Accounting rules whether GAAP or non GAAP do not allow you the hide revenue, but they do allow you discretion of when you convert a receivable or cash payment on the balance sheet into revenue on the income statement. In other words a sale has be be accounted for on the Balance Sheet even if it not taken into revenue on the income statement. According to VLDI's latest balance sheet they have taken in no cash and there is no receivable that can be taken into revenue.
I guess next we will hear they did another Ganthet type deal where a customer (Bruce/Ganthet) bought debt and then converts that debt into a purchase from VLDI. That is possible but highly unlikely since even thou Bruce did it once with Ganthet it was highly suspect since full disclosure rules should have footnoted that debt as an option to purchase which it did not when that debt was created.
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