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Concentration Risk
3 Months Ended
Mar. 31, 2024
Risks and Uncertainties [Abstract]  
Concentration Risk

17. Concentration Risk

 

Concentration of Credit Risk

 

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, and accounts receivable. As of March 31, 2024 and December 31, 2023, the cash and cash equivalents are deposited within federally insured banks, which are typically below the insured limits. There is one customer representing 84.2% of total accounts receivable as of March 31, 2024, and there were two customers representing 35.5% and 35.0% of total accounts receivable as of December 31, 2023.

 

Concentration of Customers and Suppliers

 

For the three months ended March 31, 2024, there were two customers representing 44.4% and 41.4% of total net revenues, respectively. For the three months ended March 31, 2023, there were two customers representing 13.4% and 11.5% of total net revenues, respectively. During the three months ended March 31, 2024, there were no vendors representing 10% or more of total purchases and during the three months ended March 31, 2023, there was one vendor representing 10.4% of total purchases.