Accounts receivable are recorded at the invoiced amount, do not require collateral and do not bear interest. The Company estimates an allowance for credit losses using the lifetime expected credit loss at each measurement date taking into account historical credit loss experience as well as forward-looking information in order to establish rates

for each class of financial receivable with similar risk characteristics. Adjustments to this estimate are recognized in the statement of operations.

In order to manage and assess our risk, management maintains credit policies that include regular review of credit limits of individual receivables and systematic monitoring of aging of trade receivables and the financial wellbeing of our customers. In addition, we acquired trade credit insurance effective April 1, 2020. At March 31, 2022, approximately 82% of our trade accounts receivable are insured, relating to accounts receivables from counterparties deemed creditworthy by the insurer and excluding accounts receivable from government entities, which have arisen since April 1, 2020 when the trade credit insurance became effective.

Our trade balances are spread over a broad Distribution Partner base, which is geographically dispersed. For the three months ended March 31, 2022 no Distribution Partner accounted for greater than 10% of revenue (2021: One Distribution Partner: $3.6 million). In addition, and where possible, we collect a 50% deposit on sales, excluding government and certain other clients.

	As at
	March 31,			December 31,
	2022			2021
Current		18,167			13,659
Overdue		977			621
		19,144			14,280
Less: expected credit losses		(132	)		(130	)
		19,012			14,150
Sales tax receivable		411			196
Income tax receivable		3,167			3,194
		22,590			17,540

No adjustment to our expected credit losses of $0.1 million was required for the quarter ended March 31, 2022. Receivables are generally considered to be past due when over 60 days old unless there is a separate payment arrangement in place for the collection of the receivable.