overview we earn revenue by deploying professionals to provide services to our clients , including project management , construction management facilities management and related consulting . these services are primarily delivered on a “ cost plus ” or “ time and materials ” ( `` t & m `` ) basis in which we bill negotiated hourly or monthly rates or a negotiated multiple of the direct cost of these professionals , plus actual out-of-pocket expenses . our direct expenses are the actual cost of these professionals , including most payroll and benefits , except for paid time-off , which is recorded in selling , general and administrative expenses ( `` sg & a `` ) . we also provide services under fixed price contracts and t & m contracts with a cap . 19 our revenue consists of two components : cfr and reimbursable expenses . the professionals we deploy are occasionally subcontractors . we generally bill the actual cost of these subcontractors and recognize this cost as both revenue ( reimbursable expenses ) and direct expense . cfr refers to our revenue excluding amounts paid or due to subcontractors . we believe cfr is an important measure because it represents the revenue on which we earn gross profit , whereas total revenue includes the costs for subcontractors on which we generally pass through and earn minimal or no gross profit . we compete for business based on a variety of factors such as technical capability , global resources , price , reputation and past experience , including client requirements for substantial experience in similar projects . we have developed significant long-standing relationships , which bring us repeat business and would be very difficult to replicate . we believe we have an excellent reputation for attracting and retaining professionals . in addition , we believe there are high barriers to entry for new competitors especially in the project management market . sg & a expenses consist primarily of personnel costs that are not billable and corporate or regional costs such as sales , business development , proposals , operations , finance , human resources , legal , marketing , management and administration . the company operates in a single reporting segment , known as the project management group which provides fee-based project , construction and facilities management services to our clients . our experienced professionals are capable of managing all phases of the construction process from concept through completion , including cost and budget controls , scheduling , estimating , expediting , inspection , contract administration and management of contractors , subcontractors and suppliers . impact of covid-19 on our business in december 2019 , covid-19 was identified in wuhan , china . in march 2020 , the world health organization declared covid-19 a global pandemic as a result of the further spread of the virus into all regions of the world , including those regions where our primary operations occur . we instituted a work-from-home policy for all offices and employees globally in late march 2020 , except for field-based employees who normally work on-site at our client 's facilities . these field-based employees are complying with our respective clients ' policies . the majority of our field employees are located in the regions where they deliver their services , so travel restrictions enacted by various government authorities did not impair their ability to continue to perform services for our clients . employees have been returning to their assigned offices , on a modified basis , as their city , state and country reopens , consistent with the applicable requirements of local law . most of the projects to which we provide services have been classified as essential services by the relevant governmental authority and as such have continued despite restrictions on the operation of `` non-essential `` businesses by certain governmental authorities . the majority of our billable employees have continued to provide billable services to our clients , either on-site or remotely at the same or at a slightly reduced volume as in effect prior to the spread of covid-19 . we estimate that covid-19 resulted in loss of cfr of approximately $ 25,000 for the twelve months ended december 31 , 2020 , inclusive of delayed projects awards and cancellations brought on by the virus . nearly all our employees had company laptop computers and the ability to work remotely prior to the institution of our work-at-home policy . the work-at-home policy did not have a significant impact on our employees ' ability to perform their job requirements . our internal control structure does not generally require physical access to our office locations , and has not to date and is not expected in the future to be adversely impacted by the spread of covid-19 and the corresponding response by certain governmental authorities . processes that require physical access to our offices , such as receiving mail ( including collections ) and processing and mailing manual checks , are being performed by designated individuals at a reduced frequency while certain of our offices remain closed . the main impacts on our business observed to date other than those discussed above are delays in the procurement processes of a number of our current and potential clients and a temporary slowing of certain collections . we expect these delays in the procurement process to adversely impact the timing of our new bookings , resulting in lower bookings , cfr and backlog for the duration of the economic slowdown caused by the pandemic . we also experienced a slightly lower than normal amount of collections during the latter part of march . story_separator_special_tag selling , general and administrative expenses : our total selling , general and administrative expenses ( `` sg & a `` ) was approximately the same amount for the twelve months ended december 31 , 2020 and 2019. during 2020 , labor expenses were reduced by approximately $ 900 and travel expenses were reduced by approximately $ 2,800 , as a result of the covid-19 stay at home orders issued throughout the world . in addition , legal expenses were lower in 2020 by approximately $ 2,200 primarily as a result of a settlement and return of previously incurred legal expenses , professional fees were reduced by approximately $ 1,800 due to lower fees being charged and bad debt expense was reduced by $ 2,000 as a result of payments received on accounts receivables previously reserved . offsetting these reductions were a $ 7,124 net benefit in 2019 from the collection of a fully-reserved receivable and a $ 1,600 of additional depreciation charge for the write-off of leasehold improvements related to the company subletting office space in philadelphia to a third party during the first quarter of 2020 , an approximate $ 350 increase in computer equipment and software costs primarily related to remote working and increases in other indirect expenses . during 2019 , we received a payment of more than $ 9,400 , which netted to $ 7,124 after payments to subcontractors and other costs , against the approximately $ 42,000 outstanding accounts receivable that we had been owed from the organization for the development of administrative centres ( `` odac `` ) , an agency of the libyan national government , which we had previously fully reserved . upon receiving payment , the reserve was reversed in the amount received , which decreased the bad debt expense for 2019. sg & a expenses represented approximately 36.8 % and 35.6 % of cfr for the twelve months ended december 31 , 2020 and 2019 , respectively . 24 foreign currency exchange loss foreign currency exchange losses were approximately $ 1,800 greater for the twelve months ended december 31 , 2020 compared to the same period in 2019. the currency exchange losses were primarily caused by an 18 % weakening of the brazilian real against the euro prior to declaring bankruptcy of our brazilian subsidiary and a 12 % strengthening of the egyptian pound against the euro in 2019 compared to a 4 % weakening during the same period in 2020. interest and related financing fees , net interest and related financing fees , net , include interest expense of $ 5,357 , net of $ 133 in interest income , and interest expense of $ 6,082 , net of $ 287 in interest income for the years ended december 31 , 2020 and 2019 , respectively , which decreased as a result of higher weighted-average interest rates billed to us on our secured credit facilities with société générale throughout the year ended december 31 , 2019. income taxes the effective income tax rates for 2020 , and 2019 were ( 1636.2 ) % and ( 8.4 ) % respectively . the company 's effective tax rate differs from the u.s. federal statutory rate , for the year ended december 31 , 2020 , primarily due to additional uncertain tax position accruals , as well as the inability to recognize any tax benefit for losses in certain jurisdictions , particularly brazil . the company 's effective tax rate for the year ended december 31 , 2019 differs from the u.s. federal statutory rate primarily due to benefits recognized from provision to return adjustments and the reversal of an outstanding tax accrual related to the claims construction group sale . this is partially offset by additional uncertain tax position accruals , as well as additional increases in our valuation allowances . in assessing the realizability of deferred tax assets , we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized . the ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible . management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment . management evaluates the need for valuation allowances on the deferred tax assets according to the provisions of asc 740 , income taxes . we consider both positive and negative evidence . in making this determination , management assesses all of the evidence available at the time including recent earnings , internally-prepared income projections , and historical financial performance . story_separator_special_tag pronouncements and the impact of these pronouncements on our consolidated financial statements , see note 3 to the consolidated financial statements in item 8 , `` financial statements and supplementary data `` hereof . 26 quarterly fluctuations our operating results vary from period to period as a result of the timing of projects and assignments . we do not believe that our business is seasonal . off-balance sheet arrangements the following table provides information with respect to off-balance sheet arrangements with domestic and foreign banks for the issuance of performance bonds , advance payment guarantees and other letters of credit that are scheduled to expire in 2021 and beyond . the total amount of these arrangements in the following table includes amounts issued in various foreign currencies and are based on the foreign currency exchange rates as of december 31 , 2020 , where applicable . replace_table_token_10_th ( 1 ) at december 31 , 2020 , the company had provided cash collateral amounting to $ 7,184 for certain of these items . that collateral is reflected in restricted cash on the company 's consolidated balance sheets . see note 14 - commitments and contingencies to our consolidated financial statements for further information regarding these arrangements . ( 2 ) represents guarantee of service performance bonds and advance payments through domestic

liquidity and capital resources our primary cash obligations are our payroll and our project subcontractors . our primary source of cash is receipts from clients . we generally pay our employees semi-monthly in arrears and invoice our clients monthly in arrears . our clients generally remit payment approximately three months , on average , after invoice date . this creates a lag between the time we pay our employees and the time we receive payment from our clients . we bill our clients for any subcontractors used and pay those subcontractors after receiving payment from our clients , so no such timing lag exists for the payments we make to subcontractors . we utilize cash on hand and our revolving credit facilities to fund the working capital requirement caused by the lag discussed above and other operating needs . we believe our expected cash receipts from clients , together with current cash on hand and revolving credit facilities , are sufficient to support the reasonably anticipated cash needs of our operations over the next twelve months . at december 31 , 2020 and 2019 , our primary sources of liquidity consisted of $ 34,229 and $ 15,915 in cash and cash equivalents , respectively , of which $ 28,842 and $ 15,260 was on deposit in foreign locations , respectively , and $ 11,711 and $ 14,735 of available borrowing capacity under our various credit facilities , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our primary cash obligations are our payroll and our project subcontractors . our primary source of cash is receipts from clients . we generally pay our employees semi-monthly in arrears and invoice our clients monthly in arrears . our clients generally remit payment approximately three months , on average , after invoice date . this creates a lag between the time we pay our employees and the time we receive payment from our clients . we bill our clients for any subcontractors used and pay those subcontractors after receiving payment from our clients , so no such timing lag exists for the payments we make to subcontractors . we utilize cash on hand and our revolving credit facilities to fund the working capital requirement caused by the lag discussed above and other operating needs . we believe our expected cash receipts from clients , together with current cash on hand and revolving credit facilities , are sufficient to support the reasonably anticipated cash needs of our operations over the next twelve months . at december 31 , 2020 and 2019 , our primary sources of liquidity consisted of $ 34,229 and $ 15,915 in cash and cash equivalents , respectively , of which $ 28,842 and $ 15,260 was on deposit in foreign locations , respectively , and $ 11,711 and $ 14,735 of available borrowing capacity under our various credit facilities , respectively .
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 Suspicious Activity Report : overview we earn revenue by deploying professionals to provide services to our clients , including project management , construction management facilities management and related consulting . these services are primarily delivered on a “ cost plus ” or “ time and materials ” ( `` t & m `` ) basis in which we bill negotiated hourly or monthly rates or a negotiated multiple of the direct cost of these professionals , plus actual out-of-pocket expenses . our direct expenses are the actual cost of these professionals , including most payroll and benefits , except for paid time-off , which is recorded in selling , general and administrative expenses ( `` sg & a `` ) . we also provide services under fixed price contracts and t & m contracts with a cap . 19 our revenue consists of two components : cfr and reimbursable expenses . the professionals we deploy are occasionally subcontractors . we generally bill the actual cost of these subcontractors and recognize this cost as both revenue ( reimbursable expenses ) and direct expense . cfr refers to our revenue excluding amounts paid or due to subcontractors . we believe cfr is an important measure because it represents the revenue on which we earn gross profit , whereas total revenue includes the costs for subcontractors on which we generally pass through and earn minimal or no gross profit . we compete for business based on a variety of factors such as technical capability , global resources , price , reputation and past experience , including client requirements for substantial experience in similar projects . we have developed significant long-standing relationships , which bring us repeat business and would be very difficult to replicate . we believe we have an excellent reputation for attracting and retaining professionals . in addition , we believe there are high barriers to entry for new competitors especially in the project management market . sg & a expenses consist primarily of personnel costs that are not billable and corporate or regional costs such as sales , business development , proposals , operations , finance , human resources , legal , marketing , management and administration . the company operates in a single reporting segment , known as the project management group which provides fee-based project , construction and facilities management services to our clients . our experienced professionals are capable of managing all phases of the construction process from concept through completion , including cost and budget controls , scheduling , estimating , expediting , inspection , contract administration and management of contractors , subcontractors and suppliers . impact of covid-19 on our business in december 2019 , covid-19 was identified in wuhan , china . in march 2020 , the world health organization declared covid-19 a global pandemic as a result of the further spread of the virus into all regions of the world , including those regions where our primary operations occur . we instituted a work-from-home policy for all offices and employees globally in late march 2020 , except for field-based employees who normally work on-site at our client 's facilities . these field-based employees are complying with our respective clients ' policies . the majority of our field employees are located in the regions where they deliver their services , so travel restrictions enacted by various government authorities did not impair their ability to continue to perform services for our clients . employees have been returning to their assigned offices , on a modified basis , as their city , state and country reopens , consistent with the applicable requirements of local law . most of the projects to which we provide services have been classified as essential services by the relevant governmental authority and as such have continued despite restrictions on the operation of `` non-essential `` businesses by certain governmental authorities . the majority of our billable employees have continued to provide billable services to our clients , either on-site or remotely at the same or at a slightly reduced volume as in effect prior to the spread of covid-19 . we estimate that covid-19 resulted in loss of cfr of approximately $ 25,000 for the twelve months ended december 31 , 2020 , inclusive of delayed projects awards and cancellations brought on by the virus . nearly all our employees had company laptop computers and the ability to work remotely prior to the institution of our work-at-home policy . the work-at-home policy did not have a significant impact on our employees ' ability to perform their job requirements . our internal control structure does not generally require physical access to our office locations , and has not to date and is not expected in the future to be adversely impacted by the spread of covid-19 and the corresponding response by certain governmental authorities . processes that require physical access to our offices , such as receiving mail ( including collections ) and processing and mailing manual checks , are being performed by designated individuals at a reduced frequency while certain of our offices remain closed . the main impacts on our business observed to date other than those discussed above are delays in the procurement processes of a number of our current and potential clients and a temporary slowing of certain collections . we expect these delays in the procurement process to adversely impact the timing of our new bookings , resulting in lower bookings , cfr and backlog for the duration of the economic slowdown caused by the pandemic . we also experienced a slightly lower than normal amount of collections during the latter part of march . story_separator_special_tag selling , general and administrative expenses : our total selling , general and administrative expenses ( `` sg & a `` ) was approximately the same amount for the twelve months ended december 31 , 2020 and 2019. during 2020 , labor expenses were reduced by approximately $ 900 and travel expenses were reduced by approximately $ 2,800 , as a result of the covid-19 stay at home orders issued throughout the world . in addition , legal expenses were lower in 2020 by approximately $ 2,200 primarily as a result of a settlement and return of previously incurred legal expenses , professional fees were reduced by approximately $ 1,800 due to lower fees being charged and bad debt expense was reduced by $ 2,000 as a result of payments received on accounts receivables previously reserved . offsetting these reductions were a $ 7,124 net benefit in 2019 from the collection of a fully-reserved receivable and a $ 1,600 of additional depreciation charge for the write-off of leasehold improvements related to the company subletting office space in philadelphia to a third party during the first quarter of 2020 , an approximate $ 350 increase in computer equipment and software costs primarily related to remote working and increases in other indirect expenses . during 2019 , we received a payment of more than $ 9,400 , which netted to $ 7,124 after payments to subcontractors and other costs , against the approximately $ 42,000 outstanding accounts receivable that we had been owed from the organization for the development of administrative centres ( `` odac `` ) , an agency of the libyan national government , which we had previously fully reserved . upon receiving payment , the reserve was reversed in the amount received , which decreased the bad debt expense for 2019. sg & a expenses represented approximately 36.8 % and 35.6 % of cfr for the twelve months ended december 31 , 2020 and 2019 , respectively . 24 foreign currency exchange loss foreign currency exchange losses were approximately $ 1,800 greater for the twelve months ended december 31 , 2020 compared to the same period in 2019. the currency exchange losses were primarily caused by an 18 % weakening of the brazilian real against the euro prior to declaring bankruptcy of our brazilian subsidiary and a 12 % strengthening of the egyptian pound against the euro in 2019 compared to a 4 % weakening during the same period in 2020. interest and related financing fees , net interest and related financing fees , net , include interest expense of $ 5,357 , net of $ 133 in interest income , and interest expense of $ 6,082 , net of $ 287 in interest income for the years ended december 31 , 2020 and 2019 , respectively , which decreased as a result of higher weighted-average interest rates billed to us on our secured credit facilities with société générale throughout the year ended december 31 , 2019. income taxes the effective income tax rates for 2020 , and 2019 were ( 1636.2 ) % and ( 8.4 ) % respectively . the company 's effective tax rate differs from the u.s. federal statutory rate , for the year ended december 31 , 2020 , primarily due to additional uncertain tax position accruals , as well as the inability to recognize any tax benefit for losses in certain jurisdictions , particularly brazil . the company 's effective tax rate for the year ended december 31 , 2019 differs from the u.s. federal statutory rate primarily due to benefits recognized from provision to return adjustments and the reversal of an outstanding tax accrual related to the claims construction group sale . this is partially offset by additional uncertain tax position accruals , as well as additional increases in our valuation allowances . in assessing the realizability of deferred tax assets , we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized . the ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible . management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment . management evaluates the need for valuation allowances on the deferred tax assets according to the provisions of asc 740 , income taxes . we consider both positive and negative evidence . in making this determination , management assesses all of the evidence available at the time including recent earnings , internally-prepared income projections , and historical financial performance . story_separator_special_tag pronouncements and the impact of these pronouncements on our consolidated financial statements , see note 3 to the consolidated financial statements in item 8 , `` financial statements and supplementary data `` hereof . 26 quarterly fluctuations our operating results vary from period to period as a result of the timing of projects and assignments . we do not believe that our business is seasonal . off-balance sheet arrangements the following table provides information with respect to off-balance sheet arrangements with domestic and foreign banks for the issuance of performance bonds , advance payment guarantees and other letters of credit that are scheduled to expire in 2021 and beyond . the total amount of these arrangements in the following table includes amounts issued in various foreign currencies and are based on the foreign currency exchange rates as of december 31 , 2020 , where applicable . replace_table_token_10_th ( 1 ) at december 31 , 2020 , the company had provided cash collateral amounting to $ 7,184 for certain of these items . that collateral is reflected in restricted cash on the company 's consolidated balance sheets . see note 14 - commitments and contingencies to our consolidated financial statements for further information regarding these arrangements . ( 2 ) represents guarantee of service performance bonds and advance payments through domestic

