SPOOZ Inc (SPZI)

[Mr Smith 34]

The company did not recognize commodity revenue or at least report a subsequent event concerning pending revenue. Which one or more of these criteria was not meet ? Persuasive evidence? Fixed or determinable sale price? Collectability? Shipped goods and/or services rendered? You would think the company would know this kind of information so far into the 2nd quarter.

"Notes to Consolidated Financial Statements
The company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue
recognition. The company recognizes revenue when it is realized or realizable and earned. The Company
considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive
evidence of an arrangement exists, (ii) the sale price is fixed or determinable, (iii) collectability is reasonable
assured and (iv) goods have been shipped and/or services rendered. "