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Note B - Factoring | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Factoring [Text Block] | NOTE B—FACTORING Due from factor consisted of the following as of December 31:
|  | Original Invoice Value |  |  | Factored Amount |  |  | Factored Balance due |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Factored accounts receivable |  | $ | 149,680 |  |  | $ | 112,259 |  |  | $ | 37,421 |
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Factored accounts receivable |  | $ | 306,625 |  |  | $ | 229,968 |  |  | $ | 76,657 |
As of December 2011, the Company entered into a 24 month accounts receivable factoring arrangement with a financial institution (the “Factor”). Pursuant to the terms of the arrangement, the Company, from time to time, sells to the Factor certain of its accounts receivable balances on a non-recourse basis for credit approved accounts. The Factor remits 35% of the foreign and 75% of the domestic accounts receivable balance to the Company (the “Advance Amount”), with the remaining balance, less fees to be forwarded to the Company once the Factor collects the full accounts receivable balance from the customer. In addition, the Company, from time to time, receives over advances from the factor. Factoring fees range from 2.75% to 21% of the face value of the invoice factored, and are determined by the number of days required for collection of the invoice. In April 2012, the terms were updated from monthly to quarterly, and the 24-month arrangement was extended to August 1, 2014. In July of 2014, the arrangement was extended to July 31, 2016. The cost of factoring is included in selling, general and administrative expenses. The cost of factoring was as follows:
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |
Factoring fees |  | $ | 383,629 |  |  | $ | 188,904 |

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