Quarterly report [Sections 13 or 15(d)]

Note 18 - Concentrations

v3.25.1
Note 18 - Concentrations
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

Note 18. Concentrations

 

e-Commerce Operations concentrations:

 

Customers:

 

Amazon accounted for 24.3% and 39.9% of the revenues for the e-Commerce Operations reportable segment during the three months ended March 31, 2025 and 2024, respectively. No other customer accounted for 10% or more of the e-Commerce Operations reportable segment revenues for either period.

 

Suppliers:

 

The following table sets forth information as to each supplier that accounted for 10% or more of the purchases related to e-Commerce Operations for the three months ended March 31, 2025 and 2024 (in thousands):

 

   

For the Three Months Ended March 31,

  
   

2025

    

2024

  
   

Amount

    

% of Total Purchases

    

Amount

    

% of Total Purchases

  

Iridium Satellite

   $ 755       28.7 %   $ 570       27.2 %

Garmin

   $ 412       15.6 %   $ 301       14.3 %

 

Geographic:

 

The following table sets forth revenue as to each geographic location (in thousands):

 

   

For the Three Months Ended March 31,

  
   

2025

    

2024

  
   

Amount

    

% of Total

    

Amount

    

% of Total

  

Europe

   $ 1,573       52.3 %   $ 1,430       49.9 %

North America

     1,033       34.4 %     523       18.3 %

Asia and Pacific

     348       11.6 %     413       14.4 %

Africa

     44       1.5 %     476       16.6 %

South America

     8       0.3 %     23       0.8 %
    $ 3,006       100 %   $ 2,865       100 %

 

Healthcare operations concentrations:

 

Suppliers:

 

Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were 96.6% of total vendor purchases for the three months ended March 31, 2025.

 

Customers:

 

Progressive Care’s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not reimburse Progressive Care.

 

Progressive Care generated reimbursements from three significant PBMs for the three months ended March 31, 2025 as follows:

 

   

Three Months Ended March 31, 2025

  

A

     28 %

B

     15 %

C

     15 %