Concentrations of Credit Risks |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Concentrations of Credit Risks [Abstract] | |
| Concentrations of Credit Risks | Note 9 — Concentrations of Credit Risks
Credit Risks
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and accounts receivable. The Company maintains bank accounts with several financial institutions. Concentrations of credit risk with respect to accounts receivable are limited to the dispersion of customers across different industries and geographic regions.
Cash
The Company places its cash with high credit quality financial institutions. At June 30, 2024 and December 31, 2023, the Company had no cash balances in excess of the Federal Deposit Insurance Corporation coverage of $250,000 per institution. The Company has not experienced any losses in such accounts.
Major Customers
For the six months ended June 30, 2024 and 2023, the Company had two significant customers representing an aggregate of 95% and 41% of revenues and one that makes up 100% and 71% of the accounts receivable balance, respectively. For the three months ended June 30, 2024 and 2023, the Company had three and two significant customers representing an aggregate of 99% and 41% of revenues and one that makes up 100% and 71% of the accounts receivable balance, respectively. The Company’s officers are closely monitoring the relationships with all customers.
Major Vendors
For the six months ended June 30, 2024 and 2023, the Company had four and one major supplier representing an aggregate 85% and 12% of purchases, respectively.
For the three months ended June 30, 2024 and 2023, the Company had four and one major supplier representing 89% and 13% of purchases, respectively. The Company’s officers are closely monitoring the relationships with all significant suppliers. |