NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2016

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

NOTES RECEIVABLE

NOTES RECEIVABLE

Current portion of notes receivable, net, consists of the following at:

	March 31, 2016		December 31, 2015
Notes receivable (collateralized by invoiced accounts receivable)	$	—	$	5,346,452
Allowance for doubtful accounts	—		(3,654,790		)
Notes receivable (collateralized by invoiced accounts receivable), net	$	—	$	1,691,662

The current notes receivable represents amounts due from Omega Holdings, LLC. Of the total notes receivable balance, $1,691,662 represents invoiced amounts that did not bear interest as of December 31, 2015.

The remaining portion of the term notes receivable balance of $8,308,000 at December 31, 2015 also represents amounts due from Omega Holdings, LLC. The $8,308,000 balance was based on the purchase price allocated to the Nevada facility ("Bango facility"). The note carried an interest rate of 9.5% per annum and was collateralized by assets at the Bango facility.

Both of the Omega Holdings, LLC notes receivable (with balances of $1,691,662 and $8,308,000) were re-classified as "Assets held for sale" on the Balance Sheet at December 31, 2015. The Company sold the Bango facility in January, 2016 at which time the note was satisfied in full.