Annual report pursuant to Section 13 and 15(d)

Accounts Receivable

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Accounts Receivable
12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
Accounts Receivables

NOTE 5 – ACCOUNTS RECEIVABLE

 

Accounts receivable consisted of the following as of:

 

    December 31,  
    2014     2013  
Accounts Receivable – EXIM insured   $ 1,013,938     $ 379,195  
Accounts Receivable – not insured     31,986       22,354  
      1,045,924       401,459  
Allowances for doubtful accounts and sales returns and allowances     (28,402 )      
    $ 1,017,522     $ 401,459  

 

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.