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CONCENTRATIONS | 12 Months Ended
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Dec. 31, 2023
CONCENTRATIONS |
CONCENTRATIONS | (15) CONCENTRATIONS The Company is exposed to concentration of credit risk related primarily to its cash balances. The Company maintains its cash balances in major financial institutions that exceed amounts insured by the FDIC (up to $250,000, per financial institution). The Company has not experienced any realized losses in such accounts and believes it is not exposed to any significant credit risk related to its cash. The Company had four major vendors from which it sourced approximately 45% and two major vendors from which it sourced approximately 28%, respectively, of supplies for its electrotherapy products for the years ended December 31, 2023 and 2022. Management believes that the Company’s relationships with its suppliers are good. If the relationships were to be replaced, there may be a short-term disruption for a period of time in which products may not be available and additional expenses may be incurred as the Company locates additional or replacement suppliers. The Company had gross receivables from no third-party payers which made up 10% of the accounts receivable balance at December 31, 2023. The Company had gross receivables from one third-party payer at December 31, 2022, which made up approximately 14% of the accounts receivable balance.

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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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