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Basis of Accounting: Revenue from Contract with Customer (Policies) | 3 Months Ended
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Mar. 31, 2019
Policies |
Revenue from Contract with Customer | Revenue Recognition The Company recognizes revenue under ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASC 606”). The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. The following five steps are applied to achieve that core principle for our HRS and Cety Europe and clean energy revenue: `·`Identify the contract with the customer `·`Identify the performance obligations in the contract `·`Determine the transaction price `·`Allocate the transaction price to the performance obligations in the contract `·`Recognize revenue when the company satisfies a performance obligation We also collect deposits with our order. Our customer deposit are recognized as revenue when we have met the contractual obligations. The following is table summarizes the customer deposit activity for the quarter:
Customer Deposits as of December 31, 2018 | 365,815
Customer Deposits Invoiced and applied | (6,585)
New customer Deposits | -
Customer Deposits as of March 31, 2019 | 359,230
We Invoice the customer and the time of the contract and only recognize the revenue when the company satisfies a performance obligation. The following is table summarizes the deferred revenue activity for the quarter:
Deferred revenue December 31, 2018 | 33,000
Deferred revenue recognized in the Quarter | -
Additional deferred revenue added in the Quarter | 14,750
Deferred revenue March 31, 2019 | 47,750
The following steps are applied to our contract manufacturing revenue: `·`We generate a quotation `·`We receive Purchase orders from our customers. `·`We build the product to their specification `·`We invoice at the time of shipment `·`The terms are typically Net 30 days

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