Annual report pursuant to Section 13 and 15(d)

22. Concentrations

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22. Concentrations
12 Months Ended
Dec. 31, 2015
Pro forma financial information  
22. Concentrations

Major Customers

 

For the year ended December 31, 2015, no single customer accounted for more than 10% of the Company’s consolidated revenues or consolidated accounts receivable.  For the year ended December 31, 2014, no single customer accounted for more than 10% of the Company’s consolidated revenues, however one customer accounted for approximately 16% of the Company’s consolidated accounts receivable at December 31, 2014.  

 

Geographic Concentrations

 

The Company’s operations are significantly influenced by economic factors and risks inherent in conducting business in foreign countries, including government regulations, currency restrictions and other factors that may significantly affect management’s estimates and the Company’s performance.

 

For the years ended December 31, 2015 and 2014, the Company generated approximate revenues from customers in the following countries:

 

    2015     2014  
United States   $ 88,526,867     $ 81,326,000  
International Customers     13,167,649       10,726,600  
    $ 101,694,516     $ 92,052,600  

 

Revenues by geographic area are based upon the location of the customers.

 

Credit Risk

 

The Company maintains its cash balances in high credit quality financial institutions.  The Company’s cash balances may, at times, exceed the deposit insurance limits provided by the Federal Deposit Insurance Corp.