Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable

Accounts Receivable
9 Months Ended
Sep. 30, 2023
Disclosure Accounts Receivable Abstract  
Accounts Receivable

2. Accounts Receivable


The Company’s Accounts Receivable derive from third party financing arrangements that our dealers utilize to finance the purchase of our boats. This “floorplan financing” is collateralized by the finished boat, and cash payment is received within 3-5 days of the finance company’s approval of the dealer’s purchase. At the end of a reporting period, some payment(s) may not yet have been received from the financing company, which creates a temporary account receivable that will be satisfied in just a few days. As such, the Company’s Accounts Receivable at any point in time are 100% collectable, and no valuation adjustment is necessary. Therefore, there is no Allowance for Doubtful Accounts on the Company’s balance sheet.