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Note 14 - Concentrations
12 Months Ended
Dec. 31, 2023
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 2023, 2022 and 2021, net sales to one of our distributors accounted for 9%, 8% and 16% of our net sales, respectively. In 2023 and 2022 one customer accounted for more than 10% of our net sales, respectively, while in 2021, no customers accounted for 10% of our net sales. As of December 31, 2023, one distributor and two customers accounted for 15%, 21% and 13% respectively, of our accounts receivable. As of December 31, 2022, two distributors and two customers accounted for 15%, 6%, 26% and 11% respectively, of our accounts receivable. As of December 31, 2021, two distributors and two customers accounted for 20%, 10%, 14% and 13%, respectively, of our accounts receivable. 

 

Major Suppliers—The Company purchased approximately 29% of its raw materials from one vendor during 2023, approximately 33% of its raw materials from one vendor during 2022, and approximately 21% of its raw materials from one vendor during 2021.

 

The Company purchased approximately 96% of its packaging material from five vendors during 2023, 91% of its packaging material from five vendors during 2022, and approximately 84% of its packaging material from five vendors during 2021.