Replies to post #202757 on DD Support Board and Research Team

[OMOLIVES]

No...refer to the SEC's question. The argument may lie within the term "net" vs. "gross"....maybe not. My point is that such is GAAP and perfectly fine as journal entries.

Let me switch to another example of how things can be skewed yet follow GAAP.

A borrower issues a USD1 Million note @5 points over prime. The borrower must enter such as a liability...of course

A borrower issues a perpetual USD1 Million note @5 points over prime. The borrower must enter such as an asset..of course.

Both are GAAP and accurate entries.

So something should be amortized? eventually if this cat wants such to be legit with his OTC financials upload...eh? But I kind of doubt that...lol.

[1manband]

You are correct. Neither the deferred revenue nor the accounts receivable are GAAP compliant.

They are just making stuff up.