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Concentration of Credit Risk

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Note 7 - Concentration of Credit Risk

Concentration of credit risk with respect to trade accounts receivable is generally limited due to the large number of entities comprising the Company’s customer base. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of accounts receivable which is estimated to be uncollectible. Such losses have historically been within management’s expectations. During the three and nine months ended September 30, 2024 and 2023, there were two customers whose purchases represented more than 10% of the Company’s consolidated net sales. Sales to these customers for the three and nine months ended September 30, 2024 and 2023 are as follows:

Schedule of Concentration Risk

		Three Months Ended								Three Months Ended
		September 30, 2024								September 30, 2023
Customer		Net Sales				% of Net Sales				Net Sales				% of Net Sales
Customer A		$	1,731,000				68	%		$	1,097,000				56	%
Customer B		$	129,000				5	%		$	239,000				12	%

		Nine Months Ended								Nine Months Ended
		September 30, 2024								September 30, 2023
Customer		Net Sales				% of Net Sales				Net Sales				% of Net Sales
Customer A		$	6,651,000				56	%		$	6,007,000				53	%
Customer B		$	2,823,000				24	%		$	2,559,000				23	%

As of September 30, 2024, the total amounts owed to the Company by these customers were approximately $2,077,000 or 95% of the Company’s consolidated net accounts receivable. The amounts owed at September 30, 2023 by these customers were approximately $806,000 or 81% of the Company’s consolidated net accounts receivable.

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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

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- References

No definition available.

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