Note 19 - Concentrations

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

Note 19. Concentrations

e-Commerce Operations concentrations:

Customers:

Sales to customers through Amazon accounted for 35.8% and 49.1% of the Company’s revenues during the nine months ended September 30, 2024 and 2023, respectively. No other customer accounted for 10% or more of the Company’s revenues for either period.

Suppliers:

The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the three and nine months ended September 30, 2024 and 2023 (in thousands):

	For the Three Months Ended September 30,
	2024					2023
	Amount		% of Total Purchases			Amount		% of Total Purchases
Iridium Satellite	$	378		14.5	%	$	—		—	%
Garmin	$	373		14.3	%	$	444		23.2	%
Globalstar	$	280		10.8	%	$	186		9.7	%
Maklink	$	264		10.1	%	$	—		—	%

	For the Nine Months Ended September 30,
	2024					2023
	Amount		% of Total Purchases			Amount		% of Total Purchases
Iridium Satellite	$	1,314		18.1	%	$	798		12.0	%
Garmin	$	867		12.0	%	$	1,494		22.5	%
Globalstar	$	754		10.4	%	$	706		10.6	%

Geographic:

The following table sets forth revenue as to each geographic location (in thousands):

	For the Three Months Ended September 30,
	2024					2023
	Amount		% of Total			Amount		% of Total
Europe	$	2,018		52.6	%	$	1,715		58.5	%
North America		1,349		35.2	%		737		25.1	%
South America		10		0.3	%		432		14.7	%
Asia and Pacific		429		11.2	%		24		0.8	%
Africa		28		0.7	%		23		0.8	%
	$	3,834		100	%	$	2,931		100	%

	For the Nine Months Ended September 30,
	2024					2023
	Amount		% of Total			Amount		% of Total
Europe	$	5,434		53.2	%	$	5,382		61.4	%
North America		2,894		28.3	%		2,194		25.0	%
South America		41		0.4	%		1,026		11.7	%
Asia and Pacific		1,275		12.5	%		121		1.4	%
Africa		566		5.5	%		41		0.5	%
	$	10,210		100	%	$	8,764		100	%

Healthcare operations concentrations:

Suppliers:

Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were 98.0% of total vendor purchases for the nine months ended September 30, 2024.

Customers:

Progressive Care trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not reimburse Progressive Care.

Progressive Care derives a significant portion of sales from prescription drug sales reimbursed through prescription drug plans administered by PBM companies. Prescription reimbursements from our three most significant PBMs were as follows:

	Nine Months Ended September 30, 2024
A		29	%
B		25	%
C		11	%