ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2017

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 4. ACCOUNTS RECEIVABLE

Accounts receivable (net) consist of amounts due from processors and Russian mobile operator intermediaries. Total net accounts receivable amounted to $6,724,985 and $7,126,429 at March 31, 2017 and December 31, 2016, respectively. Net accounts receivable consisted primarily of $2,835,618 and $2,391,646 of amounts due from Russian mobile operators, $226,123 and $185,650 due to PayOnline business and $3,663,244 and $4,549,133 of credit card processing receivables at each of March 31, 2017 and December 31, 2016, respectively.

Our allowance for doubtful accounts was $603,031 at March 31, 2017 and December 31, 2016. For the year ended December 31, 2016, we recorded a provision of $500,000 for potentially uncollectible accounts receivable in our mobile payments business.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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