Note B - Summary of Significant Accounting Policies: Revenue Recognition (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Policies | |
| Revenue Recognition | Revenue Recognition
In May 2017, the Company launched the online directory and digital signage components of its ongoing licensing services it provides to third parties. The Company recognizes 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 the Company's judgment regarding fixed nature of the price for the services and the collectability of amounts charged to the Company's customers.
During the period of May through September 2017, the Company entered into various licensing arrangements to be recognized as revenue over the life of the licensing agreements ranging from one to twelve months. The Company recognized $5,990 and $9,420 in revenues during the three and nine months ended September 30, 2017, respectively, and at September 30, 2017, $7,773 was deferred to future periods. At September 30, 2017, the Company was owed $6,365 for these services and had determined no allowance for doubtful accounts was necessary. |