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CONCENTRATIONS OF RISK
12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF RISK

NOTE 4 – CONCENTRATIONS OF RISK

 

Supplier Concentrations

 

The Company has a concentration of suppliers. During the year ended December 31, 2023, two suppliers accounted for $609,119 and $374,800, or 2.88% and 1.77%. During the year ended December 31, 2022, two suppliers accounted for $1,114,265 and $639,676, or 5.3% and 3.0%, respectively of the scrap metal purchases made by the Company.

 

Accounts Receivable

 

The Company has a concentration of credit risk with its accounts receivable balance. At December 31, 2023, six certain large customers individually accounted for $154,090, $95,510, $95,219, $62,057, $59,932, and $54,007, or 23.84%, 14.78%, 14.74%, 9.60%, 9.27%, and 8.35%, respectively. At December 31, 2022, one customer accounted for $164,932, or 77%, of our accounts receivable.

 

Customer Concentrations

 

The Company has a concentration of customers. For the fiscal year ended December 31, 2023, two large customers individually accounted for $20,716,044 and $2,001,847, or approximately 58.08% and 5.61% of our revenues, respectively. For the fiscal year ended December 31, 2022, certain large customers individually accounted for $17,962,176, $5,332,834, and $4,301,328, or approximately 53%, 16%, and 13% of our revenues, respectively.

 

The Company’s sales are concentrated in the Virginia and northeastern North Carolina markets.