CONCENTRATIONS AND CREDIT RISK	12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATIONS AND CREDIT RISK	NOTE 11. CONCENTRATIONS AND CREDIT RISK Revenues Four customers accounted for approximately 68% and one customer accounted for 100% of the Company’s revenues for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company’s revenues from the four customers were approximately 23%, 18%, 16%, and 11%, respectively. Accounts Receivable Four customers accounted for approximately 82% and one customer accounted for 100% of the Company’s gross accounts receivable for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company’s accounts receivable for the four customers were approximately 32%, 27%, 12%, and 11%, respectively. Purchasing The Company places orders with various suppliers. One supplier accounted for approximately 36% and three customers accounted for 79% of the Company’s purchases of raw materials for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2022, the Company’s purchases of raw materials from three suppliers were approximately 50%, 19%, and 10%, respectively. Manufacturing On May 31, 2022, the Company received a letter from Cenntro purporting to terminate all agreements and contracts between the Company and Cenntro. Although the Company does not believe Cenntro’s termination of the Cenntro MLA is valid, the Company has determined to cease production of the AYRO 411x and focus its resources on the development and launch of the Vanish. The Company has canceled all purchase orders and future builds with Cenntro and currently intends to only order replacement parts for vehicles from Cenntro in the future. The Company is in discussions with Cenntro concerning the potential repurchase by Cenntro of unsaleable inventory due to quality concerns. AYRO expects to lose its exclusive license under the Cenntro MLA, in which case Cenntro could sell similar products through other companies or directly to the Company’s customers, which could have a material adverse effect on its results of operations and financial condition. AYRO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONCENTRATIONS AND CREDIT RISK

12 Months Ended

Dec. 31, 2023

NOTE 11. CONCENTRATIONS AND CREDIT RISK

Revenues

Four customers accounted for approximately 68% and one customer accounted for 100% of the Company’s revenues for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company’s revenues from the four customers were approximately 23%, 18%, 16%, and 11%, respectively.

Accounts Receivable

Four customers accounted for approximately 82% and one customer accounted for 100% of the Company’s gross accounts receivable for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company’s accounts receivable for the four customers were approximately 32%, 27%, 12%, and 11%, respectively.

Purchasing

The Company places orders with various suppliers. One supplier accounted for approximately 36% and three customers accounted for 79% of the Company’s purchases of raw materials for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2022, the Company’s purchases of raw materials from three suppliers were approximately 50%, 19%, and 10%, respectively.

Manufacturing

On May 31, 2022, the Company received a letter from Cenntro purporting to terminate all agreements and contracts between the Company and Cenntro. Although the Company does not believe Cenntro’s termination of the Cenntro MLA is valid, the Company has determined to cease production of the AYRO 411x and focus its resources on the development and launch of the Vanish. The Company has canceled all purchase orders and future builds with Cenntro and currently intends to only order replacement parts for vehicles from Cenntro in the future. The Company is in discussions with Cenntro concerning the potential repurchase by Cenntro of unsaleable inventory due to quality concerns. AYRO expects to lose its exclusive license under the Cenntro MLA, in which case Cenntro could sell similar products through other companies or directly to the Company’s customers, which could have a material adverse effect on its results of operations and financial condition.

AYRO, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS