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NOTE 12 - CONCENTRATIONS AND RISK
3 Months Ended
Mar. 31, 2012
Risks and Uncertainties [Abstract]  
NOTE 12 - CONCENTRATIONS AND RISK

 

NOTE 12 - CONCENTRATIONS AND RISK

 

Major customers

 

The Company had two customers representing approximately 96% of revenues for the three months ended March 31, 2012. These customers represented approximately 96% of the receivables outstanding as of March 31, 2012.

 

The Company had one customer representing approximately 66% of revenues for the period ended March 31, 2011. This customer represented approximately 59% of the receivables outstanding as of March 31, 2011.

 

Major suppliers

 

The Company had one supplier represent approximately 94% of purchases for the three months ended March 31, 2012. This supplier represented approximately 43% of the payables outstanding as of March 31, 2012.

 

The Company had one supplier representing approximately 87% of purchases for the three months ended March 31, 2011. This supplier represented approximately 44% of the payables outstanding as of March 31, 2011.

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company places its cash with commercial banking institutions. At times, such cash may be in excess of the Federal Deposit Insurance Corporation’s insurance limit. From time to time the Company may also hold cash in accounts with foreign financial institutions. The Company regularly assesses the risk associated with its foreign cash portfolio. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral to support such receivables.