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CONCENTRATIONS AND CREDIT RISK
6 Months Ended
Jun. 30, 2023
Risks and Uncertainties [Abstract]  
CONCENTRATIONS AND CREDIT RISK

NOTE 12. CONCENTRATIONS AND CREDIT RISK

 

Revenues

 

One customer accounted for approximately 46% of the Company’s revenues for the three months ended June 30, 2023 and another customer accounted for 35%. Club Car accounted for approximately 89% and another customer 10% of the Company’s revenues for the three months ended June 30, 2022. Three customers accounted for approximately 42%, 25%, and 20% of the Company’s revenues for the six months ended June 30, 2023, respectively. Club Car accounted for approximately 95% of the Company’s revenues for the six months ended June 30, 2022. We do not expect Club Car to remain a customer going forward.

 

Accounts Receivable

 

As of June 30, 2023, two customers accounted for 61% and 39%, respectively, of the Company’s net accounts receivable. As of December 31, 2022, Club Car accounted for 100% of the Company’s net accounts receivable.

 

Purchasing

 

The Company places orders with various suppliers. No suppliers accounted for more than 10% of the Company’s raw materials purchased for the three months ended June 30, 2023. During the six months ended June 30, 2023, two suppliers accounted for more than 10% of the Company’s raw materials, one supplier accounted for 15% the other 13%. During the six months ended June 30, 2022, two suppliers accounted for accounted for more than 10% of the Company’s raw materials. One supplier accounted for 61% and the other 13%. The Company’s purchases of raw materials from one supplier was approximately 43% and 9% of its total purchases of raw materials for the three months ended June 30, 2022.