Ok, you're right. It looks like I was wrong about the 90% number. It looks like the real number is probably closer to 100%.
This is from the 2012 annual report, which is the most recent detailed information on the topic as far as I know. As you said yourself once, the 2013 report was written in crayon and didn't include any details about anything.
In case anybody is new to the topic, Vertifresh is run by Dittman's brother in law William Sears (this family connection was not disclosed in the annual report, but don't worry the SEC already knows). Meadpoint is run by Dittman's sister and Sear's wife.
"F. Dependence on One or a Few Major Customers;
The Issuer’s largest customer, VertiFresh, accounted for approximately 90.8% of the Company’s sales for the
year ended December 31, 2012. In addition, the Company’s two largest customers, VertiFresh and Meadpoint
Venture Partners, together accounted for approximately 90.8% and 9.2%, respectively, of the Company’s
sales for such period. The loss of, or a significant curtailment of purchases by, either of these major customers
may have a material adverse effect on the Company's business, financial condition and results of operations.
The Company anticipates that, by virtue of the markets it serves, a significant portion of the Company's sales
will continue to be concentrated in a relatively small number of customers."
"FSPM has known and verified customers and are still making pods and making deliveries to this day."
Such as? I know of 1 external customer, which probably means that the number probably isn't 100% anymore, though there's no reason to believe the number still isn't very high. Not saying others don't exist. I'd really like to know who they are because for some reason they are very difficult to find.
