Quarterly report pursuant to Section 13 or 15(d)

Note 6 - DEFERRED REVENUE

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Note 6 - DEFERRED REVENUE
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Note 6 - DEFERRED REVENUE

On January 27, 2012, the Company granted licensing rights for five years in the state of Florida for $300,000 payable as the licensee performs procedures. The licensing fees are amortized to income over the term on the license agreement. The remaining unrecognized balance as of June 30, 2013 and December 31, 2012 was $214,701 and $244,438, respectively.

 

On August 2, 2013, the Company granted licensing rights perpetually for the 48 most northern counties  in the state of California for $334,000. The licensing fees are amortized to income over the estimated expected useful life of five years. The remaining unrecognized balance as of June 30, 2013was $323,208.

 

In addition, the Company received $18,500 in advance licensing fees as of December 31, 2012.