v3.26.1
Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2026
Accounts Receivable, Net [Abstract]  
ACCOUNTS RECEIVABLE, NET

NOTE 6 – ACCOUNTS RECEIVABLE, NET

 

Accounts receivable, net consists of the following as of: 

 

    June 30,
2026		     December 31,
2025		  
             
Accounts receivable, net   $ 16,986,089     $ 12,398,542  
Accounts receivable, net (non-current)     8,511,054       8,566,654  
    $ 25,497,143     $ 20,965,196  

 

The Company performed an analysis of the trade receivables related to SSI India and determined, based on the deferred payment terms of the contracts, that a $8,511,054 and $8,566,654 as of June 30, 2026 and December 31, 2025, respectively, may not be due and collectible within one year and thus the Company classified these receivables as non-current.

 

Activity in the allowance for the credit losses for the three and six months ended June 30, 2026 and 2025 is as follows:

 

    For the three months
period ended		  
    June 30,
2026		     June 30,
2025		  
             
Balance at the beginning of the period   $ 1,048,751     $ 176,426  
Additions     120,568       202,018  
Foreign currency translation adjustment     (10,558 )     (722 )
Balance at the end of the period   $ 1,158,761     $ 377,722  

 

    For the six months
period ended		  
    June 30,
2026		     June 30,
2025		  
             
Balance at the beginning of the period   $ 896,180     $ 545,799  
Additions / (Reversals)     313,756       (167,271 )
Foreign currency translation adjustment     (51,175 )     (806 )
Balance at the end of the period   $ 1,158,761     $ 377,722  

 

Details of customers which accounted for 10% or more of total revenues during the three and six months ended June 30, 2026, and June 30, 2025 and 10% or more of total accounts receivables as at June 30, 2026, and December 31, 2025 are as follows:

 

    Percentage of revenue
For the three months ended		     Percentage of revenue
For the six months ended		     Percentage of Accounts
Receivables As at		  
    June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		     June 30,
2026		     December 31,
2025		  
Customer A     ^       14 %     ^       9 %     ^       2 %

 

^ represents less than 1%.