Credit Risk and Concentrations |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Credit Risk and Concentrations [Abstract] | |
| Credit Risk and Concentrations | Note 12 — Credit Risk and Concentrations
Financial instruments that subject the Company to credit risk consist principally of trade accounts receivable and cash. The Company performs certain credit evaluation procedures and does not require collateral for financial instruments subject to credit risk. The Company believes that credit risk is limited because the Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk of its customers, establishes an allowance for uncollectible accounts and, consequently, believes that its accounts receivable credit risk exposure beyond such allowances is limited.
The Company maintains cash deposits with financial institutions, which, from time to time, may exceed federally insured limits of $250,000. Cash is also maintained at foreign financial institutions for its Ireland subsidiary. Cash in foreign financial institutions as of June 30, 2026 and December 31, 2025, was approximately $181 and $21,268, respectively. The Company has not experienced any losses and believes it is not exposed to any significant credit risk from cash.
The Company did not have any customers that accounted for at least 10% of revenues during the three or six months ended June 30, 2026 and 2025.
As of June 30, 2026 and December 31, 2025, Accounts receivable was immaterial and therefore there were no material concentrations.
As of June 30, 2026, four vendors represented approximately 29%, 21%, 14% and 14% of total gross accounts payable. Purchases from these vendors during the six months ended June 30, 2026, were $200,210, $177,058, $106,891 and $17,885, respectively. As of December 31, 2025, three vendors represented approximately 45%, 14% and 5% of total gross accounts payable. Purchases from these vendors during the six months ended June 30, 2025, were $24,433, $58,574 and $0, respectively.
For the six months ended June 30, 2026, two vendors represented approximately 28% and 20% of total purchases. For the six months ended June 30, 2025, three vendors represented approximately 14%, 12% and 11% of total purchases. |