Accounts Receivable

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Accounts Receivable

NOTE C – ACCOUNTS RECEIVABLE

Our accounts receivable consist of the following:

	September 30, 2016			December 31, 2015
Trade	$	2,604,893		$	2,371,304
Related party		943,621			629,400
Other		47,300			116,668
Reserve allowance		(2,315,797	)		(2,315,797	)
Total accounts receivable, net	$	1,280,017		$	801,575

The trade receivable balance at September 30, 2016 and December 31, 2015 consists primarily of a trade receivable from Neptune Minerals, Inc., for which a reserve allowance for the full amount of $2,315,797 has been made for both reported period ends. In December 2015, as part of the acquisition agreement with Monaco Financial, LLC (“Monaco”), a related party, we sold 50% of the Neptune Minerals, Inc. receivable to Monaco. The remaining receivable balance from Neptune Minerals, Inc. on our balance sheet is owned by us. Monaco and related affiliates owes us $943,621 and $629,400 for the periods ended September 30, 2016 and December 31, 2015, respectively, for services rendered on their behalf and other items that were not part of the December 10, 2015 acquisition agreement. See NOTE S to the consolidated financial statements included in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015 for further information.