![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Thursday, September 28, 2006 10:32:38 AM
...that Craig Huffman plans to recognize revenue in Q3 filings that has not been earned, according to FASB-GAAP revenue recognition requirements and Sarbanes-Oxley compliance rules. If IHDR (the poster) correctly understood CEO Huffman*, that suggests the company soon will be submitting a fraudulent 10-QSB to the SEC. Does that bother you? If not, what has happened to you along the way?
"Revenue recognition. The most common violations of revenue recognition include anticipated recognition; sales booked without transfer of property; 'round-trip' transactions; deferred accounting of discounts, rebates, or guarantees; channel stuffing; collusion with vendors; and accounting of swaps as revenues...."
Source: http://www.nysscpa.org/cpajournal/2004/404/perspectives/nv5.htm
* In post #1093, IHDR (the poster) reports his e-mail exchange with Huffman, in which he states that "...all previous sales announced concerning the EC V will be booked as revenue for the 3rd quarter, even though the installation will occur within 180 days from announced sale and not actually in the 3rd quarter."
"Are they only identifying the amount of the contract set aside for delivery of the product (the sales). Will they be charging installation fees (services) seperately [sic] and identifying them in later quarters?? You need to find out. Hurry back."
FEATURED ELEMENT79 ANNOUNCES UPLISTING TO OTCQB VENTURE MARKET • Aug 26, 2024 10:03 AM
North Bay Resources Announces Gold Assays up to 2.2 Ounces per Ton, Fran Gold Project, British Columbia • NBRI • Aug 26, 2024 10:00 AM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Element79 Gold Corp Provides Update on Nevada Portfolio • ELMGF • Aug 23, 2024 8:00 AM
Maybacks Adds Award Winning Show to Its Lineup Discusses Maybacks Opportunity • AHRO • Aug 22, 2024 11:30 AM
North Bay Resources Announces First Gold Concentrate at Mt. Vernon Gold Mine, Assays 12 oz/ton Gold, 17.5 oz/ton Platinum, and 8 oz./ton Silver, Sierra County, California • NBRI • Aug 22, 2024 10:28 AM