Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

v3.22.2.2
CONCENTRATIONS
 6 Months Ended
Jun. 30, 2022
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 13 - CONCENTRATIONS

 

Customers:

 

Amazon accounted for 49.5% and 64.6% of the Company’s revenues during the six months ended June 30, 2022 and 2021, respectively. No other customer accounted for 10% or more of the Company’s revenues for either period.

  

 

NEXTPLAT CORP AND SUBSIDIARIES

FKA: ORBSAT CORP

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 13 – CONCENTRATIONS (continued)

 

Suppliers:

 

The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the six months ended June 30, 2022 and 2021.

                                 
    June 30, 2022           June 30, 2021        
                         
Globalstar Europe   $ 212,488       4.2 %   $ 565,207       10.3 %
Garmin   $ 999,101       19.7 %   $ 1,051,557       19.2 %
Network Innovations   $ 521,142       10.3 %   $ 343,801       6.3 %
Cygnus Telecom   $ 1,195,597       23.6 %   $ 772,478       14.1 %
Satcom Global   $ 477,998       9.4 %   $ 851,314       15.5 %

 

The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the three months ended June 30, 2022 and 2021.

 

                                 
    June 30, 2022           June 30, 2021        
                         
Globalstar Europe   $ 119,687       5.7 %   $ 162,313       8.2 %
Garmin   $ 583,136       27.8 %   $ 304,638       15.5 %
Network Innovations   $ 200,626       9.6 %   $ 189,984       9.6 %
Cygnus Telecom   $ 254,683       12.2 %   $ 271,971       13.8 %
Satcom Global   $ 195,168       9.3 %   $ 349,046       17.7 %

 

Geographic:

 

The following table sets forth revenue as to each geographic location, for the six months ended June 30, 2022 and 2021:

                                 
    June 30, 2022           June 30, 2021        
                         
Europe   $ 5,064,843       78.5 %   $ 2,361,328       69.1 %
North America     899,958       14.0 %     709,797       20.8 %
South America     22,306       0.3 %     15,839       0.5 %
Asia & Pacific     397,540       6.2 %     290,582       8.5 %
Africa     64,610       1.0 %     40,142       1.2 %
Revenue   $ 6,449,257             $ 3,417,688          

 

The following table sets forth revenue as to each geographic location, for the three months ended June 30, 2022 and 2021:

 

                                 
    June 30, 2022           June 30, 2021        
                         
Europe   $ 2,165,445       75.4 %   $ 1,357,596       69.4 %
North America     462,742       16.1 %     395,832       20.2 %
South America     10,533       0.4 %     7,825       0.4 %
Asia & Pacific     201,371       7.0 %     182,985       9.4 %
Africa     31,388       1.1 %     12,022       0.6 %
Revenue   $ 2,871,479             $ 1,956,260