Crucial 2012 Annual Report Download - page 279

34
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
The balances of accounts receivable resulting from the above transactions as of December 31, 2010 and
2011, consisted of the following:
December 31,
2010 2011
Amount
% of accounts
receivable - related
parties Amount
% of accounts
receivable - related
parties
NTC $ 2,895,343 50.54 4,426,401 59.34
Micron 2,833,698 49.46 — —
MSA — — 3,033,094 40.66
$ 5,729,041 100.00 7,459,495 100.00
The normal credit term with the related parties above is 60 days after the end of each delivery month.
Selling price is calculated using the transfer pricing formula in accordance with the “Supply Agreement”.
(ii) Purchases and accounts payable
Significant purchases from related parties for the years ended December 31, 2009, 2010 and 2011, were
as follows:
For the years ended December 31,
2009 2010 2011
Amount % of net
purchases Amount % of net purchases Amount % of net purchases
NPC $ 27,239 0.43 163,406 1.81 101,344 0.97
NTC 21,549 0.34 14,289 0.16 24,659 0.24
FCFC — — — — 6 —
Micron 75,053 1.19 139,361 1.54 329,406 3.17
$ 123,841 1.96 317,056 3.51 455,415 4.38
The balances of accounts payable as of December 31, 2010 and 2011, were as follows:
December 31,
2010 2011
Amount
% of
accounts
payable Amount
% of
accounts
payable
NPC $ 49,254 0.45 40,631 1.25
NTC 1,382 0.01 268 —
Micron 62,244 0.57 172,853 5.30
$ 112,880 1.03 213,752 6.55