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ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
 9 Months Ended
Sep. 30, 2025
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

NOTE 2 – ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

 

Accounts receivable

 

On September 30, 2025 and December 31, 2024, accounts receivable consisted of the following:

 

   September 30, 2025   December 31, 2024 
Accounts receivable  $40,394   $123,686 
Less: allowance for doubtful accounts   -    - 
Accounts receivable, net  $40,394   $123,686 

 

For the three and nine months ended September 30, 2025 and 2024, the Company did not record any bad debt expense related to accounts receivable.

 

Performance bond receivable

 

On September 30, 2025 and December 31, 2024, other receivables consisted solely of performance bond receivables as follows:

 

   September 30, 2025   December 31, 2024 
Other receivables  $142,526   $142,526 
Less: allowance for doubtful other receivables   (142,526)   (142,526)
Other receivables, net  $-   $- 

 

Safe-Pro USA was required to obtain a Performance Guarantee (PG) at a bank designated by a former customer. The amount of each separate Performance Guarantee is 10% of the CFR (Cost and Freight) value of the contract in US Dollars. The Performance Guarantee was required to be submitted prior to the Contract being executed. In case of the supplier’s failure to fulfill the contractual obligations as per the terms of the contract, the Performance Guarantee may be forfeited. Upon certain conditions being met, the Company would be entitled to reimbursement from the Performance Guarantee being held. The Company has yet to receive any receipts from their performance bonds being held at the designated bank. As of September 30, 2025 and December 31, 2024, there were no performance bonds receivable and outstanding.

 

 

SAFE PRO GROUP INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(unaudited)