Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Summary of significant accounting policies: Revenue Recognition (Policies)

Note 2 - Summary of significant accounting policies: Revenue Recognition (Policies)
3 Months Ended
Mar. 31, 2020
Revenue Recognition

Revenue recognition


The Company recognizes revenue in accordance with ASC 606, “Revenue from Contracts with Customers,” and FASB ASC Topic 842, “Leases.” Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to government authorities.


Service fees generated by WCI are for monthly services performed to reduce customer’s operating costs. Service fees are invoiced and recognized as revenue in the month services are performed.


For each finance lease receivable, the Company recognized as a gain or loss the amount equal to (i) the net investment in the finance lease less (ii) the net book value of the equipment at the inception of the applicable lease. At lease inception we capitalize the total minimum finance lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment at lease termination, if any, and the initial direct costs related to the lease, less unearned income. Unearned income is recognized as finance income over the term of the lease using the effective interest rate method.


Revenue from consulting agreements is recognized at the time the related services are provided as specified in the consulting agreements.