Accounts Receivable

12 Months Ended

Dec. 31, 2019

Summary Of Significant Accounting Policies Policies

Accounts Receivable

NOTE 5 – Accounts Receivable

Accounts receivable consisted of the following at December 31, 2019 and 2018:

December 31,	2019	2018
Accounts Receivable	$        42,312	$        42,312
Less:  Allowance for Doubtful Accounts	(42,312)	(42,312)
Net Accounts Receivable	$              ––	$              ––

Due to civil unrest and the devastation of Hurricane Nate in Nicaragua in October 2017, the Company wrote off the machine income that was in accounts receivable on December 31, 2017 in the amount of $42,312.  

The Allowance for Doubtful Accounts in the amount of $42,312 was collected but it remains in Nicaragua because of the political instability, social unrest, and US Government's trade and economic sanctions; no transfer of funds to the US can be done at this time. Since these issues have yet to be resolved both domestically and internationally with Nicaragua, the $42,312 amount has not been paid in the US and has been written-off. Since the revenue was earned and collected in Nicaragua, the revenue remains recognized as an account receivable.