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Concentration of Credit Risk | 3 Months Ended
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Mar. 31, 2023
Risks and Uncertainties [Abstract] |
Concentration of Credit Risk | Note 16. Concentration of Credit Risk Concentration of Sales and Accounts Receivable The following represents customers that accounted for 10% or more of total revenue:
|  | Three months ended March 31, |
|  | 2023 |  |  | 2022 |
Customer A |  |  | 16 | % |  |  | 12 | %
Customer B |  |  | 14 | % |  |  | 17 | %
Customer C |  |  | 13 | % |  |  | 6 | %
Customer D |  |  | 11 | % |  |  | 12 | %
Customer E |  |  | 9 | % |  |  | 15 | %
The following represents customers that accounted for 10% or more of total trade accounts receivable:
|  | March 31, 2023 |  |  | December 31, 2022 |
Customer A |  |  | 13 | % |  |  | 21 | %
Customer B |  |  | 11 | % |  |  | 3 | %
Customer C |  |  | 11 | % |  |  | 0 | %
Customer D |  |  | 10 | % |  |  | 15 | %
Customer E |  |  | 9 | % |  |  | 12 | %
Concentration of Purchases During the three months ended March 31, 2023, the Company’s products were primarily manufactured by six contract manufacturers with locations in China, Mexico, Minnesota, and Vietnam. Concentration of Cash The bank where most of the Company’s cash was 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 (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
North America |  | $ | 2,421 |  |  | $ | 2,469 |
Asia Pacific (APAC) |  |  | 112 |  |  |  | 138 |
Europe, Middle East and Africa (EMEA) |  |  | 150 |  |  |  | 158 |
Property and equipment, net |  | $ | 2,683 |  |  | $ | 2,765 |

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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