ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

At June 30, 2023 and December 31, 2022, accounts receivable consisted of the following:

	June 30, 2023		December 31, 2022
Accounts receivable	$	203,327	$	182,936
Less: Allowance for doubtful accounts	(2,582)		-
Total	$	200,745	$	182,936

	June 30, 2023
Cumulative effect of change in accounting principle under ASC 2016-13, before tax, as of January 1, 2023	$	(2,099)
Bad debt expense	(483)
Allowance for doubtful accounts, before tax, as of June 30, 2023	$	(2,582)

The $17.8 million increase in accounts receivable for the first six months of 2023 corresponds to a $72.3 million increase in revenue as compared to the same period in 2022.

The Company reviews accounts receivable on a periodic basis and makes general allowances based on an aging profile of its outstanding balances, and specific allowances when there is doubt as to the collectability of individual balances by considering factors such as the age of the balance, a customer payment history and credit worthiness, and current economic trends. As a result of the Company's adoption of ASU 2016-13 as of January 1, 2023 (Note 2), the Company recorded an allowance for doubtful accounts as of June 30, 2023, as compared to no allowance for doubtful account as of December 31, 2022.