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Accounts Receivable
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Accounts Receivable

NOTE C – ACCOUNTS RECEIVABLE

Our accounts receivable consists of the following:

 

     September 30,
2017		      December 31,
2016		  

Trade

    $ —        $ 2,569,108  

Related party

      209,570        205,497  

Other

      54,175        44,930  

Reserve allowance

      —          (2,345,729 ) 
  

 

 

     

 

 

  

Total accounts receivable, net

    $ 263,745      $ 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 debt agreement with SMOM Limited (“SMOM”) for a financing arrangement pursuant to which we assigned the Neptune Minerals, Inc. receivable to SMOM as a commitment fee. Being fully reserved, the Neptune Minerals, Inc. receivable had a carrying value of zero. Monaco and related affiliates owe us $209,570 and $205,497 for the periods ended September 30, 2017 and December 31, 2016, respectively, for support services and marine services rendered on their behalf. See NOTE H for further information regarding Monaco.