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Deferred Revenue
 12 Months Ended
Dec. 31, 2023
Deferred Revenue [Abstract]  
DEFERRED REVENUE

NOTE 8 – DEFERRED REVENUE

 

The Company has several signed contracts with customers for the distribution of financial messaging, or other services, which include payment in advance. The payments are not recorded as revenue until the revenue is earned under its revenue recognition policy discussed in Note 2. Deferred revenue was $171,841 and $164,309 as of December 31, 2023 and 2022, respectively. These contracts are all short term in nature and all revenue is expected to be recognized within 12 months, or less. Following is a summary of activity in the deferred revenue account for the year ended December 31, 2023.

 

Balance January 1, 2023  $164,309 
Revenue recognized   (12,358,640)
Amount collected   12,291,169 
Amount acquired   75,003 
Balance December 31, 2023  $171,841 

 

Following is a summary of activity in the deferred revenue account for the year ended December 31, 2022.

 

Balance January 1, 2022  $1,389,907 
Revenue recognized   (13,455,253)
Amount collected   12,229,655 
Balance December 31, 2022  $164,309