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Accounts Receivable
 6 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
Accounts Receivable

NOTE C – ACCOUNTS RECEIVABLE

Our accounts receivable consist of the following:

 

     June 30,
2016		      December 31,
2015		  

Trade

    $ 3,365,977       $ 2,371,304   

Related party

      501,228         629,400   

Other

      48,512         116,668   

Reserve allowance

      (2,315,797 )       (2,315,797 ) 
  

 

 

     

 

 

  

Total accounts receivable, net

    $ 1,599,920       $ 801,575   
  

 

 

     

 

 

  

The trade receivable balance at June 30, 2016 and December 31, 2015 consists primarily of a trade receivable from Neptune Minerals, Inc., for which a reserve allowance for the full amount of $2,315,797 has been made for both reported period ends, as well as $1,018,732 from one other customer. In December 2015, as part of the acquisition agreement with Monaco Financial, LLC, (“Monaco”) a related party, we sold 50% of the Neptune Minerals, Inc. receivable to Monaco. The remaining receivable balance from Neptune Minerals, Inc. on our balance sheet is owned by us. Monaco owes us $501,228 and $629,400 for the periods ended June 30, 2016 and December 31, 2015, respectively, for coin sales and other items that were not part of the December 10, 2015 acquisition agreement. See NOTE S in our Form 10-K file with the Securities and Exchange Commission for the year ended December 31, 2015 for further information.