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REVENUE RECOGNITION | 12 Months Ended
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Dec. 31, 2022
REVENUE RECOGNITION |
REVENUE RECOGNITION | NOTE 5 – REVENUE RECOGNITION Sales of products for the year ended December 31, 2022 and 2021 were as follows:
|  | For the year ended |
|  | December 31, 2022 |  |  | December 31, 2021 |
Antimony |  | $ | 7,631,670 |  |  | $ | 4,815,524 |
Zeolite |  |  | 3,151,330 |  |  |  | 2,593,641 |
Precious metals |  |  | 261,707 |  |  |  | 338,341 |
TOTAL REVENUE |  | $ | 11,044,707 |  |  | $ | 7,747,506 |
For the year ended December 31, 2022, the Company also received royalties related to a trademark and licensing agreement in its antimony business segment and is recognized under “Other Income”. For the year ended December 31, 2022 and 2021, royalty income of $70,502 and $Nil, respectively, was recognized. The following is sales information by geographic area based on the location of customers for the years ended December 31, 2022 and 2021:
|  | For the year ended |
|  | December 31, 2022 |  |  | December 31, 2021 |
United States |  | $ | 8,444,876 |  |  | $ | 6,795,778 |
Canada |  |  | 1,772,009 |  |  |  | 951,728 |
Mexico |  |  | 827,822 |  |  |  | - |
TOTAL REVENUE LOCATION |  | $ | 11,044,707 |  |  | $ | 7,747,506 |
Sales of products to significant customers were as follows for the years ended December 31, 2022 and 2021:
|  | For the year ended |
|  | December 31, 2022 |  |  | December 31, 2021 |
Company A |  | $ | 1,882,667 |  |  | $ | 1,141,608 |
Company B |  |  | 1,863,958 |  |  |  | - |
Company C |  |  | 827,822 |  |  |  | - |
Company D |  |  | 751,328 |  |  |  | 518,227 |
Company E |  |  | 737,189 |  |  |  | 474,738 |
Company F |  |  | 735,194 |  |  |  | 850,301 |
Company G |  |  | 226,633 |  |  |  | 1,728,406 |
|  | $ | 7,024,791 |  |  | $ | 4,713,280 |
% of Total revenues |  |  | 64 | % |  |  | 61 | %
All precious metals sales of $261,707 and $338,341 for the years ended December 31, 2022 and 2021, respectively were to one customer, Teck American, Inc. Accounts receivable from the Company’s largest customers were as follows as of December 31, 2022 and 2021:
|  | December 31, 2022 |  |  | December 31, 2021 |
Company H |  | $ | 95,531 |  |  | $ | 104,644 |
Company I |  |  | 71,485 |  |  |  | - |
Company F |  |  | - |  |  |  | 477,957 |
|  | $ | 267,016 |  |  | $ | 582,601 |
% of Total receivables |  |  | 34 | % |  |  | 65 | %
The Company’s trade accounts receivable balance related to contracts with customers was $784,457 at December 31, 2022 and $891,314 at December 31, 2021. The Company’s products do not involve any warranty agreements and product returns are not typical. During the year ended December 31, 2022 and 2021, the Company recognized bad debt expense of $59,350 and $Nil, respectively which is included in ‘general and administrative expense’ on the consolidated statements of operations.

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