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CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS | 9 Months Ended
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Sep. 30, 2023
Risks and Uncertainties [Abstract] |
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS | 6. CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS Concentration of credit risk Financial instruments that potentially subject us to a concentration of credit risk are primarily cash equivalents and investment securities. As of September 30, 2023, our cash and cash equivalents are comprised of operating checking accounts and short-term highly rated money market savings accounts. Our short-term investments are comprised of highly rated corporate bonds and U.S. Treasury securities. Concentration of major customers and suppliers For the three months ended September 30, 2023, one commercial customer accounted for $742,000 in revenue, representing 71% of our total revenue and a second commercial customer accounted for $78,000 in revenue, representing 8% of our total revenue. For the nine months ended September 30, 2023, one commercial customer accounted for $825,000 in revenue, representing 38% of our total revenue, a second commercial customer accounted for $364,000 in revenue, representing 17% of our total revenue, a third commercial customer accounted for $246,000 in revenue, representing 11% of our total revenue, and a fourth customer accounted for $206,000 in revenue, representing 10% of our total revenue. For the three and nine months ended September 30, 2022, one customer accounted for $0 and $664,000 in revenue, respectively, representing 100% of our total revenue for each period. Typically, a significant concentration of our components and the products we have sold are manufactured and obtained from single or limited-source suppliers. The loss of any single or limited-source supplier, the failure of any of these suppliers to perform as expected, or the disruption in the supply chain of components from these suppliers could subject us to risks and uncertainties including, but not limited to, increased cost of sales, possible loss of revenues, or significant delays in product development or product deliveries, any of which could adversely affect our financial condition and operating results.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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