CONCENTRATIONS |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONCENTRATIONS |
NOTE 9: CONCENTRATIONS Concentration of Customers The Company sold its products to two customers that account approximately 71% (16% and 55%)of the total revenues for the three months ended June 30, 2023. The Company sold its products to four customers that account approximately 72% (18%, 43%, 10%, and 1%) of the total revenues for the three months ended June 30, 2022.
The Company sold its products to
two customers that account approximately 66%
One and two
customers
accounted for 25% and 56% of the total accounts receivable balance due to the Company at June 30, 2023 and December 31, 2022 respectively.Concentration of Suppliers The Company purchased products from
three vendors for the three months ended June 30, 2023 that accounted for approximately 43% (22%, 10% and 11%) of its total cost of goods sold. The Company purchased products from five vendors for the three months ended June 30, 2022 that accounted for approximately 51% (11%, 10%, 6%, 10% and 14%) of its total cost of goods sold.
The Company purchased products from
two vendors for the six months ended June 30, 2023 that accounted for approximately 29% (10% and 19%) of its total cost of goods sold. The Company purchased products from four vendors for the six months ended June 30, 2022 that accounted for approximately 47% (12%, 13%, 10% and 12%) 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 June 30, 2023 and 2022. The Company’s bank balances exceeded FDIC insured amounts at times during the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023 and December 31, 2022, the Company’s bank balance exceeded the FDIC insured amounts by $1,810,338 and $2,314,237, respectively.Geographic Concentration For the three and six months ended June 30, 2023 and 2022, respectively, the Company had the following geographic concentrations:
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