Credit Risk and Concentrations

6 Months Ended

Jun. 30, 2024

Financial instruments that subject the Company to credit risk consist principally of trade accounts receivable and cash and cash equivalents. 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. Cash is also maintained at foreign financial institutions for its UK subsidiary and German subsidiaries. Cash in foreign financial institutions as of June 30, 2024 and December 31, 2023 was immaterial. The Company has not experienced any losses and believes it is not exposed to any significant credit risk from cash.

Note 17 - Credit Risk and Concentrations (continued)

The customers who account for 10% or more of the Company's revenue for the three and six months ended June 30, 2024 or 10% or more of the Company's outstanding receivable balance as of June 30, 2024 are presented as follows:


	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024				As of June 30, 2024
Customer	Revenues (thousands)		Percentage of revenues		Revenues (thousands)		Percentage of revenues		Accounts Receivable (thousands)		Percentage of accounts receivable
A	$	367	36	%	$	367	29	%	$	—	—	%
B	$	128	12	%	$	137	11	%	$	44	9	%
C	$	120	12	%	$	282	23	%	$	120	25	%
D	$	104	10	%	$	121	10	%	$	—	—	%
E	$	31	3	%	$	32	3	%	$	76	16	%
Total	$	750	73	%	$	939	76	%	$	240	50	%

The Company did not have revenue for the three and six months ended June 30, 2023. The Company did not have outstanding receivables as of June 30, 2023.

The vendors who account for 10% or more of the Company's purchases for the three and six months ended June 30, 2024 or 10% or more of the Company's outstanding payable balance as of June 30, 2024 are presented as follows:


	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024				As of June 30, 2024
Vendor	Purchases (thousands)		Percentage of purchases		Purchases (thousands)		Percentage of purchases		Accounts Payable (thousands)		Percentage of accounts payable
A	$	—	—	%	$	437	6	%	$	1,685	24	%
B	$	422	11	%	$	548	8	%	$	314	4	%
C	$	323	8	%	$	470	7	%	$	723	10	%
Total	$	745	19	%	$	1,455	21	%	$	2,722	38	%

The vendors who account for 10% or more of the Company's purchases for the three and six months ended June 30, 2023 or 10% or more of the Company's outstanding payable balance as of June 30, 2023 are presented as follows:


	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023				As of June 30, 2023
Vendor	Purchases (thousands)		Percentage of purchases		Purchases (thousands)		Percentage of purchases		Accounts Payable (thousands)		Percentage of accounts payable
A	$	463	54	%	$	564	39	%	$	1,056	57	%
B	$	118	14	%	$	202	14	%	$	88	5	%
C	$	—	—	%	$	—	—	%	$	525	28	%
Total	$	581	68	%	$	766	53	%	$	1,669	90	%