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CONCENTRATIONS
6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 12 — CONCENTRATIONS

 

Customer concentration risk

 

During the three months ending June 30, 2024, the Company observed sales to two customers amounting to $1,341,000 (15%) and $1,062,000 (12%), respectively, representing more than 10% of its sales. During the six months ending June 30, 2024, the Company observed that no single customer sales represented more than 10% of the Company’s consolidated sales. In the three and six months ended June 30, 2023, no customers exceeded 10 % of the Company’s consolidated sales.

 

As of June 30, 2024, two customers owed the Company approximately $1,060,000 and $1,058,000, respectively, each representing 11% each of its consolidated net receivables. Two customers owed the Company approximately $925,000 and $688,000, respectively, representing 16% and 12% of its consolidated net receivables on June 30, 2023.

 

Vendor concentration risk

 

In the three months ending June 30, 2024, purchases from one vendor amounted to $984,000 (25%) exceeding 10% of the Company’s consolidated inventory purchases. In the six months ending June 30, 2024, two vendors met the criteria beyond 10% of the Company’s consolidated inventory purchases of approximately $1,792,000 (25%) and $741,000 (10%), respectively, each representing 10% each of the Company’s consolidated inventory purchases, respectively.

 

In the three months ending June 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately $465,000 and $323,000, respectively, representing 15% and 10% of the Company’s consolidated inventory purchases. In the six months ending June 30, 2023, two vendors met the criteria beyond 10% of the Company’s consolidated inventory purchases of approximately $595,000 and $587,000, respectively, each representing 10% each of the Company’s consolidated inventory purchases, respectively.

 

As of June 30, 2024, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $938,000 (22%). As of June 30, 2023, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $610,000 (18%).

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS