Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable

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Accounts Receivable
9 Months Ended
Sep. 30, 2015
Receivables [Abstract]  
Accounts Receivable

NOTE 5 – ACCOUNTS RECEIVABLE

 

Accounts receivable consisted of the following as of:

 

    September 30, 2015     December 31, 2014  
Accounts Receivable – EXIM insured   $ 82,147     $ 1,013,938  
Accounts Receivable – not insured     249,419       31,986  
      331,566       1,045,924  
Allowances for doubtful accounts and sales returns and allowances     (26,000 )     (28,402 )
    $ 305,566     $ 1,017,522  

 

Under the terms of a revolving line of credit agreement with the Export Import Bank as discussed in Note 10, 95% of customer’s outstanding balances under the terms of the Export Import Bank are guaranteed by the Export Import Bank, an agency of the United States government.