Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

v2.4.0.6
CONCENTRATIONS
 6 Months Ended
Dec. 31, 2012
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 10 – CONCENTRATIONS

 

Customer Concentrations

 

During the three months ended December 31, 2012, the Company had one major customer that represented more than 10% of its revenues on an individual basis, or approximately $478,000 or 93% of the Company’s total revenues, which was a result of the Company recognizing deferred revenue as previously reported. Revenue from our customer, Wheego Electric Cars (“Wheego”) is recognized on the sell-through method with their customer, which was completed during the three months ended December 31, 2012.

    

During the six months ended December 31, 2012, the Company had one major customer that represented more than 10% of its revenues on an individual basis, or approximately $480,000 or 81% of the Company’s total revenues, which was primarily a result of the Company recognizing deferred revenue of approximately $478,000, as previously reported.

 

The following table represents customers that are more than 10% of its revenues on an individual basis for the three and six months ended December 31, 2012 and 2011:

 

    For the Three months Ended     For the Six months Ended  
    December 31,
2012		     December 31,
2011		     December 31,
2012		     December 31,
2011		  
Customers:                                                                
Wheego Electric Cars   $ 478,000       93 %   $ —       —     $ 480,000       81 %   $ 323,000       13 %
Artisan Vehicle Systems     —       —       951,000       52 %     —       —       1,028,000       43 %
Greentech Automotive     —       —       646,000       35 %     —       —       681,000       28 %
                                                                 
Subtotal     478,000       93 %     1,597,000       87 %     480,000       81 %     2,032,000       84 %
                                                                 
Other customers     38,000       7 %     236,000       13 %     112,000       19 %     383,000       16 %
                                                                 
Total revenue   $ 516,000       100 %   $ 1,833,000       100 %   $ 592,000       100 %   $ 2,415,000       100 %

  

Suppliers/Vendor Concentrations

 

We obtain a limited number of components and supplies included in our products from a small group of suppliers. During the three and six months ended December 31, 2012 we did not rely on a single supplier for our product production.

 

During the three and six months ended December 31, 2011 we utilized a single supplier for certain components and supplies included in our products from a single supplier Global Fluid Power Solutions, LLC.

 

In the past we have sourced Lithium batteries from a number of suppliers. We are realigning our battery sourcing to improve consistency, responsiveness, and quality. As a result, we have signed a non-exclusive supply agreement with Henan Huanyu New Energy Technology Ltd, a Chinese company.