Quarterly report pursuant to Section 13 or 15(d)

Entity Level Information

v3.21.1
Entity Level Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Entity Level Information

NOTE 12 —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 months ended:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

United States of America

 

$

8,627

 

 

$

8,218

 

Canada and Latin America

 

 

3,343

 

 

 

4,079

 

Europe and Middle East

 

261

 

 

 

348

 

Asia Pacific

 

9

 

 

61

 

Total revenues

 

$

12,240

 

 

$

12,706

 

 

 

Long-lived assets located in the United States and Asia Pacific region were $2,572 and $710 and $3,040 and $782 as of March 31, 2021 and December 31, 2020, respectively.

The composition of revenues for the three months ended:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Product Sales

 

$

12,238

 

 

$

12,695

 

Services

 

2

 

 

11

 

Total revenues

 

$

12,240

 

 

$

12,706

 

 

 

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, March 31, 2021 and December 31, 2020. 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 $65 at each of March 31, 2021 and December 31, 2020, respectively.

Receivables from three customers approximated 22%, 15% and 10% of total accounts receivable at March 31, 2021 and receivables from one customer approximated 23% of total accounts receivable at, December 31, 2020.

Revenue from customers with concentration greater than 10% in the months ended March 31, 2021 and 2020 accounted for approximately the following percentage of total revenues:

 

 

 

Months Ended

March 31,

 

 

 

 

 

2021

 

 

2020

 

 

 

Customer A

 

34

%

 

25

%

 

 

Customer B

 

13

%

 

17

%

 

 

Customer C

 

*

 

 

17

%

 

 

Customer D

 

11

%

 

12

%

 

 

Customer E

 

22

%

 

15

%

 

 

Total

 

80

%

 

86

%

 

 

 

 

*

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