Accounts Receivable

6 Months Ended

Jun. 30, 2015

2.	Accounts Receivable –

Accounts receivable consisted of the following at June 30, 2015 and December 31, 2014:

	June 30, 2015		December 31, 2014
Accounts receivable under normal 30 day terms	$	2,033,770	$	1,406,665
Financed contracts:
Short-term		0		22,754
Current portion of long-term		1,359,117		896,236
Long-term, net of current portion		1,213,823		675,683
Total accounts receivable		4,606,710		3,001,338
Less allowance for doubtful accounts		(101,079)		(101,079)
Accounts receivable, net	$	4,505,631	$	2,900,259

Presented on the balance sheet as:
Accounts receivable, net	$	3,291,808	$	2,224,576
Long-term accounts receivable - financed contracts		1,213,823		675,683

The allowance for financed and trade receivable represents management’s estimate of probable losses in our trade and financed receivables as of the date of the financial statements. The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent of the trade and financed receivables, but that have not been specifically identified.

Accounts receivable includes financed contracts at June 30, 2015 and December 31, 2014 which are $2,572,940 and $1,594,673, respectively, with an offset accounting for deferred revenues on the balance sheet of $2,639,224 and $1,090,746, respectively.

A roll-forward of the Company’s allowance for doubtful accounts is as follows:

	June 30, 2015		December 31, 2014
Accounts receivable allowance, beginning of period	$	101,079	$	112,054
Provision adjustment during year		0		(10,975)
Write-off		0		0
Accounts receivable allowance, end of period	$	101,079	$	101,079

The allowance for doubtful accounts is $101,079 for the trade receivables and $0 for the financed contracts at both June 30, 2015 and December 31, 2014.