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Risk Management
9 Months Ended
Sep. 30, 2014
Transfers and Servicing [Abstract]  
Risk Management

Concentrations of Credit Risk

 

The Company’s cash balances are maintained in bank accounts in the United States. Deposits held in banks in the United States are insured up to $250,000 per depositor for each bank by the Federal Deposit Insurance Corporation. Actual balances at times may exceed these limits.

 

The Company performs on-going credit evaluations of its customers’ financial condition and generally does not require collateral from its customers. For the nine month period ended September 30, 2014, one customer accounted for 52% of the Company’s total revenue (nine months ended September 30, 2013 – 10%).

 

For the three month period ended September 30, 2014, one customer accounted for 82% of the Company’s total revenue (three months ended September 30, 2013 – 35%).

 

As at September 30, 2014 one customer accounted for 100% of the accounts receivable balance (December 31, 2013 – 100%).

 

Economic Dependence

 

For the period ended September 30, 2014 the Company purchased 100% (2013 - 100%) of its wallet inventory from one vendor.

 

The accounts payable to this vendor is reflected in the carrying amount of the tooling commitment liability (see note 9).