Note 6 - DEFERRED REVENUE
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3 Months Ended |
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Mar. 31, 2013
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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 March 31, 2013 and December 31, 2012 was $229,652 and $244,438, respectively. In addition, the Company received $158,500 and $18,500 in advance licensing fees as of March 31, 2013 and 2012, respectively. |
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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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