Accounts Receivable

12 Months Ended

Dec. 31, 2015

NOTE D – ACCOUNTS RECEIVABLE

Our accounts receivable consisted of the following:


	December 31, 2015			December 31, 2014
Trade	$	2,371,304		$	11,053,118
Related party		629,400			—
Other		116,668			54,524
Reserve allowance		(2,315,797	)		(4,631,593	)

Accounts receivable, net	$	801,575		$	6,476,049

The trade receivable balance at December 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, $2,315,797 and $4,631,593 for 2015 and 2014, respectively, has been made, and (ii) in 2014 a trade receivable on our right to a priority cost recoupment on the SS Central America shipwreck project. In 2014, we recorded a priority recoupment of costs in the amount $6,290,465 as a reduction to our Operations and research costs. These amounts were based on set and determinable contractual amounts for the recovery of the cargo from the SS Central America shipwreck. These determinable amounts defined the fixed obligation due to us for our services rendered as it related to Priority Recoupment. See revenue recognition and accounts receivable in NOTE A. In December 2015 as part of the acquisition agreement with a related party we sold 50% of the Neptune Minerals, Inc. receivable as well as 100% of the priority recoupment receivable of $6,290,465 recognized in 2014. It is this same related party that owes us $629,400 at December 31, 2015 for SS Republic coins purchased. See NOTE S for further explanation of the asset purchase agreement.