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Note 14 - Concentrations
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

Note 14 – Concentrations:

 

Concentration of Credit Risk—The Company maintains its cash balances in financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 each. At times, such balances may be in excess of the FDIC insurance limit.

 

Major Customers—In 2020, 2019, and 2018, net sales to one of our distributors which sells directly to three of our customers, accounted for 18%, 17%, and 16% of our net sales, respectively. In 2020 and 2018, no customers accounted for 10% of our net sales, while in 2019 one customer accounted for more than 10% of our net sales. As of December 31, 2020, one distributor and two customers accounted for 8%, 23% and 20% respectively, of our accounts receivable. As of December 31, 2019, one distributer and two customers accounted for 19%, 19% and 14%, respectively, of our account receivable.

 

Major Suppliers—The Company purchased approximately 23% of its raw materials from one vendor during 2020, approximately 27% of its raw materials from one vendor during 2019, and approximately 17% of its raw materials from one vendor during 2018.

 

The Company purchased approximately 88% of its packaging material from five vendors during 2020, 80% of its packaging material from three vendors during 2019, and approximately 81% of its packaging material from three vendors during 2018.