ANNUAL Report June 2023 Notes to the Consolidated Financial Statements 37 7. TRADE AND OTHER RECEIVABLES 2023 $ 2022 $ Trade receivables 2,495,980 1,645,546 Less: Allowance for doubtful debts (549) - 2,495,431 1,645,546 Other taxation 808,648 484,950 Other receivables 629,533 193,103 Total trade & other receivables 3,933,612 2,323,599 Prepayments 634,064 632,292 Trade Receivables The average credit period on sales of product is 30 days. No interest is charged on outstanding trade receivables. The collectability of trade receivables is assessed continuously, and individual receivables are written off when management deems them unrecoverable. A provision has been made for those receivables whose recovery was deemed doubtful as at reporting date. 8. RECEIVABLES 2023 $ 2022 $ Receivables from related entities 3,306,742 - Tenement security deposits 1,172,598 1,075,130 Other security deposits 8,100 6,162 4,487,440 1,081,292 Tenement deposits are restricted in that they are available for rehabilitation that may be required on the mining leases and/or exploration tenements (refer to Notes 16 and 17). Receivables from related entities relate to the Company’s 50% portion of loans provided to the unincorporated joint venture during the reporting period. These loans are unsecured and non-interest bearing. EQ Resources Limited Annual Report 2023 79
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