Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

v3.22.1
CONCENTRATIONS
3 Months Ended
Mar. 31, 2022
Risks and Uncertainties [Abstract]  
CONCENTRATIONS
NOTE 8: CONCENTRATIONS
  
Concentration of Customers
 
For the three months ended March 31, 2022 and 2021, respectively, the Company had the following concentrations of customers:
 
 
 
Percentage of
 
 
 
 
 
 
revenues for the
 
 
Percentage of accounts
 
 
 
Three Months Ended
 
 
receivables as of
 
 
 
March 31,
 
 
March 31,
 
 
December 31,
 
 
 
2022
 
 
2021
 
 
2022
 
 
2021
 
Customer 1
 
 
39
%
 
 
37
%
 
 
30
%
 
 
34
%
Customer 2
 
 
18
%
 
 
17
%
 
 
6
%
 
 
5
%
Customer 3
 
 
10
%
 
 
10
%
 
 
3
%
 
 
4
%
 
Concentration of Suppliers
 
For the three months ended March 31, 2022 and 2021, respectively, the Company had the following concentrations of suppliers:
 
 
 
Percentage of
 
 
 
 
 
 
purchases for the
 
 
Percentage of accounts
 
 
 
Three Months Ended
 
 
payable as of
 
 
 
March 31,
 
 
March 31,
 
 
December 31,
 
 
 
2022
 
 
2021
 
 
2022
 
 
2021
 
Supplier 1
 
 
13
%
 
 
21
%
 
 
15
%
 
 
16
%
Supplier 2
 
 
11
%
 
 
22
%
 
 
3
%
 
 
16
%
Supplier 3
 
 
16
%
 
 
11
%
 
 
9
%
 
 
8
%
Supplier 4
 
 
10
%
 
 
16
%
 
 
8
%
 
 
12
%
Supplier 5
 
 
10
%
 
 
0
%
 
 
6
%
 
 
2
%
Supplier 6
 
 
4
%
 
 
0
%
 
 
3
%
 
 
0
%
 
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 March 31, 2022 and 2021. The Company’s bank balances exceeded FDIC insured amounts at times during the three months ended March 31, 2022 and 2021. The Company’s bank balance exceeded the FDIC insured amounts as of March 31, 2022 and December 31, 2021, by approximately $338,000 and $7.2 million, respectively. 
 
Geographic Concentration
 
For the three a months ended March 31, 2022 and 2021, respectively, the Company had the following geographic concentrations:
 
 
 
Percentage of
revenues for the
 
 
 
 
Percentage of accounts
 
 
 
Three Months Ended
 
 
receivables as of
 
 
 
March 31,
 
 
March 31,
 
 
December 31,
 
 
 
2022
 
 
2021
 
 
2022
 
 
2021
 
Canada
 
 
3
%
 
 
4
%
 
 
6
%
 
 
7
%
Europe
 
 
13
%
 
 
3
%
 
 
11
%
 
 
14
%
United States of America
 
 
83
%
 
 
92
%
 
 
76
%
 
 
72
%
Other
 
 
1
%
 
 
1
%
 
 
7
%
 
 
7
%