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CAPITAL ADVANCE ("CA") RECEIVABLES | 9 Months Ended
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Sep. 30, 2024
CAPITAL ADVANCE ("CA") RECEIVABLE |
CAPITAL ADVANCE ("CA") RECEIVABLES | NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price. During the nine months ended September 30, 2024 and 2023, the Company has purchased and collected the following principal amounts associated with CA receivables, including foreign exchange adjustments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30,
​ | ​ | 2024 | ​ | 2023
Beginning CA receivables, gross | ​ | $ | 50,552 | ​ | $ | 42,466
CA extended to customers | ​ | ​ | 260,353 | ​ | ​ | 206,187
Change in revenue receivables | ​ | ​ | 82 | ​ | ​ | 487
CA collected from customers | ​ | ​ | (245,143) | ​ | ​ | (191,157)
Charge-offs, net of recoveries | ​ | ​ | (2,802) | ​ | ​ | (3,917)
Ending CA receivables, gross | ​ | $ | 63,042 | ​ | $ | 54,066
Allowance for CA losses | ​ |  | (6,094) | ​ |  | (4,910)
CA receivables, net | ​ | $ | 56,948 | ​ | $ | 49,156
​ The outstanding gross balance at September 30, 2024 consists of the following current and overdue amounts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 1‑30 days |  | 30‑60 |  | 60‑90 | ​ | Above 90
Total | ​ | Current | ​ | overdue | ​ | overdue | ​ | overdue | ​ | overdue
$ | 63,042 | ​ | 59,507 | ​ | 2,010 | ​ | 761 | ​ | 279 | ​ | 485
​ The outstanding gross balance at December 31, 2023 consists of the following current and overdue amounts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ |  | 1‑30 days |  | 30‑60 |  | 60‑90 |  | Above 90
Total |  | Current |  | overdue |  | overdue |  | overdue |  | overdue
$ | 50,552 |  | 47,332 |  | 1,977 |  | 692 |  | 276 |  | 275
​ ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at September 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Due in less | ​ | Due in 30‑60 | ​ | Due in 60‑90 | ​ | Due in more
Total |  | Overdue |  | than 30 days |  | days |  | days |  | than 90 days
$ | 63,042 | ​ | 3,535 | ​ | 13,530 | ​ | 13,132 | ​ | 24,280 | ​ | 8,565
​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Due in less | ​ | Due in 30‑60 | ​ | Due in 60‑90 |  | Due in more
Total |  | Overdue |  | than 30 days |  | days |  | days |  | than 90 days
$ | 50,552 |  | 3,220 |  | 10,841 |  | 13,696 |  | 17,462 |  | 5,333
​ As of September 30, 2024 and December 31, 2023, the Company applied a range of loss rates to the CA portfolio of 1.58% to 1.85% for the allowance for CA losses. NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued): ​ Below is a rollforward for the allowance for CA losses (“ALCAL”): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30,
​ | ​ | 2024 | ​ | 2023
Beginning balance | ​ | $ | 5,059 | ​ | $ | 5,311
Provisions | ​ | ​ | 4,496 | ​ | ​ | 3,649
Recoveries | ​ | ​ | (659) | ​ | ​ | (133)
Charge-offs | ​ | ​ | (2,802) | ​ | ​ | (3,917)
Ending balance | ​ | $ | 6,094 | ​ | $ | 4,910
​

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