CUSTOMER AND SUPPLIER CONCENTRATION

6 Months Ended

Jun. 30, 2022

CUSTOMER AND SUPPLIER CONCENTRATION

CUSTOMER AND SUPPLIER CONCENTRATION

NOTE 16 – CUSTOMER AND SUPPLIER CONCENTRATION

There was one customer that accounts for greater than 10% of the Company’s consolidated revenues for the six months ended June 30, 2022. There were two customers that accounted for greater than 10% of the Company’s consolidated revenues for the six months ended June 30, 2021. Details are as follows:

	Total revenues				Total revenues from the		Accounts
	from the customer		Accounts		customer		receivable from
	as a percentage of		receivable from		as a percentage		the customer as
	total revenues		this customer as of		of total revenues		of
	for the year ended		June 30,		for the year		June 30,
	June 30,		2022 (in		ended June 20, 2021		2021 (in
Customer	2022		thousands)				thousands)
1	11.7	%	$	4,923	11.1	%	$	5,544
2	N/A			N/A	10.1	%	$	6,134

For the six months ended June 30, 2022 and 2021, the Company’s purchases were concentrated primarily with two vendors. Details are as follows:

	Total purchases				Total purchases
	from the vendor		Accounts payable		from the vendor			Accounts payable
	as a percentage of		(prepayment) to		as a percentage			(prepayment) to
	total cost of		the		of total cost of			the
	sales for		vendor as of		revenues for			vendor as of
	the year ended		June 30,		the year ended			June 30,
	June 30,		2022		June 30,			2021
Vendor	2022		(in thousands)		2021			(in thousands)
1	39.5	%	$	10,894	35.8	%	$	611
2	17.6	%	$	409	23.8	%	$	5,002

The Company believes there are other suppliers that could be substituted should the above cited supplier become unavailable or non-competitive.