DEFERRED REVENUE |
9 Months Ended |
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Sep. 30, 2011 | |
DEFERRED REVENUE | |
DEFERRED REVENUE |
NOTE 9 DEFERRED REVENUE
The Company received a license fee of $255,000 during the fourth quarter of 2010. This license fee is being amortized over the term of the license agreements term of 17 years. The Company recognized $5,000 in revenue during the year ended December 31, 2010, and has recognized $11,250 in revenue for the nine months ended September 30, 2011. |
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- Details
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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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