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Accounts Receivable
 3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Accounts Receivable

NOTE D – ACCOUNTS RECEIVABLE

Our accounts receivable consisted of the following:

 

     March 31,
2015		      December 31,
2014		  

Trade

    $ 10,956,113       $ 11,053,118   

Other

      53,373         54,524   

Reserve allowance

      (4,631,593 )       (4,631,593 ) 
  

 

 

     

 

 

  

Accounts receivable, net

 $ 6,377,893    $ 6,476,049   
  

 

 

     

 

 

  

 

The trade receivable balance at March 31, 2015 and December 31, 2014 consists primarily of (i) a trade receivable from Neptune Minerals, Inc. for which a reserve allowance for the full amount, $4,631,593, 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 $6,290,465 as a reduction to our Operations and research costs for the year ended December 31, 2014. These amounts are based on set and determinable contractual amounts for the recovery of the SS Central 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. We are awaiting court approval in 2015 so we may assist in monetizing these assets permitting us to collect this receivable. See revenue recognition and accounts receivable in NOTE B.