The 2015, 91,000 total transactions, appear to have created 2015, $163,000 revenues? What $0.25? There is lot more, in the annual report. There is a sub-license with a large International Bank in Africa which is subject to an NDA--so something likely pending?
One new U.S. client even creates transaction revenue in favored, famous, and well Beverly Hills, CA. Even local Google is still down at Venice Beach. . .or something(?). . .in the event that nobody else is just sayin'. . .(?). There is Beverly Hills trusted tech, and then there is. . . , well(?).
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The Company derives its revenue primarily from the sale of software licenses, software subscriptions, maintenance services and consulting/training revenue. License revenue for a perpetual license is recognized at the time the license is sold. Subscription revenue and maintenance revenue are recognized ratably over the life of the agreement, and consulting/training revenue is recognized as work is performed. Deferred revenue is recorded for advance billings that are made prior to revenue being earned. Unbilled revenue is accrued to recognize revenue that has been earned but not billed as of the end of the accounting period and is included in accounts receivable in the accompanying consolidated balance sheets.
The Company earns revenue from services, which has included the following: electronic check processing, financial verification, identity verification and check guarantee services. The services are performed under the terms of a contract with a customer, which states the services to be utilized and the terms and fixed price for all services under contract.
The price of these services may be a fixed fee per transaction and/or a percentage of the transaction processed depending on the service. Revenue from electronic check processing is derived from fees collected from merchants to convert merchant customer check data into an electronic image of a paper draft, which allows the Company to deposit the funds to the merchant’s bank through image clearing with the Federal Reserve on behalf of the bank. The Company recognizes the revenue related to electronic check processing fees when the services are performed.
Revenue from financial verification is derived from fees collected from merchants to process requests to validate financial verifications to an outside service provider under contract with the Company. This revenue is recognized when the transaction is processed, since the Company has no further obligations.
