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Tuesday, August 28, 2018 2:39:39 AM
Under GAAP rules, IMUN can't recognize revenues until they know what the price/revenues are, have transferred ownership to Fidson with return and payment policies established and a realistic expectationthat they will be paid.
Fidson likely reports under IFRS - and I gather the revenue recognition rules are similar...but I am not certain....but it would be hard to check Fidson's books.
Here's where it could get interesting - depending on how IMUN might want to play their cards. They could cut corners a bunch of ways (aka channel stuffing)...essentially shipping/transferring ownership of product to Fidson but then granting Fidson some outsized return/payment conditions and then recognize the revenues on IMUN's books....
It is totally illegal (look at US vs. Michael Baker and Michael Gluk - the ARTC case) but it doesn't stop people from doing it....and it's not like PWC is auditing IMUN....and /or IMUN's auditor has the resources to physically inspect inventory - particularly that isn't in the US....and might be in the DR or might be in Africa....or might be stuck in customs somewhere. I want to think that if IMUN planned to pull that sort of stunt it would have happened already - but one never knows.
Think about how many times they've said something was approved but then come back a month (or year) later and say "Wait! There's more." More likely we might see some vague funding PR piece when insiders need to make some trades.
If I get time to look deeper or have other thoughts I'll come back.
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