Accounts Receivable

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Accounts Receivable

NOTE 6 — ACCOUNTS RECEIVABLE

The Company’s accounts receivable result from sales to a broad customer base. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history and generally does not require collateral. Accounts receivable are generally due within 30 days in the Company’s U.S. and France operations and 60 days in its England operations and are stated net of an allowance for doubtful accounts. Provisions for uncollectible accounts are made based on the Company’s specific assessment of the collectability of all past due accounts. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. The Company carries insurance to cover accounts receivable derived from export sales from the United Kingdom. There was one customer which accounted for 12% of total sales in the quarter to March 31, 2015, and this customer accounted for $288,000 of accounts receivable at the period end. At May 8, 2015 $59,000 of this sum remained unpaid; this payment schedule is in accordance with the Company’s normal terms of business with this customer. The same customer represented ten percent or more of the Company’s total net sales during three months ended March 31, 2014.

The activity in the allowance for bad debts and doubtful accounts was as follows:

	2015			2014
Opening balance at December 31,	$	109		$	70
Additional provision for bad debts in three months		1			12
Amounts written off		-			(14	)
Amounts subsequently recovered		(3	)		-
Translation adjustment		(8	)		-
Closing balance at March 31	$	99		$	68

All of the balances and movements in the above table relate to the segments and components held for sale at March 31, 2015 and March 31, 2014.