Concentration of Credit Risk |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Concentration of Credit Risk [Abstract] | |
| Concentration of Credit Risk | Note 6 – Concentration of Credit Risk
Cash and cash equivalents
The Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (FDIC) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. At June 30, 2025 and December 31, 2024, the uninsured balances amounted to $1,286,994 and $503,215 respectively.
Accounts receivable
As of June 30, 2025 and December 31, 2024, two and one customers accounted for 84% and 74%, respectively, of the Company’s trade accounts receivable.
Major customers
For the six months ended June 30, 2025, three customers accounted for approximately 80% of the Company’s net revenue. For the six months ended June 30, 2024, two customers accounted for approximately 70% of the Company’s net revenue. For the three months ended June 30, 2025, three customers accounted for approximately 82% of the Company’s net revenue. For the three months ended June 30, 2024, two customers accounted for approximately 72% of the Company’s net revenue. Substantially all of the Company’s business is with companies in the United States. Accounts payable
As of June 30, 2025 and December 31, 2024, two and four vendors accounted for 58% and 69%, respectively, of the Company’s accounts payable.
Major suppliers
For the six months ended June 30, 2025, three suppliers accounted for approximately 47% of the Company’s purchases. For the six months ended June 30, 2024, one supplier accounted for approximately 21% of the Company’s purchases. For the three months ended June 30, 2025, one supplier accounted for approximately 39% of the Company’s purchases. For the three months ended June 30, 2024, one supplier accounted for approximately 13% of the Company’s purchases. Substantially all of the Company’s business is with suppliers in the United States. |