Concentrations |
6 Months Ended |
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Jun. 30, 2023 | |
| Risks and Uncertainties [Abstract] | |
| Concentrations | Concentrations Major suppliers
The Company sourced approximately 83% of its inventory purchases from three vendors for the six months ended June 30, 2023. The Company sourced approximately 73% of its inventory purchases from three vendors for the six months ended June 30, 2022.
Major customers
Accounts receivable from three customers represented 90% of accounts receivable as of June 30, 2023. Accounts receivable from three customers represented 89% of accounts receivable as of December 31, 2022. Three customers represented 60% of gross sales for the six months ended June 30, 2023. Four customers represented 68% of gross sales for the six months ended June 30, 2022.
Credit risk
As of June 30, 2023 and December 31, 2022, the Company’s cash and cash equivalents were deposited in accounts at several financial institutions and may maintain some balances in excess of federally insured limits. The Company maintains its cash and cash equivalents with high-quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses historically in these accounts and believes it is not exposed to significant credit risk in its cash and cash equivalents.
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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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