| Schedule of Allowance for Credit Losses, Returns, and Deductions |
For the three months ended September 30, 2024, the allowance for credit losses, returns, and deductions consisted of the following:
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2024 |
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2023 |
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Credit Losses Allowance |
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Returns & Deductions Allowance |
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Total |
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Credit Losses Allowance |
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Returns & Deductions Allowance |
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Total |
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Beginning balance, July 1 |
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$ |
705,311 |
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$ |
653,562 |
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$ |
1,358,873 |
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$ |
197,566 |
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$ |
833,270 |
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$ |
1,030,836 |
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Provisions |
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(42,849 |
) |
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311,154 |
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268,305 |
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118,939 |
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(378,329 |
) |
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(259,390 |
) |
Write-offs |
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(210,280 |
) |
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— |
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(210,280 |
) |
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— |
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— |
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— |
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Ending balance, September 30 |
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$ |
452,182 |
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$ |
964,716 |
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$ |
1,416,898 |
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$ |
316,505 |
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$ |
454,941 |
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$ |
771,446 |
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For the nine months ended September 30, 2024, the allowance for credit losses, returns, and deductions consisted of the following:
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2024 |
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2023 |
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Credit Losses Allowance |
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Returns & Deductions Allowance |
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Total |
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Credit Losses Allowance |
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Returns & Deductions Allowance |
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Total |
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Beginning balance, January 1 |
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$ |
815,236 |
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$ |
822,803 |
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$ |
1,638,039 |
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$ |
117,360 |
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$ |
— |
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$ |
117,360 |
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Provisions |
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179,071 |
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|
141,913 |
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|
320,984 |
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|
199,145 |
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454,941 |
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|
654,086 |
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Write-offs |
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(542,125 |
) |
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— |
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(542,125 |
) |
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— |
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— |
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— |
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Ending balance, September 30 |
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$ |
452,182 |
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$ |
964,716 |
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$ |
1,416,898 |
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$ |
316,505 |
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$ |
454,941 |
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$ |
771,446 |
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| Summary of Customers Concentrations |
For the nine months ended September 30, 2024 and 2023, the following customers represented more than 10% of consolidated sales. No vendors represented more than 10% of purchases.
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2024 |
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2023 |
Customer A |
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19% |
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20% |
Customer B |
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12% |
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11% |
Customer C |
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17% |
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10% |
Customer D |
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— |
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15% |
As of September 30, 2024 and 2023, the following customers represented more than 10% of accounts receivable. No vendors represented more than 10% of the accounts payable balance.
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2024 |
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2023 |
Customer A |
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16% |
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12% |
Customer B |
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12% |
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20% |
Customer C |
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16% |
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— |
Customer E |
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— |
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15% |
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| Schedule of Antidilutive Securities Excluded from Calculation of Earnings Per Share |
As of September 30, 2024 and 2023, the Company excluded the common stock equivalents summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.
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September 30, |
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2024 |
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2023 |
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Warrants/ Awards |
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Number of Underlying Shares of Common Stock |
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Warrants/ Awards |
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Number of Underlying Shares of Common Stock |
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Private Warrants |
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197,500 |
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13,166 |
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|
197,500 |
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13,166 |
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Public Warrants |
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10,800,000 |
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|
720,000 |
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|
10,800,000 |
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|
720,000 |
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Warrants - January 2022 Offering |
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10,294,118 |
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|
686,275 |
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10,294,118 |
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|
686,275 |
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Warrants - April 2023 Financing |
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7,964,550 |
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|
530,970 |
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7,964,550 |
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|
530,970 |
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Restricted Stock Awards - unvested |
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371,023 |
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371,023 |
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|
39,910 |
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39,910 |
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29,627,191 |
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2,321,434 |
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29,296,078 |
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1,990,321 |
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