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Concentrations
12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
As of December 31, 2023, four customers accounted for 70% of the Company’s total accounts receivable. As of December 31, 2022, four customers accounted for 65% of the Company’s total accounts receivable.
During the year ended December 31, 2023, 42% of the Company’s revenues were earned from two customers. During the years ended December 31, 2022 and 2021, 60% and 58% of the Company’s revenues were earned from four and three customers, respectively.
As of December 31, 2023, one vendor accounted for 11% of the Company’s accounts payable. As of December 31, 2022, one vendor accounted for 17% of the Company’s accounts payable.
During the year ended December 31, 2023, two vendors accounted for 32%, of the Company’s cost of goods sold. During the year ended December 31, 2022 and 2021, two and one vendors accounted for 34% and 22%, respectively, of the Company’s cost of goods sold.
The Company’s primary product is Northern White frac 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 this geographic area.
As of December 31, 2023, the Company employed 378 people, of which 42 were employed under collective bargaining agreements. The current collective bargaining agreements expire April 30, 2024.