Deferred revenue |
9 Months Ended |
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Sep. 30, 2016 | |
| Deferred revenue {2} | |
| Deferred revenue |
Note 13 - Deferred revenue
Deferred revenue represents revenue for which the Company has not yet performed services for which it has received payment. At September 30, 2016, the Company had unearned revenue of $30,000 relating to a consulting agreement with Green Vision Systems, Corp. (GVS), see Note 18. At September 30, 2015, the Company had unearned revenue relating to a twelve month consulting contract in the amount of $49,947 and other unearned revenue of $2,882.
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- References No definition available.
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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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