XML 26 R17.htm IDEA: XBRL DOCUMENT v3.23.2
Concentrations
6 Months Ended
Jun. 30, 2023
Concentrations [Abstract]  
Concentrations

Note 10: Concentrations

 

For the three months ended June 30, 2023, two customers represented approximately 42.3% and 18.0% of the Company’s sponsorship revenue. For the three months ended June 30, 2022, two customers represented approximately 65% and 28% of the Company’s sponsorship revenue. No other customer represented more than 10% of sponsorship revenue.

 

For the six months ended June 30, 2023, two customers represented approximately 42.6% and 18.2% of the Company’s sponsorship revenue. For the six months ended June 30, 2022, two customers represented approximately 45.7% and 19.5% of the Company’s sponsorship revenue. No other customer represented more than 10% of sponsorship revenue.

 

As of June 30, 2023, one customer represented approximately 84.0% of the Company’s sponsorship accounts receivable. As of December 31, 2022, one customer represented approximately 94.4% of the Company’s sponsorship accounts receivable. No other customer represented more than 10% of outstanding accounts receivable.

 

At any point in time, the Company can have funds in their operating accounts and restricted cash accounts that are with third-party financial institutions. These balances in the U.S. may exceed the Federal Deposit Insurance Corporation insurance limits. While the Company monitors the cash balances in their operating accounts, these cash and restricted cash balances could be impacted if the underlying financial institutions fail or other adverse conditions in the financial markets occurs.