As described in Note 2, the Company’s accounts receivable are primarily related to the operations of its business. With respect to auction proceeds and asset dispositions, including NLEX’s 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 its accounts receivable. As the Company’s business expands, more comprehensive credit assessments may be required.

The Company's allowance for doubtful accounts was approximately $0.1 million as of December 31, 2022.

In accordance with ASC 326, the Company performs a review of accounts receivables on a quarterly basis. During the year ended December 31, 2023, the Company recorded no material adjustments for credit losses in selling, general and administrative expense on the condensed consolidated statement of income related to accounts receivable. As of December 31, 2023, the allowance for credit losses was approximately $0.1 million.

Accounts payable and accrued liabilities consisted of the following, (in thousands):


	2023		2022
Remuneration and benefits		4,423		4,660
Accrued auction and liquidation expenses		705		2,573
Due to Joint Venture partners		638		793
Deferred revenue		497		279
Sales and other taxes		626		220
Accounting, auditing and tax consulting		189		204
Other		159		195
Total accounts payable and accrued liabilities	$	7,237	$	8,924