thanks for the reply Luxe. but those will be sales none-the-less regardless when HJOE will get paid. I understand the delay in reporting sales, but those sales will be paid and will be reported. My question is-are my numbers mostly correct? And will HOJE report millions in sales in the new two to three quarters?
According to the annual report this is how it's done.
The Company recognizes revenue when all of the following have occurred: (1) persuasive evidence of an arrangement exists; (2) delivery to third party distributors and consumers via the Company’s website has occurred; (3) the sales price is fixed or determinable; and (4) collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract between the Company and the customer. For sales to distributors, revenue is usually recognized at the time of delivery. The Company defers revenue on products sold to distributors for which there is a lack of credit history or if the distribution may be in a new market in which the Company has no prior experience. The Company defers recognition in these situations until cash is received. For sales through the Company’s website, revenue is recognized at the time of shipment.
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