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CONCENTRATIONS OF CREDIT RISK AND ECONOMIC DEPENDENCE
3 Months Ended
Mar. 31, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF CREDIT RISK AND ECONOMIC DEPENDENCE

NOTE 2 - CONCENTRATIONS OF CREDIT RISK AND ECONOMIC DEPENDENCE

 

Financial instruments that potentially subject the Company to credit risk consist principally of cash and accounts receivable. The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

  

Cash

 

The Company at times has cash with its financial institution in excess of Federal Deposit Insurance Corporation (“FDIC) insurance limits. The Company places its cash with high credit quality financial institutions which minimize the risk of loss. To date, the Company has not experienced any such losses. As of March 31, 2024 and December 31, 2023, the Company had approximately $0, respectively, in excess of FDIC insurance limits.

 

Accounts Receivable

 

The Company grants credit to its customers, located throughout the United States and their international locations. The Company typically does not require collateral from national retail customers. Credit risk is limited due to the financial strength of the customers comprising the Company’s customer base and their dispersion across different geographical regions. The Company monitors exposure of credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. Stripe is the company that processes online payments for our e-commerce website. We should receive payment from them within 3 days of the product shipment. If the product is shipped through Amazon online platform, it could take between 20 and 30 days for collection.

 

Financial instruments that potentially subject the Company to credit risk, consist principally of cash and accounts receivable. The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

 

Major Customers

 

The Company did not have any major customers during the three months ended March 31, 2024 and 2023.

  

Major Vendors

 

The Company did not have any major vendors during the three months ended March 31, 2024 and 2023.