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

NOTE 12. CONCENTRATIONS AND CREDIT RISK

 

Revenues

 

One customer accounted for approximately 65% of the Company’s revenues for the three months ended September 30, 2023, and another customer accounted for 12%. Club Car accounted for approximately 100% of the Company’s revenue for the three months ended September 30, 2022. Three customers accounted for approximately 36%, 31%, and 12% of the Company’s revenues for the nine months ended September 30, 2023, respectively. Club Car accounted for approximately 95% of the Company’s revenues for the nine months ended September 30, 2022. We do not expect Club Car to remain a customer going forward.

 

Accounts Receivable

 

As of September 30, 2023, two customers accounted for 85% and 14%, 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. Certain suppliers accounted for more than 10% of the Company’s raw materials purchased for the three months ended September 30, 2023, including, one for 16%, one for 14%, one for 12%, and the fourth for 10%. During the nine months ended September 30, 2023, no suppliers accounted for more than 10% of the Company’s raw materials.

 

During the nine months ended September 30, 2022, one supplier accounted for approximately 57%, and two other suppliers accounted for 12% of the Company’s raw materials purchases. The Company’s purchases of raw materials from three suppliers were approximately 49%, 17%, and 13% respectively, of its total purchases of raw materials for the three months ended September 30, 2022.