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Concentration of Credit Risk
 6 Months Ended
Jun. 30, 2020
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk

NOTE 14 – CONCENTRATION OF CREDIT RISK

 

Cash Deposits

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2020 and December 31, 2019, the Company had approximately $1,139,000 and $1,377,000, respectively, in excess of the FDIC insured limit.

 

Revenues

 

Two clients accounted for 80% of revenue for the six months ended June 30, 2020, as set forth below:

 

Client A     59 %
Client B     21 %

 

Two clients accounted for 90% of revenue for the six months ended June 30, 2019.

 

Client A     50 %
Client B     40 %

 

Accounts Receivable

 

Three clients accounted for 70% of the accounts receivable as of June 30, 2020, as set forth below:

 

Client A     32 %
Client B     20 %
Client C     18 %

 

There was no concentration of accounts receivable as of June 30, 2019.

 

Accounts Payable

 

Three vendors accounted for 44% of the accounts payable as of June 30, 2020, as set forth below:

 

Vendor A     17 %
Vendor B     14 %
Vendor C, related party     13 %

 

There was no concentration of accounts payable as of June 30, 2019.