CONCENTRATIONS |
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| Risks and Uncertainties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONCENTRATIONS |
NOTE 9: CONCENTRATIONS Concentration of Customers The Company sold its products to two The Company sold its products to one customer that account approximately 51% of the total revenues for the nine months ended September 30, 2023. The Company sold its products to two customers that account approximately 74% (63%, and 11%) of the total revenues for the nine months ended September 30, 2022. T
wo customers accounted for 49% and 56% of the total accounts receivable balance due to the Company at September 30, 2023 and December 31, 2022 respectively.
Concentration of Suppliers The Company purchased products from three vendors for the three months ended September 30, 2023 that accounted for approximately 55% (20%, 20% and 16%) of its total cost of goods sold. The Company purchased products from three vendors for the three months ended September 30, 2022 that accounted for approximately 35% (12%, 12%, and 11%) of its total cost of goods sold. The Company purchased products from one vendor for the nine months ended September 30, 2023 that accounted for approximately 26% of its total cost of goods sold. The Company purchased products from three vendors for the nine months ended September 30, 2022 that accounted for approximately 15% (5%, 5%, and 4%) 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 September 30, 2023 and 2022. The Company’s bank balances exceeded FDIC insured amounts at times during the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023 and December 31, 2022, the Company’s bank balance exceeded the FDIC insured amounts by $1,553,890
and $2,314,237, respectiv
ely.
Geographic Concentration For the three and nine months ended September 30, 2023 and 2022, respectively, the Company had the following geographic concentrations:
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