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RISKS AND UNCERTAINTIES | 9 Months Ended
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Sep. 30, 2021
Risks and Uncertainties [Abstract] |
RISKS AND UNCERTAINTIES | NOTE 10 – RISKS AND UNCERTAINTIES Concentration Risk During the nine months ended September 30, 2021 one client represented 51% of total revenue, compared to the nine months ended September 30, 2020 where a separate client represented 26% of total revenue. During the three months ended September 30, 2021, one client represented 58% of total revenue, compared to the three months ended September 30, 2020, where a separate client represented 51% of total revenue. At September 30, 2021 one client represented 64% of total outstanding accounts receivable. At December 31, 2020, that same client represented 23% and a separate client represented 17% of total outstanding accounts receivable. During the nine months ended September 30, 2021, 15% of the Company’s total purchases were from one vendor compared to 27% from another vendor for the nine months ended September 30, 2020. During the three months ended September 30, 2021, one vendor represented 18% of the Company’s total purchases, compared to the three months ended September 30, 2020, where a separate vendor represented 48% of the Company’s total purchases. At September 30, 2021, one vendor represented 41% of total accounts payable. At December 31, 2020, a separate vendor represented 25% of total accounts payable. Coronavirus Pandemic The outbreak of COVID-19, a novel strain of coronavirus first identified in China, which has spread across the globe including the U.S., has had an adverse impact on our operations and financial condition. The response to this coronavirus by federal, state and local governments in the U.S. has resulted in significant market and business disruptions across many industries and affecting businesses of all sizes. This pandemic has also caused significant stock market volatility and further tightened capital access for most businesses. Given that the COVID-19 pandemic and its disruptions are of an unknown duration, they could have an adverse effect on our liquidity and profitability. The ultimate magnitude of COVID-19, including the extent of its impact on our financial and operational results, which could be material, will depend on the length of time that the pandemic continues, its effect on the demand for our products and our supply chain, the effect of governmental regulations imposed in response to the pandemic, as well as uncertainty regarding all of the foregoing. We cannot at this time predict the full impact of the COVID-19 pandemic, but it could have a larger material adverse effect on our business, financial condition, results of operations and cash flows beyond what is discussed within this Report.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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