CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

CONCENTRATION OF CREDIT RISK

NOTE 3. CONCENTRATION OF CREDIT RISK

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments and accounts receivable, including receivables from major customers.

The Company has financial institutions for banking operations that hold 10% or more of the Company’s cash and cash equivalents. As of December 31, 2022, three of the Company's financial institutions held 52%, 24% and 21% of the Company’s cash and cash equivalents, respectively. As of December 31, 2021, one of the Company's financial institutions held 72% of the Company’s cash and cash equivalents.

The Company grants credit to domestic and international clients in various industries. Exposure to losses on accounts receivable is principally dependent on each client's financial position. The Company had one customer that accounted for 15% and 13% of the Company’s net accounts receivable balance as of December 31, 2022 and 2021, respectively.

The Company did not have any customers that represented 10% or more of the Company’s total revenue for the years ended December 31, 2022, 2021 and 2020.