ACCOUNTS RECEIVABLE	9 Months Ended
Oct. 31, 2024
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 5 – ACCOUNTS RECEIVABLE Accounts receivable include amounts that have been billed and amounts that are billable to customers. As of October 31, 2024, there were billable amounts related to an overseas project in the total amount of $24.1 million, including the expected refund of the letter of credit draw identified in Note 2. The Company may extend credit to a customer without requiring tangible collateral based on an evaluation of the customer’s financial condition and other factors. Customer payments on other construction, fabrication and field service contracts are generally due within 30 days of billing, depending on the negotiated terms of the corresponding contract. Exposure to losses on accounts and notes receivable is expected to differ due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and may establish an allowance for credit losses based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. The amounts of the provision for credit losses for the three and nine months ended October 31, 2024 were $0.2 million and $0.7 million, respectively. The amounts of the provision for credit losses for the three and nine months ended October 31, 2023 were insignificant. The allowance for credit losses at October 31, 2024 and January 31, 2024 was $2.5 million and $1.8 million, respectively.

ACCOUNTS RECEIVABLE

9 Months Ended

Oct. 31, 2024

NOTE 5 – ACCOUNTS RECEIVABLE

Accounts receivable include amounts that have been billed and amounts that are billable to customers. As of October 31, 2024, there were billable amounts related to an overseas project in the total amount of $24.1 million, including the expected refund of the letter of credit draw identified in Note 2.

The Company may extend credit to a customer without requiring tangible collateral based on an evaluation of the customer’s financial condition and other factors. Customer payments on other construction, fabrication and field service contracts are generally due within 30 days of billing, depending on the negotiated terms of the corresponding contract. Exposure to losses on accounts and notes receivable is expected to differ due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and may establish an allowance for credit losses based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. The amounts of the provision for credit losses for the three and nine months ended October 31, 2024 were $0.2 million and $0.7 million, respectively. The amounts of the provision for credit losses for the three and nine months ended October 31,

2023 were insignificant. The allowance for credit losses at October 31, 2024 and January 31, 2024 was $2.5 million and $1.8 million, respectively.