Sunday, July 14, 2019 11:14:50 AM
Let's assume after several meetings with Walmart, Walmart agreed to have Bsafemobile on their store shelves. That by itself is a huge accomplishment with zero sale. The fact that you can get into Walmart or even Walmart can meet with you is a big deal. Let's say now that Walmart agrees to launch the product in 5 stores for a pilot program and said that we will have 10 Bsafemobile apps in each store, just for the sake of giving an example.
Now what do you think? Do you think Walmart will buy all 50 apps for $10,000 and distribute to 5 stores or will pay a $500 as an initial payment conditional on sale or pay $0 initial payment conditional on sale. Who needs who here? Does ONCI need Walmart or Walmart need ONCI?
My answer would be this. Walmart will agree to put 10 apps per store with zero down payment. ONCI can invoice Walmart on a quarterly basis for the apps that are sold or Walmart will automatically update ONCI with number of apps sold along with the payment.
When ONCI reports its financial statement, it includes a revenue of $10,000 and AR of $10,000. Every time Walmart pays against that revenue, it will reduce the AR as a positive cash flow and it does not affect revenue anymore. As long as you think, you will get paid, you can keep the AR on the books. The minute you think that there is no chance that you will get paid, you will declare that a business loss.
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