Note 5 - Concentrations |
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk Disclosure [Text Block] |
NOTE 5 - CONCENTRATIONS
Vendors
The Company’s concentration of purchases is as follows:
During the three months ended June 30, 2022 and 2021, purchases from vendors represented 92% and 87%, respectively, of total inventory purchases. During the six months ended June 30, 2022 and 2021, purchases from vendors represented 88% and 82%, respectively, of total inventory purchases.
As of June 30, 2022, and December 31, 2021, amounts owed to these vendors totaled $1,804,000 and $1,565,000, respectively, which are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.
Accounts Receivable
The Company’s concentration of accounts receivable is as follows:
One customer made up more than 9% of net accounts receivable at June 30, 2022. The same customer made up more than 27% of net accounts receivable at December 31, 2021. Customer A owed the Company a total of $169,000, representing 9% of net receivables, at June 30, 2022. Customer A owed the Company a total of $454,000, representing 27% of net receivables at December 31, 2021. No customer exceeded 10% of total net sales for the six-month periods ended June 30, 2022 and 2021.
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