Posted On: 12/15/2016 1:48:38 PM
Post# of 22465
NOTE 6 — DEFERRED REVENUE
During the six months ended December 31, 2015, the Company recorded $225,000 of deferred revenue. This represents full payment pursuant to the previously announced funded product development agreement with Nitto Denko Corporation (the “Agreement”). The Agreement does not require specific deliverables by the Company, however it does place certain restrictions on the Company’s ability to communicate with a limited number of specifically named businesses during the four month term of the agreement. Management does not believe that the restrictions have a material negative affect on the Company’s business prospects. All $225,000 of deferred revenue will be earned and recognized in the quarter ended March, 31, 2016.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11180024
During the six months ended December 31, 2015, the Company recorded $225,000 of deferred revenue. This represents full payment pursuant to the previously announced funded product development agreement with Nitto Denko Corporation (the “Agreement”). The Agreement does not require specific deliverables by the Company, however it does place certain restrictions on the Company’s ability to communicate with a limited number of specifically named businesses during the four month term of the agreement. Management does not believe that the restrictions have a material negative affect on the Company’s business prospects. All $225,000 of deferred revenue will be earned and recognized in the quarter ended March, 31, 2016.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11180024
(0)
(0)
