Page 30 - Bahamas Waste inside pages

December 31, 2018
NOTES TO FINANCIAL STATEMENTS
(Expressed in Bahamian Dollars)
5. ACCOuNTS RECEIvABLE, NET
Accounts receivable consists of the following:
Receivables from related parties $ Trade receivables
2017
6,492 2,997,987 3,004,479
(681,600 ) 2,322,879
Less: Allowance for impairment losses (Note 17)
Accounts receivable are non-interest bearing and are generally on terms of 30 to 90 days.
Information about the Company’s exposure to credit risk, and impairment losses is disclosed in Note 17.
$
6. INvENTORIES, NET
Spare parts and supplies (at cost) Less: Provision for obsolete inventory Inventories (net)
2018
2017
735,714 (16,645 )
$ 758,133 $
In 2018, inventories of $57,915 (2017: $56,835) were recognized as an expense or capitalized during the year and included
$
$
2018
1,260 3,218,462 3,219,722
(867,345 )
2,352,377
$ 810,778 $ (52,645 )
719,069
in cost of sales or property, plant and equipment, accordingly.
7. OTHER ASSETS
Prepaid expenses and other receivables (Note 8) Employee advances
Security deposits
$
$
2018
434,180 84,566 14,900
533,646
$
$
2017
147,381 86,694 14,900
248,975
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Included in the prepaid expenses and other receivables are amounts due from a related party with the balance of $319,366 (2017: $33,167). See note 8 for further details.
Employee advances are carried at cost which is the fair value of consideration to be received in the future. The amounts are short term, interest free and are repaid via salary deductions.
BAHAMAS WASTE LIMITED ANNUAL REPORT 2018