Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Detail

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Balance Sheet Detail
9 Months Ended
Sep. 30, 2018
Balance Sheet Detail  
Balance Sheet Detail

7.           Balance Sheet Detail:

 

Accounts Receivable – From time to time, we sell accounts receivable to a financial institution on a non-recourse basis. The financial institution is responsible for all servicing of the receivables purchased. At September 30, 2018, accounts receivable includes $6.5 million of accounts receivable which have been sold to a financial institution with payment due to the Company on November 12, 2018. The receivables are recorded at their discounted fair value at September 30 ,2018.

 

Equipment and leasehold improvements consist of the following:

 

 

 

 

 

 

 

 

    

September 30,

 

 

 

 

 

(Unaudited)

 

December 31,

 

 

2018

    

2017

Equipment

 

$

2,121

 

$

1,988

Leasehold improvements

 

 

1,334

 

 

1,335

 

 

 

3,455

 

 

3,323

Less accumulated depreciation and amortization

 

 

(1,773)

 

 

(1,495)

 

 

$

1,682

 

$

1,828

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2018 and 2017, the Company recorded depreciation and amortization expense of $0.4 million and $0.4 million respectively, which is included in general and administrative expense.

 

 

Accounts receivable – long term, net consist of the following:

 

 

 

 

 

 

 

 

 

    

September 30,

 

 

 

 

 

(Unaudited)

 

December 31,

 

 

2018

    

2017

Total amount due from customer

 

$

14,388

 

$

20,886

Less discount

 

 

(545)

 

 

(912)

Less current portion included in accounts receivable

 

 

(9,308)

 

 

(12,537)

 

 

$

4,535

 

$

7,437

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses consist of the following:

 

 

 

 

 

 

 

 

 

 

    

September 30,

 

 

 

 

 

 

(Unaudited)

 

December 31,

 

 

 

2018

    

2017

    

Trade accounts payable

 

$

60,035

 

$

58,910

 

Accrued expenses

 

 

2,640

 

 

3,882

 

 

 

$

62,675

 

$

62,792