Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.8.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Schedule of Trade Receivables and Trade Receivables - Related Parties

As of December 31, 2017 and 2016, the aging of trade receivables and trade receivables – related party was as follows:

 

    December 31,  
Aging Period   2017     %     2016     %  
Current (Notes 6 & 16)     1,808,449       81 %     464,365       28 %
01-30 Days     79,535       4 %     43,223       3 %
31-60 Days     20,154       1 %     39,203       2 %
61-90 Days     25,100       1 %     6,150       0 %
>90 Days     278,944       13 %     1,090,418       67 %
Subtotal     2,212,182               1,643,359          
Bad Debts Allowance     (596,196 )             (1,010,196 )        
Total   $ 1,615,986             $ 633,163          
Average Days in Receivable     205.48               202.58          

Schedule of Estimated Useful Life of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

 

    Useful Life
    (in years)
Plant and equipment   5-12
Furniture and fixtures   5-10
Computer equipment & software   3-5
    Shorter of the
Leasehold Improvements   remaining lease or
    estimated useful life

Schedule of Estimated Useful Lives for Current and Comparative Period

The estimated useful lives for the current and comparative periods are as follows:

 

    Useful Life
    (in years)
Patents and trademarks   12-17
Customer lists   5