ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2014

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE D—ACCOUNTS RECEIVABLE

Our accounts receivable consisted of the following:

	June 30, 2014			December 31, 2013
Trade	$	8,428,990		$	4,808,678
Other		48,539			529,920
Reserve allowance		(4,631,593	)		(5,131,593	)
Accounts receivable, net	$	3,845,936		$	207,005

The December 31, 2013 reserve amount of $5,131,593 relates to Neptune Minerals, Inc. discussed in greater detail in NOTE F. Of this total, $4,631,593 at June 30, 2014 relates to Dorado Ocean Resources, Ltd. from 2010 also discussed further in NOTE F. During the three-months ended June 30, 2014, we recorded a priority recoupment of costs in the amount $3,506,960 as a reduction to our Operations and research costs. This amount is based on set and determinable contractual amounts for the recovery of the SS Central America shipwreck. These determinable amounts define the day rate and fixed obligation due to us for our services rendered as it relates to priority recoupment. See revenue recognition and accounts receivable in NOTE B and ITEM 2 of this Form 10-Q.