Quarterly report pursuant to Section 13 or 15(d)

Concentrations (Tables)

v3.21.1
Concentrations (Tables)
3 Months Ended
Mar. 31, 2021
Risks and Uncertainties [Abstract]  
Schedule of Concentration Risk Percentage

Concentration of Purchase Order Financing

 

The Company used a third-party financing company for the quarters ended March 31, 2021 and 2020, respectively, which provided letters of credit to vendors for a fee against the purchase orders received by the Company for sale of products to its customers. The letters of credit were issued to the vendors to manufacture Company’s products pursuant to the purchase orders received by the Company.

  

Concentration of Customers

 

For the three months ended March 31, 2021 and 2020, respectively, the Company had the following concentrations of customers:

 

     

Percentage of revenues for the

Three Months Ended

    Percentage of accounts receivables as of  
      March 31,     March 31,  
      2021     2020     2021     2020  
Customer 1       37 %     0 %     60 %     0 %
Customer 2       17 %     26 %     6 %     9 %
Customer 3       10 %     21 %     7 %     36 %
Customer 4       8 %     18 %     9 %     17 %
Customer 5       6 %     5 %     7 %     15 %

 

Concentration of Suppliers

 

For the three months ended March 31, 2021 and 2020, respectively, the Company had the following concentrations of suppliers:

 

    Percentage of purchases for the   Percentage of accounts  
    Three Months Ended   payable as of  
    March 31,   March 31,  
    2021     2020   2021     2020  
Supplier 1     51 %   11 %   8 %     29 %
Supplier 2     24 %   0 %   0 %     14 %
Supplier 3     11 %   21 %   16 %     6 %
Supplier 4     10 %   10 %   8 %     6 %
Supplier 5     0 %   22 %   16 %     0 %
Supplier 6     0 %   16 %   12 %     0 %
Schedule of Geographical Distribution of Revenue Percentage

Geographic Concentration

 

For the three months ended March 31, 2021 and 2020, respectively, the Company had the following geographic concentrations:

 

      Percentage of revenues for the     Percentage of accounts  
      Three Months Ended     receivable as of  
      March 31,     March 31,  
      2021     2020     2021     2020  
Australia       0 %     3 %     0 %     4 %
Canada       4 %     11 %     4 %     11 %
Europe       3 %     7 %     3 %     7 %
USA       92 %     81 %     92 %     80 %
Other       1 %     -2 %     1 %     -2 %