Major Customers, Accounts Receivable and Vendor Concentration

3 Months Ended

Mar. 31, 2024

Major Customers, Accounts Receivable and Vendor Concentration

13. MAJOR CUSTOMERS, ACCOUNTS RECEIVABLE AND VENDOR CONCENTRATION

The table below represents the Company’s major customers that accounted for more than 10% of total net sales for the periods:


	Three Months Ended March 31,
	2024			2023
Customer A		12	%		15	%
Customer B	*				10	%
Customer C		12	%		13	%

The table below represents the Company’s customers that accounted for more than 10% of total accounts receivable, net as of:


	March 31, 2024			December 31, 2023
Customer B	*				13	%
Customer D		15	%	*
Customer I	*				18	%

The table below represents raw material and finished goods vendors that accounted for more than 10% of all raw material and finished goods purchases for the following periods:


	Three Months Ended March 31,
	2024			2023
Vendor A	*				23	%
Vendor B	*				20	%
Vendor C	*				12	%
Vendor D		42	%	*
Vendor E		31	%	*
Vendor F		20	%	*

The increase in vendor concentration during the three months ended March 31, 2024 was driven by the changes made in our supply chain whereby our contract manufacturers are responsible for the procurement of raw materials to produce our products, which are then sold to us as finished goods.

* Less than 10% of total net sales, accounts receivable, net or raw material and finished goods purchases in the respective periods.