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Schedule II Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Item 15.

Exhibits and Financial Statement Schedules

 

 

(a)

Financial Statements and Schedules

 

The financial statements are set forth under Item 8 of this Annual Report. The following financial statement schedule for the years ended December 31, 2024, and December 31, 2023, is included in this Annual Report on Form 10-K:

 

 

a.

Valuation and Qualifying Accounts for the years ended December 31, 2024, and December 31, 2023.

 

  

2024

  

2023

 

Bad debt expense

  578,423   82,066 

Reserve for obsolete inventory

  404,306   177,953 

 

  

Balance

  

Charges to

      

Balance

 
  

Beginning

  

Costs and

  

Deductions

  

End of

 
  

of Year

  

Expenses

  

(1

)   

Year Ended December 31, 2024

                

Allowance for inventory obsolescence

 $867,458  $404,306  $(62,640) $1,209,124 

Allowance for current expected credit losses

  134,912   528,846   (26,202)  637,556 

Totals

 $1,002,370  $933,152  $(88,842) $1,846,680 
                 

Year Ended December 31, 2023

                

Allowance for inventory obsolescence

 $663,227  $177,953  $26,278  $867,458 

Allowance for current expected credit losses

  59,559   82,066   (6,713)  134,912 

Totals

 $722,786  $260,019  $19,565  $1,002,370 

 

  

2024

  

2023

 

Allowance for current expected credit losses at the beginning of the period

 $134,912  $59,559 

Bad debt expense

  578,423   82,066 

Receivables written off during the periods

  (49,577)  (10,298)

Effect of exchange rate changes

  (26,202)  3,585 

Allowance for current expected credit losses at the end of the period

 $637,556  $134,912 

 

(1) Includes write-offs and the impact of foreign currency exchange rates.

 

 

Schedules other than that listed above are omitted because the conditions requiring their filing do not exist or because the required information is provided in the Consolidated Financial Statements, including the Notes thereto. Financial statement schedules have been omitted since they are either not required, not applicable, or the information is otherwise included.