CONCENTRATION OF CREDIT RISK

3 Months Ended

Mar. 31, 2023

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.

The Company has financial institutions for banking operations that hold 10% or more of the Company’s cash and cash equivalents. As of March 31, 2023, four of the Company's financial institutions held 44%, 20%, 18% and 13% 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.

The Company grants credit to domestic and international customers. 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 15% of the Company’s net accounts receivable balance as of March 31, 2023 and December 31, 2022, respectively.

The Company did not have any customers that represented 10% or more of the Company’s total revenue for the three months ended March 31, 2023 and 2022.