XML 27 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accounts Receivable
 12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Accounts Receivable

NOTE C – ACCOUNTS RECEIVABLE

Our accounts receivable consisted of the following:

 

     December 31,
2016		      December 31,
2015		  

Trade

    $ 2,569,108      $ 2,371,304  

Related party

      205,497        629,400  

Other

      44,930        116,668  

Reserve allowance

      (2,345,729 )       (2,315,797 ) 
  

 

 

     

 

 

  

Accounts receivable, net

    $ 473,806      $ 801,575  
  

 

 

     

 

 

  

The trade receivable balance at December 31, 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 $2,345,729 and $2,315,797, respectively, has been made for each respective reported period end. 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 and related affiliates owes us $205,497 and $629,400 for the periods ended December 31, 2016 and December 31, 2015, respectively, for support services rendered on their behalf and other items that were not part of the December 10, 2015 acquisition agreement. See NOTE R for further information.