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Accounts Receivable
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Accounts Receivable

NOTE C – ACCOUNTS RECEIVABLE

Our accounts receivable consist of the following:

 

     March 31,
2017		      December 31,
2016		  

Trade

    $ 1,387      $ 2,569,108  

Related party

      303,596        205,497  

Other

      50,582        44,930  

Reserve allowance

      —          (2,345,729 ) 
  

 

 

     

 

 

  

Total accounts receivable, net

    $ 355,565      $ 473,806  
  

 

 

     

 

 

  

The trade receivable balance at December 31, 2016 consists primarily of a trade receivable from Neptune Minerals, Inc., for which a reserve allowance for the full amount of $2,345,729 has been made for the reported period end. In February 2017, we entered into a non-binding Letter of Intent with SMOM Limited for a possible financing arrangement pursuant to which we assigned this Neptune Minerals, Inc. receivable to SMOM as a commitment fee. Being fully reserved, this Neptune Minerals, Inc. receivable had a carrying value of zero. Monaco and related affiliates owes us $303,596 and $205,497 for the periods ended March 31, 2017 and December 31, 2016, respectively, for support services and marine services rendered on their behalf. See NOTE H for further information regarding Monaco.