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Accounts Receivable and Accounts Payable

12 Months Ended

Dec. 31, 2014

Accounts Receivable and Accounts Payable [Text Block]

Note 7 – Accounts Receivable and Accounts Payable

Accounts receivable
As described in Note 2, the Company’s accounts receivable are primarily related to the operations of its asset liquidation business. With respect to auction proceeds and asset dispositions, including NLEX’s accounts receivable brokerage transactions, the assets are not released to the buyer until payment has been received. The Company, therefore, is not exposed to significant collectability risk relating to these receivables. Given this experience, together with the ongoing business relationships between the Company and its joint venture partners, the Company has not historically required a formal credit quality assessment in connection with these activities. The Company has not experienced any significant collectability issues with receivables relating to fee and commission revenue. As the Company’s asset liquidation business expands, more comprehensive credit assessments may be required. During the year ended December 31, 2014, there were no changes in the Company’s accounting policies for financing receivables. During the same period, there were no purchases, sales or reclassifications of financing receivables. There were no troubled debt restructurings during the years ended December 31, 2014 and 2013.

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities consisted of the following at December 31:

		2014		2013
Due to auction clients	$	2,353	$	3,586
Due to Joint Venture partners		1,020		639
Sales and other taxes		1,156		966
Customer deposits		503		50
Remuneration and benefits		957		579
Asset liquidation expenses		233		76
Auction expenses		307		135
Regulatory and legal fees		89		45
Accounting, auditing and tax consulting		140		153
Patent licensing and maintenance		12		25
Other		361		256
	$	7,131	$	6,510