Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2022
Concentrations [Abstract]  



Concentrations Of Credit Risk


Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade accounts receivable and cash deposits. The Company places its cash in banks at levels that, at times, may exceed federally insured limits. On December 31, 2022, the Company did not have any cash in excess of FDIC limits of $250,000. The Company has not experienced any losses in such accounts through December 31, 2022.


Geographic Concentrations of Sales


During the years ended December 31, 2022 and 2021, all sales were in the United States.


Customer Concentrations


For the year ended December 31, 2022, no customer accounted for over 10% of total sales. For the year ended December 31, 2021, three customers accounted for approximately 44.2% of total sales (17.4%, 15.3%, and 11.5%, respectively). On December 31, 2022, three customers accounted for 41.1% (10.3%, 19.3% and 11.5%, respectively) of the total accounts receivable balance. On December 31, 2021, one customer accounted for 21.4% of the total accounts receivable balance.


Vendor concentrations


Generally, the Company purchases substantially all of its inventory from five suppliers. The loss of these suppliers may have a material adverse effect on the Company’s consolidated results of operations and financial condition. However, the Company believes that, if necessary, alternate vendors could supply similar products in adequate quantities to avoid material disruptions to operations.