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Concentration of Credit Risk | 9 Months Ended
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Sep. 30, 2023
Risks and Uncertainties [Abstract] |
Concentration of Credit Risk | Note 14. 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 September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Customer A |  |  | 22 | % |  |  | 1 | % |  |  | 15 | % |  |  | 16 | %
Customer B |  |  | 12 | % |  |  | 12 | % |  |  | 10 | % |  |  | 12 | %
Customer C |  |  | 8 | % |  |  | 12 | % |  |  | 16 | % |  |  | 13 | %
The following represents customers that accounted for 10% or more of total trade accounts receivable:
|  | September 30, 2023 |  |  | December 31, 2022 |
Customer A |  |  | 14 | % |  |  | 3 | %
Customer B |  |  | 12 | % |  |  | 12 | %
Customer C |  |  | 12 | % |  |  | 15 | %
Customer D |  |  | 11 | % |  |  | 2 | %
Customer E |  |  | 10 | % |  |  | 0 | %
The allowance for credit losses as of September 30, 2023 and December 31, 2022 was not material. Concentration of Purchases During the nine months ended September 30, 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. In the second quarter of 2023, the Company moved most of the deposits out of this institution to several accounts at a larger institutional bank. Concentration of Property and Equipment The Company’s property and equipment, net by geographic region, are as follows (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
North America |  | $ | 2,227 |  |  | $ | 2,469 |
Asia Pacific (APAC) |  |  | 93 |  |  |  | 138 |
Europe, Middle East and Africa (EMEA) |  |  | 134 |  |  |  | 158 |
Property and equipment, net |  | $ | 2,454 |  |  | $ | 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 -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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