Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS

v2.4.0.6
CONCENTRATIONS
 9 Months Ended
Mar. 31, 2013
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 10 – CONCENTRATIONS

 

Customer Concentrations

 

During the three months ended March 31, 2013, the Company had four major customers that represented more than 10% of its revenues on an individual basis, or approximately $88,000 or 82% of the Company’s total revenues.

    

During the nine months ended March 31, 2013, the Company had one major customer that represented more than 10% of its revenues on an individual basis, or approximately $480,000 or 69% 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 nine months ended March 31, 2013.

 

The following table represents customers that are more than 10% of its revenues on an individual basis for the three and nine months ended March 31, 2013 and 2012:

 

    For the Three months Ended
March 31,		     For the Nine months Ended
March 31,		  
    2013     2012     2013     2012  
Customers:                                                                
Epic Boats   $ 31,000       29 %   $ 281,000       47 %   $ —       —%     $ 335,000       11 %
Electric Motorsport     27,000       25 %     —       —       —       —       —       —  
Potencia Industrial S.A.     16,000       15 %     —       —       —       —       —       —  
Powerful Battery Solutions     14,000       13 %     —       —       —       —       —       —  
Artisan Vehicle Systems     —       —       —       —       —       —       1,044,000       35 %
Wheego Electric Cars     —       —       —       —       480,000       69 %     323,000       11 %
Greentech Automotive     —       —       233,000       39 %     —       —       914,000       30 %
                                                                 
Subtotal     88,000       82 %     514,000       86 %     480,000       69 %     2,616,000       87 %
                                                                 
Other customers     20,000       18 %     80,000       14 %     220,000       31 %     393,000       13 %
                                                                 
Total revenue   $ 108,000       100 %   $ 594,000       100 %   $ 700,000       100 %   $ 3,009,000       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 nine months ended March 31, 2013 we did not rely on a single supplier for our product production.

 

During the three and nine months ended March 31, 2012 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.