Note 15 — Trade and Other Receivables
Trade and other receivables consist of the following at December 31:
2017 | 2016 | 2015 | ||||||||||
Trade receivables | $ | 136,224 | $ | 154,642 | $ | 686,745 | ||||||
Less: bad debt provision | (54,303 | ) | (50,426 | ) | (488,978 | ) | ||||||
Trade receivables, net | 81,921 | 104,216 | 197,767 | |||||||||
Other receivables (taxes receivable, unbilled revenue and maintenance charges) | 325,089 | 652,724 | 645,112 | |||||||||
Total trade and other receivables, net current portion | $ | 407,010 | $ | 756,940 | $ | 842,879 | ||||||
Other receivables - taxes receivables | $ | – | $ | 143,137 | $ | – | ||||||
Total trade and other receivables, net non-current portion | $ | – | $ | 143,147 | $ | – |
Lanati was one of the sellers of the investment properties and a current shareholder of the Group, and performed maintenance and other services for the Group’s investment properties. The Group leases office and parking spaces to Lanati and pays certain expenses on Lanati’s behalf. In July 2015, the Group reached various agreements with Lanati for the offsetting of certain receivables (due from Lanati) and payables (due to Lanati). The total amount offset in July 2015 was approximately $1,544,265 (see note 20 — Related Party Transactions and Balances).
Details of the Group’s bad debt provision at December 31 are as follows:
2017 | 2016 | 2015 | ||||||||||
At January 1 | $ | 50,426 | $ | 488,978 | $ | 521,111 | ||||||
Provided during the year | 40,022 | – | 29,313 | |||||||||
Receivable written off during the year as uncollectible | (30,846 | ) | (35,612 | ) | (19,092 | ) | ||||||
Unused amount reversed | (12,323 | ) | (389,116 | ) | (30,840 | ) | ||||||
Currency exchange rate and other adjustment | 7,024 | (13,824 | ) | (11,514 | ) | |||||||
At December 31 | $ | 54,303 | $ | 50,426 | $ | 488,978 |