Accounts Receivable and Accounts Payable

12 Months Ended

Dec. 31, 2018

Accounts Receivable And Accounts Payable [Abstract]

Accounts Receivable and Accounts Payable

Note 8 – Accounts Receivable and Accounts Payable

Accounts receivable

As described in Note 2, the Company’s accounts receivable are primarily related to the operations of its asset liquidation business. With respect to auction proceeds and asset dispositions, including NLEX’s accounts receivable brokerage transactions, the assets are not released to the buyer until payment has been received. The Company, therefore, is not exposed to significant collectability risk relating to these receivables. Given this experience, together with the ongoing business relationships between the Company and its joint venture partners, the Company has not historically required a formal credit quality assessment in connection with these activities. The Company has not experienced any significant collectability issues with its accounts receivable. As the Company’s asset liquidation business expands, more comprehensive credit assessments may be required.

The Company’s allowance for doubtful accounts was $0 and $110,000 as of December 31, 2018 and 2017, respectively.  

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities consisted of the following at December 31, 2018 and 2017 (in thousands):

	2018		2017
Due to auction clients	$	3,113	$	2,478
Sales and other taxes		293		342
Remuneration and benefits		2,112		957
Accounting, auditing and tax consulting		140		174
Customer deposits		600		102
Due to Joint Venture partners		1,367		247
Asset liquidation expenses		191		254
Interest expense		6		42
Other		279		423
Total accounts payable and accrued liabilities	$	8,101	$	5,019