Concentrations, Geographic Data, and Sales by Major Customers |
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| Concentrations, Geographic Data, and Sales by Major Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrations, Geographic Data, and Sales by Major Customers |
NOTE 11: CONCENTRATIONS, GEOGRAPHIC DATA, AND SALES BY MAJOR CUSTOMERS
Concentration of Customers
The Company sold its products to two customers that account for approximately 73% (57% and 16%) of the total revenues for the year ended December 31, 2023.The Company sold its products to two customers that accounted for approximately 67% (53% and 14%) of the total revenues for the years ended December 31, 2022.Two customers accounted for 58% and 56% of the total accounts receivable balance due to the Company at December 31, 2023 and 2022, respectively.
Concentration of Suppliers
The Company purchased products from three vendors for the year ended December 31, 2023 that accounted for approximately 46% (19%, 14%, and 13%) of its total cost of goods sold.
The Company purchased products from three vendors for the year ended December 31, 2022 that accounted for approximately 35% (13%, 12% and 11%) 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, 2023. The Company’s bank balances exceeded FDIC insured amounts at times during the years ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, the Company’s bank balance exceeded the FDIC insured amounts by $902,540 and $2,314,237 respectively.
Geographic Concentration
Geographical distribution of net revenue consisted of the following for the years ended December 31, 2023 and 2022, respectively, as follows:
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