NOTE 5 – MAJOR CUSTOMERS

During the year ended June 30, 2022, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $18,090,059 and $4,273,740, respectively representing 31.6% and 7.5%, respectively of revenues. During the year ended June 30, 2021, revenues from DFS and BMW were $11,522,694 and $7,137,653, respectively representing 21.0% and 13.0%, respectively of revenues. The revenue from these customers are shown in the Asia – Pacific segment.

Accounts receivable from DFS and BMW at June 30, 2022, were $2,005,463 and $2,498,645, respectively. Accounts receivable from DFS and BMW at June 30, 2021, were $462,861 and $35,063, respectively. Revenues in excess of billings at June 30, 2022 were $365,863 and $2,199,381, respectively. Revenues in excess of billings at June 30, 2021 were $2,041,750 and $4,453,299, respectively.