If you scroll way down you'll see on the 10K a Number 8.
If you scroll way down you'll see on the 10K a Number 8. It basically says, as I understand it, that they will start recognizing that revenue with in the next 12 months assuming some number of years they expect the license to be alive. So for example, instead of recognizing the half a mil now in one shot, if they decide the license will last 500 years they will recognize $1000 a year for those 500 years. I'd guess there's some guidelines per GAAP that lays out how many years you can actually claim the revenue (less than 500 !).
I think they did the same thing with the revenue from the Canada deal. I think it was over something like 27 years. Could be wrong.
The fun part seems to be that there doesn't appear to be any way to know how that revenue is actually spent that I can tell ! It's just reported on the financials as revenue each year over the number of years they pick. And why was nothing reported in the year it was paid ? If I got paid I had to report it in that year or else.
I'm no CPA but I did run a sizeable company and read a lot of financials. I'd ask my CPA to read into this but he costs a $200 an hour !
The next question needs to be, " If the $500K was paid, how do the shareholders know how those funds are spent" ? For some reason they seem to be trying to defer revenues. If it's on the up and up, there must be a reason and I'd like to know it. Otherwise, funny business ? Nah !
Also, if you got an infusion of half a mil, why would you be doing $33,000 toxic loans ? I could guess. Is it because the big 3 (George, Jr., and Barry) get their ownership percentages covered while we get diluted by those actions so they are no worse off ? If they spend cash, they seem to be in the same boat as us.
My country club is full of CPA's and lawyers. I have to track some of them down and get some guidance. Some are semi retired sharks looking for something to do between trips to their various homes while on their Netjets.
All of this are my guesses and opinions so far. Don't take too much stock in it, but please do let me know what you think and what you find out.
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