XML 22 R13.htm IDEA: XBRL DOCUMENT

ALLOWANCE FOR CREDIT LOSSES

9 Months Ended

Sep. 30, 2023

NOTE 6 – ALLOWANCE FOR CREDIT LOSSES

The Company’s receivables were evaluated to determine an appropriate allowance for credit losses. For 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 and considerations of any changes expected in the future. 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 September 30, 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		1,161
Write-offs charged against the allowance		(1,131	)
Foreign currency translation		80
Allowance for credit losses, September 30, 2023	$	2,677
Allowance for credit losses, ending balance	$	2,677

During the nine-months ended September 30, 2023, the change in the allowance for credit losses was due to the change in the age of trade receivables.