|6 Months Ended|
Jun. 30, 2021
|Risks and Uncertainties [Abstract]|
NOTE 8: CONCENTRATIONS
Concentration of Purchase Order Financing
SCHEDULE OF CONCENTRATION RISK PERCENTAGE
The Company used a third-party financing company for the quarters ended June 30, 2021which 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 and six months ended June 30, 2021 and 2020, respectively, the Company had the following concentrations of customers:
Concentration of Suppliers
For the three and six months ended June 30, 2021 and 2020, respectively, the Company had the following concentrations of suppliers:
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, 2021 and 2020. The Company’s bank balances exceeded FDIC insured amounts at times during the six months ended June 30, 2021 and 2020. The Company’s bank balance exceeded the FDIC insured amounts as of June 30, 2021 by approximately $20 million.
SCHEDULE OF GEOGRAPHICAL DISTRIBUTION OF REVENUE PERCENTAGE
For the three and six months ended June 30, 2021 and 2020, respectively, the Company had the following geographic concentrations:
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef