Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATION OF REVENUE AND SUPPLIER

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CONCENTRATION OF REVENUE AND SUPPLIER
3 Months Ended
Mar. 31, 2020
Risks and Uncertainties [Abstract]  
CONCENTRATION OF REVENUE AND SUPPLIER

During the three months ended March 31, 2020, total sale of CBD products and hemp flowers to two customers represented approximately 89% (51%, and 38% - related party) of the Company’s net sales. During the three months ended March 31, 2019, total sale of CBD products to one customer represented approximately 100% of the Company’s net sales.

 

As of March 31, 2020, total accounts receivable from two customers represented approximately 85% (60%, and 25% - related party) of total accounts receivable. As of December 31, 2019, total accounts receivable, net from two customers and one related party customer represented approximately 82% (18%, 38%, and 26% - related party) of total accounts receivable.

 

As of March 31, 2020, total accounts payable from two vendors represented approximately 38% (23% and 15%-related party) of total accounts payable. As of December 31, 2019, total accounts payable from two vendors and one affiliated company represented approximately 60% (12%, 30% and 18% -related party) of total accounts payable. The affiliated company is owned by three members of EOW.