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4. Customer Concentrations and Accounts Receivable
Sales to Horizon Power Systems (“Horizon”), one of the Company’s domestic distributors, accounted for 32% of revenue for the three months ended September 30, 2012. BPC Engineering (“BPC”), one of the Company’s Russian distributors, and Horizon accounted for 25% and 22%, respectively, of revenue for the three months ended September 30, 2011. Horizon and BPC accounted for 33% and 14% of revenue, respectively, for the six months ended September 30, 2012. For the six months ended September 30, 2011, BPC and Horizon accounted for 23% and 15% of revenue, respectively.
Additionally, BPC and Horizon accounted for 43% and 12%, respectively, of net accounts receivable as of September 30, 2012. BPC accounted for 44% of net accounts receivable as of March 31, 2012.
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