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Note 7 - Factoring | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Factoring [Text Block] |
7. | FACTORING
Due from factor consisted of the following as of:
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Original invoice value |  | $ | 209,000 |  |  | $ | 99,000 |
Factored amount |  |  | (132,060 | ) |  |  | (49,500 | )
Due from factor |  | $ | 76,940 |  |  | $ | 49,500 |
The Company entered into an accounts receivable factoring arrangement with a financial institution (the “Factor”) which has been extended to October 31, 2022. Pursuant to the terms of the arrangement, the Company, from time to time, sells to the Factor a minimum of $150,000 per quarter of certain of its accounts receivable balances on a non-recourse basis for credit approved accounts. The Factor remits 35% of the foreign and 75% of the domestic accounts receivable balance to the Company (the “Advance Amount”), with the remaining balance, less fees, forwarded to the Company once the Factor collects the full accounts receivable balance from the customer. In addition, the Company, from time to time, receives over advances from the Factor. Factoring fees range from 2.75% to 15% of the face value of the invoice factored and are determined by the number of days required for collection of the invoice. The cost of factoring is included in selling, general and administrative expenses. The cost of factoring was as follows:
|  | Three Months ended June 30, |
|  | 2022 |  |  | 2021 |
Factoring fees |  | $ | 20,800 |  |  | $ | 18,900 |
|  | Six Months ended June 30, |
|  | 2022 |  |  | 2021 |
Factoring fees |  | $ | 39,527 |  |  | $ | 32,247 |

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- Definition Factoring text block. + References No definition available. + Details
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Balance Type: | na
Period Type: | duration

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration