The Company maintains substantially all of its cash and cash equivalents with two financial institutions and are all considered at Level 1 fair value with observable inputs that reflect quoted prices for identical assets or liabilities in active markets. At various points during the three months ended March 31, 2018 and 2019, the Company held cash equivalents in deposit sweep accounts with these same financial institutions. These Level 2 assets were fully liquidated prior to March 31, 2018 and 2019.

The advertisers representing more than 10% of revenue are as follows (in percentages):

	Three months ended March 31,
	2018			2019
Advertiser A		18	%		27	%
Advertiser B		27	%		15	%

The outstanding receivable balance for each advertiser representing more than 10% of accounts receivable is as follows (in percentages):

At December 31,

2018

March 31,

2019

Advertiser A

Advertiser B

* Less than 10% of accounts receivable.

In certain cases, the Company may engage directly with one or more advertising agencies who act on an advertiser’s behalf. In addition, an advertising agency may represent more than one advertiser that utilizes the Company’s products and services. One advertising agency represented 20% and 14% of revenue for the three months ended March 31, 2018 and 2019, respectively. This same advertising agency represented 23% and 29% of accounts receivable as of December 31, 2018 and March 31, 2019, respectively.

A significant amount of the Company’s revenue earned from advertisers is generated through arrangements with distribution partners. The Company may not be successful in renewing any of these agreements, or, if they are renewed, they may not be on terms as favorable as current arrangements. The Company may not be successful in entering into agreements with new distribution partners or advertisers on commercially acceptable terms. In addition, several of these distribution partners or advertisers may be considered potential competitors. There were no distribution partners paid more than 10% of revenue for the three months ended March 31, 2018 and 2019.