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ACCOUNTS AND NOTES RECEIVABLE
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
ACCOUNTS AND NOTES RECEIVABLE

NOTE 3 – ACCOUNTS AND NOTES RECEIVABLE

 

   December 31, 2021   December 31, 2020 
Accounts Receivable  $748,032   $340,378 
Less reserve for uncollectable accounts   (75,000)   (75,000)
Total  $673,032   $265,378 

 

Our Accounts Receivable is pledged to Nations Interbanc, our line of credit.

 

   December 31, 2021   December 31, 2020 
Lease asset  $217,584   $217,584 

 

The Company is currently modifying the assets subject to lease to meet the provisions of the agreement, and as of December 31, 2021 any collection on the lease payments was not yet considered probable, resulting in no derecognition of the underlying asset and no net lease investments recognized on the sales-type lease pursuant to ASC 842-30-25-3.

 

   December 31, 2021   December 31, 2020 
Long-term financing receivables  $1,000,000   $1,000,000 
Less Reserve for uncollectable accounts   (247,500)   (247,500)
Long-term financing receivables - net  $752,500   $752,500 

 

On a contract by contract basis or in response to certain situations or installation difficulties, the Company may elect to allow non-interest bearing repayments in excess of 1 year. The delay for commissioning has been due to Covid pandemic and engineering delays.

 

Our long term financing Receivable are pledged to Nations Interbanc, our line of credit.