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ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2023

NOTE 6 – ALLOWANCE FOR CREDIT LOSSES

The Company’s accounts receivable were evaluated to determine an appropriate allowance for credit losses related to trade receivables. The Company’s historical collections were analyzed by the number of days past due to determine the uncollectible rate in each range of days past due. The estimate of the allowance for credit losses is charged to the allowance for credit losses based on the age of receivables multiplied by the historical uncollectible rate for the range of days past due or earlier if the account is deemed uncollectible for other reasons. Recoveries of amounts previously charged as uncollectible are credited to the allowance for credit losses.

An analysis of the allowance for credit losses for the period ended March 31, 2023 is as follows:

SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES


Allowance for credit losses, December 31, 2022	$	2,567
Allowance for credit losses, beginning balance	$	2,567
Current period provision for expected credit losses		228
Write-offs charged against the allowance		(514	)
Foreign currency translation		47
Recoveries		-
Allowance for credit losses, March 31, 2023	$	2,328
Allowance for credit losses, ending balance	$	2,328

During the quarter ended March 31, 2023, the change in the allowance for credit losses was due to the change in the age of receivables.