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Concentrations
9 Months Ended
Sep. 30, 2022
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
As of September 30, 2022 three customers accounted for 67% of the Company’s total accounts receivable. As of December 31, 2021, 59% of the Company’s total accounts receivable balance was with two customers.
During the three months ended September 30, 2022, 62% of the Company’s revenues were earned from four customers. During the three months ended September 30, 2021, 50% of the Company’s revenues were earned from three customers. During the nine months ended September 30, 2022, 65% of the Company’s revenues were earned from four customers. During the nine months ended September 30, 2021, 68% of the Company’s revenues were earned from four customers.
As of September 30, 2022, one vendor accounted for 10% of the Company’s accounts payable. As of December 31, 2021, one vendor accounted for 19% of the Company’s accounts payable.
During the three months ended September 30, 2022, two suppliers accounted for 37% of the Company’s cost of goods sold. During the three months ended September 30, 2021, one supplier accounted for 23% of the Company’s cost of goods sold. During the nine months ended September 30, 2022, two suppliers accounted for 33% of the Company’s cost of goods sold. During the nine months ended September 30, 2021, one supplier accounted for 22% of the Company’s cost of goods sold.
The Company’s primary product is Northern White sand and its mining operations are limited to Wisconsin and Illinois. There is a risk of loss if there are significant environmental, legal or economic changes to these geographic areas of our mines, the oil and natural gas producing basins they serve, or the transportation routes between them.