Oh! I see! $0 revs from Punch! Duh! "The Company h

Oh! I see! $0 revs from Punch! Duh! "The Company had $0 and $9,423 from advertising revenue for the three month periods ended March 31, 2013 and 2012, respectively. The Company has secured a contract for the commitment, at minimum, to distribute six program licenses: "Instant Movie Reviews"," Instant DVD Reviews", "First Look"," Trailers"," IC Sports". The Company has also received revenues from other advertising and talent fees. Prior to March 31, 2012, the Company recorded $43,506 of revenue from Punch TV and $0 for the current period. Prior earnings have been recorded as discontinued operations as a result of the subsequent rescission of the Punch TV assets in May 2013. (see subsequent events)"
"Accounts receivable consist of amounts due for advertising, based on referral agreements. Advertising revenue is recognized when businesses place advertisements on the IC Places website or through banner ads or upon a customer's purchase of partner offerings originated from links through the company website. Punch Television records and recognizes revenue when advertisements are aired through their websites. An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables."