CONCENTRATIONS |
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Jun. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONCENTRATIONS |
NOTE 13 - CONCENTRATIONS
Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and unsecured trade accounts receivable. The Company maintains cash balances at a financial institution in San Diego, California. The Company’s cash balance at this institution is secured by the Federal Deposit Insurance Corporation up to $250,000. As of June 30, 2015, cash totaled approximately $53,000, which consists of funds held in a non-interest bearing bank deposit account. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash.
Customer Concentrations During the twelve months ended June 30, 2015, the Company had three major customers that each represented more than 10% of its revenues on an individual basis, or approximately $341,000 or 47% of the Company’s total revenues, which was a result of sales to three customers, which represented $149,000 or 21%, $110,000 or 15%, and $82,000 or 11% of sales, respectively. During the twelve months ended June 30, 2014, the Company had two major customers that each represented more than 10% of its revenues on an individual basis, or approximately $129,000 or 36% of the Company’s total revenues, which was a result of sales to two customers, which represented $67,000 or 19% and $62,000 or 17% of sales, respectively. The following table represents customers that are more than 10% of its revenues on an individual basis for the twelve months ended June 30, 2015 and 2014:
Suppliers/Vendor Concentrations We obtain a limited number of components and supplies included in our products from a small group of suppliers. During the fiscal year ended June 30, 2015 we had three suppliers who accounted for more than 10% of our total purchases, on an individual basis. Purchases for these three suppliers totaled $528,000 for a total of 66%% of our total purchases. We obtain a limited number of components and supplies included in our products from a small group of suppliers. During the fiscal years ended June 30, 2014 we had two suppliers who accounted for more than 10% of our total purchases, on an individual basis. Purchases for these two suppliers totaled $96,000 for a total of 39% of our total purchases. In the past we have sourced Lithium batteries from a number of suppliers. We realign our battery sourcing periodically to improve consistency, responsiveness, and quality. |
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