Concentrations |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Concentrations [Abstract] | |
Concentrations | Note 10: Concentrations
For the three months ended June 30, 2024, one customer represented approximately 46.6% of the Company’s sponsorship revenue. For the three months ended June 30, 2023, two customers represented approximately 42.3% and 18.0% of the Company’s sponsorship revenue. No other customers exceeded 10% of sponsorship revenue in 2024 and 2023.
For the six months ended June 30, 2024, two customers represented approximately 39.3% and 20.3% of the Company’s 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. No other customers exceeded 10% of sponsorship revenue in 2024 and 2023.
As of June 30, 2024, two customers represented approximately 11.0% and 10.8% of the Company’s accounts receivable. As of December 31, 2023, three customers represented approximately 13.7%, 13.0% and.10.6% of the Company’s accounts receivable. No other customers exceeded 10% of outstanding accounts receivable as of June 30, 2024 and December 31,2023.
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. |