kidmacro, You asked a couple of times and I have
Post# of 3601
Posted On: 08/15/2016 7:31:06 PM
kidmacro,
You asked a couple of times and I have the answer to your question concerning the reporting of the half million received from China. I researched this in April of this year via indirect contact with Mr. Barry Kaye through George's secretary. The money was reported as a sub-licensing fee in the December 31, 2015 10K report, page 4:
SUB-LICENSING
In February 2015, we granted a non-exclusive distribution sub-license to Renown Power Development, Ltd., a China-based sales and distribution company (“Renown”) covering the territory defined as the Western Hemisphere. Under this sub-license, Renown will be permitted to sell, lease and distribute CSRV® products. This sub-license provides for payment of licensing fees amounting to US$100 million. We received an initial non-refundable deposit of $500,000 to date."
Upon further inquiry to Mr. Barry Kaye via George's secretary, it was pointed out to me that additional explanation is shown on page F13, Note 8. LICENSE DEPOSITS.
Normal DD in searching for answers to financial reporting questions such as this do not surface readily for me. I had to ask the right people and was fortunate enough to get a response. Good luck in understanding it.
You asked a couple of times and I have the answer to your question concerning the reporting of the half million received from China. I researched this in April of this year via indirect contact with Mr. Barry Kaye through George's secretary. The money was reported as a sub-licensing fee in the December 31, 2015 10K report, page 4:
SUB-LICENSING
In February 2015, we granted a non-exclusive distribution sub-license to Renown Power Development, Ltd., a China-based sales and distribution company (“Renown”) covering the territory defined as the Western Hemisphere. Under this sub-license, Renown will be permitted to sell, lease and distribute CSRV® products. This sub-license provides for payment of licensing fees amounting to US$100 million. We received an initial non-refundable deposit of $500,000 to date."
Upon further inquiry to Mr. Barry Kaye via George's secretary, it was pointed out to me that additional explanation is shown on page F13, Note 8. LICENSE DEPOSITS.
Normal DD in searching for answers to financial reporting questions such as this do not surface readily for me. I had to ask the right people and was fortunate enough to get a response. Good luck in understanding it.
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