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Concentration of Credit Risk
12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk

5. Concentration of Credit Risk

We currently maintain, and may in the future maintain, our assets at certain financial institutions in the U.S. in amounts that are, and in the future may be, in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000. At December 31, 2023, our Company’s deposits and short-term investments with a financial institution were $10,164,800 in excess of the FDIC deposit insurance coverage of $250,000. In the event of a failure of any financial institutions where we maintain our deposits or other assets, we may incur a loss to the extent such loss exceeds the FDIC insurance limitation, which could have a material adverse effect upon our liquidity, financial condition and our results of operations.

 

In addition, we are exposed to credit risk with respect to our accounts receivable due to the concentration of our major customers. See Note 11 for a discussion of our customer concentration.