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ACCOUNTS AND NOTES RECEIVABLE
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
ACCOUNTS AND NOTES RECEIVABLE

NOTE 3 – ACCOUNTS AND NOTES RECEIVABLE

 

   June 30, 2024   December 31, 2023 
Accounts Receivable  $1,189,582    1,197,386 
Accounts Receivable Related Party   851,080    491,774 
Less reserve for uncollectable accounts   (95,000)   (95,000)
Total  $1,945,662    1,594,160 

 

 

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

 

   June 30, 2024   December 31, 2023 
Long-term financing receivables  $1,149,854   $1,149,854 
Less Reserve for uncollectable accounts   (247,500)   (247,500)
Long-term financing receivables - net  $902,354   $902,354 

 

The Company is currently modifying the assets subject to lease to meet the provisions of the agreement, and as of June 30, 2024 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.

 

On a contract-by-contract basis or projects that require extensive work from multiple contractors or supply chain challenges or in response to certain situations or installation difficulties, the Company may elect to allow non-interest bearing repayments in excess of 1 year.

 

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