Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

v3.22.2.2
CONCENTRATIONS
 9 Months Ended
Sep. 30, 2022
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 14 - CONCENTRATIONS

 

Customers:

 

Amazon accounted for 52.3% and 64.0% of the Company’s revenues during the nine months ended September 30, 2022 and 2021, respectively. For the three months ended September 30, 2022 and 2021, Amazon accounted for 59.2% and 64.8%, 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 14 – 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 nine months ended September 30, 2022 and 2021.

                                 
    September 30, 2022           September 30, 2021        
                         
Satcom Global   $ 523,688       8.6 %   $ 824,339       18.0 %
Globalstar Europe   $ 396,222       6.5 %   $ 508,359       11.1 %
Garmin   $ 1,168,532       19.2 %   $ 728,797       16.0 %
Network Innovations   $ 718,597       11.8 %   $ 465,417       10.2 %
Cygnus Telecom   $ 1,213,163       19.9 %   $ 554,998       12.2 %

 

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 September 30, 2022 and 2021.

 

                                 
    September 30, 2022           September 30, 2021        
                         
Satcom Global   $ 131,239       8.0 %   $ 303,944       19.9 %
Globalstar Europe   $ 109,409       6.7 %   $ 215,289       14.1 %
Garmin   $ 281,028       17.1 %   $ 241,230       15.8 %
Network Innovations   $ 252,238       15.4 %   $ 191,658       12.5 %
Cygnus Telecom   $ 181,192       11.0 %   $ 165,889       10.8 %

 

Geographic:

 

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

                                 
    September 30, 2022           September 30, 2021        
                         
Europe   $ 7,019,811       77.3 %     3,867,862       68.2 %
North America     1,342,636       14.8 %     1,243,754       21.9 %
South America     32,578       0.4 %     28,909       0.5 %
Asia & Pacific     592,847       6.5 %     472,841       8.3 %
Africa     92,211       1.0 %     54,600       1.0 %
Revenue   $ 9,080,083               5,667,966          

 

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

 

                                 
    September 30, 2022           September 30, 2021        
                         
Europe   $ 1,954,967       74.3 %   $ 1,469,172       65.3 %
North America     442,678       16.8 %     571,603       25.4 %
South America     10,273       0.4 %     13,035       0.6 %
Asia & Pacific     195,307       7.4 %     182,001       8.1 %
Africa     27,601       1.0 %     14,467       0.6 %
Revenue   $ 2,630,826             $ 2,250,278