PRIME ACQUISITION CORP | CIK:0001485922 | 3

  • Filed: 5/2/2018
  • Entity registrant name: PRIME ACQUISITION CORP (CIK: 0001485922)
  • Generator: Novaworks Software
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1485922/000168316818001159/0001683168-18-001159-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1485922/000168316818001159/pacqf-20171231.xml
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  • ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory

    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