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Concentrations
6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
As of June 30, 2024, three customers accounted for 44% of the Company’s total accounts receivable. As of December 31, 2023, four customers accounted for 70% of the Company’s total accounts receivable.
During the three months ended June 30, 2024, 72% of the Company’s revenues were earned from five customers. During the three months ended June 30, 2023, 29% of the Company’s revenues were earned from one customer. During the six months ended June 30, 2024, 45% of the Company’s revenues were earned from two customers. During the six months ended June 30, 2023, 41% of the Company’s revenues were earned from two customers.
As of June 30, 2024, two vendors accounted for 32% of the Company’s accounts payable. As of December 31, 2023, one vendor accounted for 11% of the Company’s accounts payable.
During the three months ended June 30, 2024, two vendors accounted for 39% of the Company’s cost of goods sold. During the three months ended June 30, 2023, two vendors accounted for 35% of the Company’s cost of goods sold. During the six months ended June 30, 2024, two vendors accounted for 37% of the Company’s cost of goods sold. During the six months ended June 30, 2023, two vendors accounted for 35% 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 the geographic areas of our mines, the oil and natural gas producing basins they serve, or the transportation routes between them.