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Trade Receivables and Allowance for Credit Losses
6 Months Ended
Jun. 30, 2023
Trade Receivables and Allowance for Credit Losses  
Trade Receivables and Allowance for Credit Losses

6. Trade Receivables and Allowance for Credit Losses

 

Our trade receivables balance consists of traditional trade receivables. Trade receivables were as follows (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Gross trade receivables

 

$3,693

 

 

$3,428

 

Less: allowance for credit losses

 

 

(144)

 

 

(131)
Trade receivables, net

 

$3,549

 

 

$3,297

 

 

 

 

 

 

 

 

 

 

Current trade receivables, net

 

$3,549

 

 

$3,297

 

Long-term trade receivables, net

 

 

-

 

 

 

-

 

Trade receivables, net

 

$3,549

 

 

$3,297

 

 

                The allowance for credit losses was as follows (in thousands):

 

Balance at December 31, 2022

 

$131

 

Cumulative effect of accounting change

 

 

18

 

Provision

 

 

45

 

Write-offs

 

 

(7)
Recoveries and other

 

 

-

 

Balance at March 31, 2023

 

$187

 

Cumulative effect of accounting change

 

 

-

 

Provision

 

 

68

 

Write-offs

 

 

(111)
Recoveries and other

 

 

-

 

Balance at June 30, 2023

 

$144

 

 

The allowance for credit losses is determined based on an assessment of historical collection experience using the aging schedule method as well as consideration of current and future economic conditions. Based on that assessment, the allowance for credit losses as a percent of gross accounts receivable increased to 3.9% at June 30, 2023 from 3.8% at December 31, 2022.