Quarterly report pursuant to sections 13 or 15(d)

TRADE RECEIVABLES

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TRADE RECEIVABLES
6 Months Ended
Jun. 30, 2011
TRADE RECEIVABLES [Abstract]  
TRADE RECEIVABLES
3. TRADE RECEIVABLES

Trade receivables, net at June 30, 2011, and December 31, 2010, consisted of the following:

   
June 30, 2011
   
December 31, 2010
 
Trade receivables
  $ 17,087,554     $ 11,367,290  
Less allowance for doubtful accounts
    (155,000 )     (155,000 )
    Trade receivables, net
  $ 16,932,554     $ 11,212,290  

Trade receivables serving as collateral for the Company's line of credit with a domestic bank were $12.9 million and $9.4 million at June 30, 2011, and December 31, 2010, respectively (see Note 7).