $2,823,568            37.6   %             $1,786,656            27.5   %             $5,654,248            46.5   %
Customer B              1,442,988            19.2   %                888,595            13.7   %              1,871,116            15.4   %
Customer C              2,213,651            29.5   %              1,723,506            26.5   %              1,586,681            13.1   %
Customer D                      —               —                  1