• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
ACCOUNTS RECEIVABLE
3 Months Ended
Mar. 31, 2018
Receivables [Abstract]  
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE

Accounts receivable, net, consists of the following at March 31, 2018 and December 31, 2017:

 
March 31, 2018 (Unaudited)
 
December 31, 2017
Accounts receivable trade
$
12,867,367

 
$
12,925,059

Allowance for doubtful accounts
(1,630,070
)
 
(1,636,068
)
Accounts receivable trade, net
$
11,237,297

 
$
11,288,991



Accounts receivable trade represents amounts due from customers. Accounts receivable trade are recorded at invoiced amounts, net of reserves and allowances and do not bear interest. The Company uses its best estimate to determine the required allowance for doubtful accounts based on a variety of factors, including the length of time receivables are past due, economic trends and conditions affecting its customer base, significant one-time events and historical write-off experience. Specific provisions are recorded for individual receivables when we become aware of a customer’s inability to meet its financial obligations. The Company reviews the adequacy of its reserves and allowances quarterly.

Receivable balances greater than 30 days past due are individually reviewed for collectability and if deemed uncollectible, are charged off against the allowance accounts after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any significant off balance sheet credit exposure related to its customers.