Concentrations

12 Months Ended

Dec. 31, 2022

Note 17. Concentrations

Concentration of Sales and Accounts Receivable

The following represents customers that accounted for 10% or more of total revenue:


	For the Years Ended December 31,
	2022			2021
Customer A		17	%		19	%
Customer B		17	%		16	%
Customer C		13	%		12	%
Customer D		10	%		0	%

The following represents customers that accounted for 10% or more of total trade accounts receivable:


	As of December, 31
	2022			2021
Customer A		21	%		11	%
Customer B		15	%		7	%
Customer C		12	%		29	%

Concentration of Purchases

During the year ended December 31, 2022, the Company’s products were primarily manufactured by five contract manufacturers with locations in China, Mexico, Minnesota, and Vietnam and during the first quarter at the Company’s Arizona facility (see Note 16).

Concentration of Cash

The bank where most of the Company’s cash is held was placed into receivership with the FDIC on March 10, 2023. The Company’s cash deposits exceeded the FDIC insured limits at that time. However, the Treasury, the Federal Reserve, and the FDIC, as receiver, jointly released a statement that depositors at this specific bank would have access to their funds, including funds in excess of standard FDIC insurance limits. The Company has not experienced losses on these accounts. The Company is in the process of allocating cash deposits among other financial institutions to mitigate its concentration risk.

Concentration of Property and Equipment

The Company’s property and equipment, net by geographic region are as follows:


	As of December, 31
	2022		2021
North America	$	2,469	$	2,288
Asia Pacific (APAC)		138		217
Europe, Middle East and Africa (EMEA)		158		193
Property and equipment, net	$	2,765	$	2,698