CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2024

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, 2024, one of the Company's financial institutions held 78% 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.

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% of the Company’s trade accounts receivable balance as of December 31, 2024 and 2023.

The Company had one customer that represented 12% of the Company’s net sales for the year ended December 31, 2024 and no customers that represented 10% or more of the Company’s net sales for the year ended December 31, 2023.