Posted On: 09/04/2014 7:53:51 PM
Post# of 9144
A Developmental Stage Entity (DSE) is currently defined by FASB as “an entity devoting substantially all of its efforts to establishing a new business and for which either of the following conditions exist:
A. Planned principal operations have not commenced.
B. Planned principal operations have commenced, but there has been no significant revenue therefrom.”
The company has stated in multiple PR's and company updates that it has entered into several distribution contracts. That would immediately eliminate the possibility for condition A to exist. The company has also stated in multiple PR's that they plan on experiencing significant sales and that a projection of $900,000 was given by a Swiss analyst. That would eliminate the possibility of condition B to exist. Therefore, Nanologix is no longer considered a developmental stage company.
A. Planned principal operations have not commenced.
B. Planned principal operations have commenced, but there has been no significant revenue therefrom.”
The company has stated in multiple PR's and company updates that it has entered into several distribution contracts. That would immediately eliminate the possibility for condition A to exist. The company has also stated in multiple PR's that they plan on experiencing significant sales and that a projection of $900,000 was given by a Swiss analyst. That would eliminate the possibility of condition B to exist. Therefore, Nanologix is no longer considered a developmental stage company.
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