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Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2024
Allowance for Credit Losses  
Allowance for Credit Losses

Note 12 – Allowance for Credit Losses

 

The activity in the allowance for doubtful accounts was as follows during the six-month period ended June 30, 2024 and the year ended December 31, 2023:

 

 

 

2024

 

 

2023

 

Balance at the beginning of the year

 

$1,645,045

 

 

$1,440,678

 

Adjustment to expected losses on accounts receivable

 

 

(1,354,533)

 

 

786,549

 

Charge-offs

 

 

(62,587)

 

 

(582,189)

Recoveries

 

 

4,700

 

 

 

7

 

Ending Balance

 

$232,625

 

 

$1,645,045

 

 

The allowance for doubtful accounts at June 30, 2024 was $232,625, a decrease of $1,412,420, from December 31, 2023. During 2024, we made an adjustment to the expected losses for accounts receivable for a balance due from a former client in 2022 that now pays consistently, has significantly reduced its outstanding amount owed and is expected to pay the remaining amount due.