Annual report pursuant to Section 13 and 15(d)

Receivables

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Receivables
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Note 2 - Receivables

Accounts receivable at December 31, 2011 and 2010, consist of the following:

 

    2011     2010  
Billed-federal government   $ 2,961,279     $ 651,508  
Billed-commercial and other     70,100       142,458  
Total billed     3,031,379       793,966  
Unbilled     -       -  
Less: allowance for doubtful accounts     (141,721 )     (22,152 )
Accounts receivable, net   $ 2,889,658     $ 771,814  

 

Billed receivables from the federal government include amounts due from both prime contracts and subcontracts where the federal government is the end customer.  Unbilled receivables are for services provided through the balance sheet date that are expected to be billed and collected within one year.

 

At December 31, 2011, the Company’s accounts receivable included receivables from various departments within one US federal agency that collectively represented 75.2% of the Company’s outstanding accounts receivable.