Accounts Receivable

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any.

The following table presents the aging analysis of trade receivables as of March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Past due:
Less than 30 days past due	$	6,667,297	$	11,431,358
30-60 days past due	998,355		693,286
60-90 days past due	78,866		56,831
Greater than 90 days past due	—		144,572
Total past due	7,744,518		12,326,047
Current	35,044,879		24,244,954
Totals	$	42,789,397	$	36,571,001

The following table provides information regarding the Company's allowance for doubtful accounts receivable as of March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Balances, beginning of period	$	—	$	—
Amounts charged (credited) to costs and expenses	(113,708)		258,747
Additions (deductions)	113,708		(258,747)
Balances, end of period	$	—	$	—

In general, cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1.5% per month on past due receivables.