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.

In accordance with ASC 326, the Company performs a review of accounts receivables on a quarterly basis. During the years ended December 31, 2024 and 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 both December 31, 2024 and 2023, the allowance for credit losses related to accounts receivable was approximately $0.1 million.

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


	2024		2023
Remuneration and benefits		3,354		4,423
Accrued auction and liquidation expenses		908		705
Due to Joint Venture partners		254		638
Deferred revenue		550		497
Sales and other taxes		493		626
Accounting, auditing and tax consulting		171		189
Other		249		159
Total accounts payable and accrued liabilities	$	5,979	$	7,237