Quarterly report pursuant to Section 13 or 15(d)

Entity Level Information

v3.20.2
Entity Level Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Entity Level Information

NOTE 13 —Entity Level Information

Segment Information—The Company operates in one reporting segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the chief executive officer, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level.

The following table summarizes the revenue by region based on ship-to destinations for the three and nine months ended September 30, 2020 and 2019:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

U.S

 

$

9,128

 

 

$

23,170

 

 

$

34,824

 

 

$

78,385

 

Canada and Latin America

 

 

3,987

 

 

 

3,964

 

 

 

10,645

 

 

 

13,271

 

Europe and Middle East

 

431

 

 

 

756

 

 

1,225

 

 

 

4,766

 

Asia Pacific

 

847

 

 

960

 

 

1,463

 

 

 

2,659

 

Total revenues

 

$

14,393

 

 

$

28,850

 

 

$

48,157

 

 

$

99,081

 

 

 

Long-lived assets located in the United States and Asia Pacific region were $4,828 and $1,096 and $6,626 and $1,492 as of September 30, 2020 and December 31, 2019, respectively.

The composition of revenues for the three and nine months ended September 30, 2020 and 2019 as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Product Sales

 

$

14,337

 

 

$

28,773

 

 

$

48,074

 

 

$

98,714

 

Services

 

56

 

 

77

 

 

83

 

 

367

 

Total revenues

 

$

14,393

 

 

$

28,850

 

 

$

48,157

 

 

$

99,081

 

 

 

Concentrations of Credit Risk—The Company’s product revenues are concentrated in the technology industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies, could adversely affect the Company’s consolidated operating results. Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited with high-quality, federally insured commercial banks in the United States and cash balances are in excess of federal insurance limits at, September 30, 2020 and December 31, 2019. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition. The Company analyzes the need for reserves for potential credit losses and records allowances for doubtful accounts when necessary. The Company had allowances for such losses totaling approximately $52 at both September 30, 2020 and December 31, 2019.

Receivables from three customers approximated 24%, 12% and 11% of total accounts receivable at, September 30, 2020 and three customers approximated 54%, 22%, and 11% of total accounts receivable at, December 31, 2019.

Revenue from customers with concentration greater than 10% in the three and nine months ended September 30, 2020 and 2019 accounted for approximately the following percentage of total revenues:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Customer A

 

11%

 

 

25%

 

 

*

 

 

31%

 

Customer B

 

28%

 

 

19%

 

 

40%

 

 

12%

 

Customer C

 

11%

 

 

19%

 

 

11%

 

 

20%

 

Customer D

 

13%

 

 

*

 

 

10%

 

 

*

 

Customer E

 

*

 

 

12%

 

 

*

 

 

*

 

 

 

*

Customer revenue did not exceed 10% in the respective periods.