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Concentrations
12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
As of December 31, 2024, four customers accounted for 84% of the Company’s total accounts and unbilled receivables. As of December 31, 2023, four customers accounted for 70% of the Company’s total accounts and unbilled receivables.
During the year ended December 31, 2024, 56% of the Company’s revenues were earned from three customers. During the years ended December 31, 2023 and 2022, 42% and 60% of the Company’s revenues were earned from two and four customers, respectively.
As of December 31, 2024, one vendor accounted for 17% of the Company’s accounts payable. As of December 31, 2023, one vendor accounted for 11% of the Company’s accounts payable.
During the year ended December 31, 2024, two vendors accounted for 35%, of the Company’s cost of goods sold. During the year ended December 31, 2023 and 2022, two and two vendors accounted for 32% and 34%, 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, 2024, the Company employed 285 people, of which 25 were employed under collective bargaining agreements. The current collective bargaining agreements expire April 30, 2025.