Note B - Summary of Significant Accounting Policies: Revenue Recognition (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Policies | |
| Revenue Recognition | Revenue Recognition
In May 2017, we launched the online directory and digital signage components of our ongoing licensing services we provide to third parties. We recognize revenue when (1) persuasive evidence of an arrangement exists; (2) the services have been provided; (3) the price for the services is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) is based on our management's judgment regarding fixed nature of the price for the services and the collectability of amounts charged to our customers.
During May and June 2017, we entered into licensing arrangements totaling $10,252 to be recognized as revenue over the life of the licensing agreements ranging from one to twelve months. Of this amount $3,430 was recognized as revenue for the three months ended June 30, 2017 and $6,822 was deferred to future periods. At June 30, 2017, we were owed $2,400 for these services and had determined no allowance for doubtful accounts was necessary. |