CONCENTRATIONS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONCENTRATIONS |
NOTE 9: CONCENTRATIONS Concentration of Customers The Company sold its products to two customers that account for approximately (50% and 16 . Three a nd one customers accounted for 56% of the total accounts receivable balance due to the Company at March 31, 2023 and December 31, 2022, respectively.Concentration of Suppliers The Company purchased products from three v endors for the three months ended March 31, 2023 that accounted for approximately 48% (27%, 10% and 11%) of its total cost of goods sold.The Company purchased products from five vendors for the three months ended March 31, 2022 that accounted for approximately 60% (13%, 11%, 16%, 10% and 10%) of its total cost of goods sold. Concentration of Credit Risk The Company maintains its cash in bank and financial institution deposits that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts through December 31, 2022. The Company’s bank balances exceeded FDIC insured amounts at times during the years ended December 31, 2022 and 2021, respectively. At March 31, 2023 and December 31, 2022, the Company’s bank balance exceeded the FDIC insured amounts by $1,852,707 and $2,314,237 , respectively.Geographic Concentration For the three months ended March 31, 2023 and 202 2 , respectively, the Company had the following geographic concentrations:
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