ACCOUNTS RECEIVABLE, NET |
The following table sets forth the components
of the Company’s accounts receivable, net at June 30, 2015 and December 31, 2014:
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
|
|
|
|
|
|
Accounts and contracts receivable |
|
$ |
1,530,367 |
|
|
$ |
2,056,647 |
|
Allowance for doubtful accounts |
|
|
(70,295 |
) |
|
|
(97,708 |
) |
Total accounts receivable, net |
|
|
1,460,072 |
|
|
|
1,958,939 |
|
Less: Noncurrent portion of accounts receivable, net |
|
|
14,522 |
|
|
|
33,093 |
|
Current portion of accounts receivable, net |
|
$ |
1,445,550 |
|
|
$ |
1,925,846 |
|
Accounts receivable are customer obligations
due under normal trade terms. The Company performs periodic credit evaluations of its customers’ financial condition. The
Company records an allowance for doubtful accounts based upon factors surrounding the credit risk of certain customers and specifically
identified amounts that it believes to be uncollectible. During the six-month period ended June 30, 2015, the Company recorded
a decrease of $12,469 to its provision for bad debts and recorded nil in write offs. During the six-month period ended June 30,
2014, the Company recorded a decrease of $26,537 to its provision for bad debts and recorded nil in write-offs.
The Company's long-term receivables are
considered financing receivables. The difference between the present value and face value of these receivables is recorded as an
unamortized discount which is amortized over the term of the payment plan. The Company recorded $4,780 and $6,078, respectively,
of interest income from deferred payment plan accounts receivable during the three and six-month periods ended June 30, 2015 and
$3,051 and $6,436, respectively, of interest income from deferred payment plan accounts receivable during the three and six-month
periods ended June 30, 2014.
Customer concentrations
During the six-month period ended June
30, 2015, the Company had two customers that accounted for 56.0% of accounts receivable and two customers that accounted for 36.7%
of sales.
During the successor period of April 26,
2014 through June 30, 2014, the Company had one customer that accounted for 11.6% of accounts receivable and two customers that
accounted for 30.7% of sales. During the predecessor period of January 1, 2014 through April 25, 2014, the Company had one customer
that accounted for 25.1% of accounts receivable and two customers that accounted for 21.6% of sales.
Geographic information
During the six month period ended June
30, 2015, all of the Company’s sales were generated within the United States with the exception of $89,257 in sales that
were produced in Costa Rica. During the same six-month period ended June 30, 2014, all of the Company’s sales were generated
within the United States with the exception of $5,141 in sales that were recorded in Costa Rica.
|