CONCENTRATION OF CREDIT RISK

6 Months Ended

Jun. 30, 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 June 30, 2023, two of the Company's financial institutions held 79% and 12%, 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 16% and 15% of the Company’s net accounts receivable balance as of June 30, 2023 and December 31, 2022, respectively.

The Company had one customer that represented 10% of the Company’s total revenue for the three and six months ended June 30, 2023 and no customers that represented 10% or more of the Company’s total revenue for the three and six months ended June 30, 2022.