CUSTOMER AND SUPPLIER CONCENTRATION

9 Months Ended

Sep. 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 nine months ended September 30, 2022. There were two customers that accounted for greater than 10% of the Company’s consolidated revenues for the nine months ended September 30, 2021. Details are as follows:

	Total revenues				Total revenues		Accounts
	from the customer		Accounts		from the customer		receivable from
	as a percentage of		receivable from		as a percentage of		the customer as
	total revenues		this customer as of		total revenues		of
	for the nine months ended		September 30,		for the nine months ended		September 30,
	September 30,		2022		September 30,		2021
Customer	2022		(in thousands)		2021		(in thousands)
1	14.1	%	$	8,532	12.8	%	$	9,815
2	—			—	10.1	%	$	5,142

For the nine months ended September 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				from the vendor			Accounts payable
	as a percentage of			Accounts payable	as a percentage			(prepayment) to
	total cost of			(prepayment) to	of total cost of			the
	revenues for			the vendor as of	revenues for			vendor as of
	the nine months ended			September 30,	the nine months ended			September 30,
	September 30,			2022	September 30,			2021
Vendor	2022			(in thousands)	2021			(in thousands)
1	44.0	%	$	8,275	47.0	%	$	4,188
2	20.0	%	$	(10,482)	18.4	%	$	(2,070)

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