bors,
I could understand what you are saying if some of the programs were implemented late 3rd quarter. Not real sure what you mean by "accounting practices post 911". Would they be different for the revenue we reported? All of the revenue reported is from foreign countries. As far as collections, you will notice below the monies from revenues went from "customer to vendor". This implies GTE did not actually collect the money..
Secondly, (Banco Azteca, Bankcard, Globe Telecom(G-Cash), Equitable Card Network, Pier One Filipino Seafarers Union, First Class Professional Human Resources, OnQ Program , Timesofmoney.com) these werejust examples off the top of my head and some of the newer ones were not mentioned..I can assure you all of those mentioned above are not in place. Latest 10Q also shows RapidMoney had no transactions. Hopefully some will be producing in 4th qtr...thanks
"Substantially, all of our sales were attributable to foreign operations for the three and nine months ended September 30, 2005. Revenue is attributable to various foreign countries, since calls either originate or terminate in these countries. All transactions were accounted for in U.S. currency, and no gain or loss was recorded on fluctuations in foreign currency."
"Substantially all of the costs of sales (purchases of wholesale minutes) during the three and nine months ended September 30, 2005, for GlobeTel, Centerline, Lonestar, and Volta, were from one (each different) vendor for each of the four companies, and substantially all of such sales proceeds generated from customers were paid directly to the vendors from the customers."
Licensing Agreement - RapidMoney Corporation
For the three months ended September 30, 2005, there were no transactions requiring recording in the financial statements related to this agreement.
AI
