Concentrations

12 Months Ended

Dec. 31, 2023

Note 15. 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,
	2023			2022
Customer A		15	%		17	%
Customer B		15	%		13	%
Customer C		10	%		10	%

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


	As of December, 31
	2023			2022
Customer A		14	%		12	%
Customer B		14	%		3	%
Customer C		11	%		15	%
Customer D		10	%		2	%

The allowance for credit losses as of December 31, 2023 and 2022 were not material.

Concentration of Purchases

During the year ended December 31, 2023, the Company’s products were primarily manufactured by six CMs 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. As of December 31, 2023, 88% of the deposits are at the large institutional bank.

Concentration of Property and Equipment

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


	As of December, 31
	2023		2022

North America	$	2,295	$	2,469
Asia Pacific (APAC)		86		138
Europe, Middle East and Africa (EMEA)		126		158
Property and equipment, net	$	2,507	$	2,765