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Accounts Receivable
 9 Months Ended
Sep. 30, 2014
Receivables [Abstract]  
Accounts Receivable

NOTE D – ACCOUNTS RECEIVABLE

Our accounts receivable consisted of the following:

 

     September 30,
2014		     December 31,
2013		  

Trade

    $ 11,003,444      $ 4,808,678   

Other

      48,586        529,920   

Reserve allowance

      (4,631,593 )      (5,131,593 ) 
  

 

 

    

 

 

  

Accounts receivable, net

    $ 6,420,437      $ 207,005   
  

 

 

    

 

 

  

The trade receivable balance at December 31, 2013 consists primarily of a trade receivable from Neptune Minerals, Inc. for which a reserve allowance for the full amount has been made. The trade receivable balance at September 30, 2014 consists primarily of (i) a trade receivable from Neptune Minerals, Inc. for which a reserve allowance for the full amount has been made, and (ii) a trade receivable on our right to a priority cost recoupment on the SS Central America shipwreck project. We recorded a priority recoupment of costs in the amount $2,783,505 as a reduction to our Operations and research costs for the three-months ended September 30, 2014 and $6,290,465 for the nine-month period ended September 30, 2014. These amounts are based on set and determinable contractual amounts for the recovery of the SSCentral America shipwreck. These determinable amounts define the day rate and fixed obligation due to us for our services rendered as it relates to Priority Recoupment. See revenue recognition and accounts receivable in NOTE B and ITEM 2 of this Form 10-Q. The December 31, 2013 reserve amount of $5,131,593 and the September 30, 2014 reserve amount of $4,631,593 relates to Neptune Minerals, Inc. (Dorado Ocean Resources, Ltd.), discussed further in NOTE F.