CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 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 and 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, 2023, two of the Company's financial institutions held 61% and 25% of the Company’s cash and cash equivalents, respectively. 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.

The Company grants credit to domestic and international customers in various industries. Exposure to losses on accounts receivable is principally dependent on each customer's financial position. The Company had one customer that accounted for 13% and 15% of the Company’s net accounts receivable balance as of December 31, 2023 and 2022, respectively.

The Company did not have any customers that represented 10% or more of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021.