Replies to post #236457 on On4 Communications Inc (ONCI)

[Anvil]

Wait, what about the accounting questions you had? I am going to provide the information in easily understandable steps.

Now about the definition of current assets and customary trade terms.

[Anvil]

Let’s use a hypothetical and assume the company actually has real sales.

Now they sell there app/product to an insurance company. They extend customary terms 2% net 10, due in 30 days.

Means the buyer gets a 2% discount if paid within 10 days of invoice date, but due in 30 days.

Now the insurance not only doesn’t take advantage of the discount, but hasn’t paid the invoice in 180 days.

The invoice is now 150 days past due or 5 months. At what point, does the seller start to reserve for the uncollectabilty of the A/R?

GAAP would say it should be accounted for as uncollectable once it gets past 90 days past due.

[Shark Tank]

FALSE , 5 BILLION SHARES OF FRESH DILUTION COMING !! FINANCIALS HAVE NEVER BEEN AUDITED !! ITS A PND BURIAL GROUND !!