XML 68 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Concentrations of Credit Risks
12 Months Ended
Dec. 31, 2023
Concentrations of Credit Risks [Abstract]  
Concentrations of Credit Risks

Note 11 — Concentrations of Credit Risks

 

Credit Risks

 

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and accounts receivable. The Company maintains bank accounts with several financial institutions. Concentrations of credit risk with respect to accounts receivable are limited to the dispersion of customers across different industries and geographic regions.

 

Cash

 

The Company places its cash with high credit quality financial institutions. At December 31, 2023 and 2022, the Company had cash balances of $0 in excess of the Federal Deposit Insurance Corporation coverage of $250,000 per institution. The Company has not experienced any losses in such accounts.

 

Major Customers

 

For the year ended December 31, 2023, the Company had two significant customers representing an aggregate of 62% of revenues and 92% of the accounts receivable balance. The Company’s officers are closely monitoring the relationships with all customers.

 

Major Vendors

 

For the year ended December 31, 2023, the Company had one significant vendor representing 22% of total supplier purchases and 10% of the accounts payable balance. The Company’s officers are closely monitoring the relationships with all suppliers.