|12 Months Ended|
Dec. 31, 2021
|Risks and Uncertainties [Abstract]|
NOTE N – BUSINESS CONCENTRATION
For the year ended December 31, 2021, one customer represented approximately 18% of total net revenues. For the year ended December 31, 2020, there were two customers each representing over 10%, accounting for approximately 28% of total net revenues.
As of December 31, 2021, there were five customers, each representing over 10% of the Company’s net accounts receivable, accounting for 64% of the Company’s net accounts receivable. As of December 31, 2020, there was only one customer representing over 10% for 21% of the Company’s net accounts receivable.
Purchases from one supplier approximated $1,878,803, or 82%, of total purchases for the year ended December 31, 2021 and approximately $2,287,950, or 91%, of total purchases for the year ended December 31, 2020. The amount due to this supplier, net of deposits paid, was approximately $134,000 and $470,000 as of December 31, 2021 and 2020, respectively.
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