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CONCENTRATION OF CREDIT RISK
12 Months Ended
Dec. 31, 2014
CONCENTRATION OF CREDIT RISK  
CONCENTRATION OF CREDIT RISK

NOTE J - CONCENTRATION OF CREDIT RISK

 

The Company sells its geophysical services primarily to large independent oil and gas companies operating in the U.S. and Canada.  The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers.

 

During the year ended December 31, 2014, the Company’s two largest customers accounted for approximately 18% and 11% of revenues, and during the years ended December 31, 2013, and 2012, the Company’s largest customers accounted for approximately 12% and 16% of revenues, respectively. As of December 31, 2014, four customers accounted for 26%, 12%, 10% and 10% of outstanding accounts receivable. As of December 31, 2013, three customers accounted for 27%, 16% and 15% of outstanding accounts receivable.  As of December 31, 2012, two customers accounted for 29% and 23% of outstanding accounts receivable.  During 2014, one vendor represented 20% of our purchases.  During 2013, no vendor represented over 10% of our purchases.  During 2012, one vendor represented 12% of our purchases.