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RETAINED INTEREST IN PURCHASED ACCOUNTS RECEIVABLE
 3 Months Ended
Mar. 31, 2013
Loans, Notes, Trade and Other Receivables Disclosure [Abstract]  
RETAINED INTEREST IN PURCHASED ACCOUNTS RECEIVABLE
3.  RETAINED INTEREST IN PURCHASED ACCOUNTS RECEIVABLE:
 
Retained interest in purchased accounts receivable consists of the following:
 
   
March 31, 2013
    
December 31, 2012
  
Purchased invoices
   $ 9,076,705     $ 8,921,203  
Purchase order advances
     90,000       21,156  
Reserve account
     (1,568,322 )     (1,842,447 )
Allowance for uncollectible invoices
     (80,449 )     (80,449 )
    $ 7,517,934     $ 7,019,463  
 
Retained interest in purchased accounts receivable consists, excluding the allowance for uncollectible invoices, of United States companies in the following industries:
 
   
March 31, 2013
    
December 31, 2012
  
Staffing
   $ 280,684     $ 185,557  
Transportation
     1,685,042       1,773,290  
Service
     4,385,993       4,528,668  
Manufacturing
     832,183       612,397  
Apparel
     414,481       -  
    $ 7,598,383     $ 7,099,912  
 
 
Adjustments to the allowance for uncollectible invoices were as follows:
 
 
   
For the quarters ended March 31,
  
   
2013
    
2012
  
Balance - beginning of quarter
   $ 80,449     $ 17,500  
Provision for credit losses
     -       -  
Write-offs
     -       -  
Balance - end of quarter
   $ 80,449     $ 17,500  
 
Total purchased invoices and purchase order advances were as follows:
 
   
For the quarters ended March 31,
  
   
2013
    
2012
  
Purchased invoices
   $ 23,538,188     $ 20,245,117  
Purchase order advances
     90,000       96,730  
    $ 23,628,188     $ 20,341,847