The proper accounting method is to record the sale when the sale takes place. NOT when cash is received. This is GAAP (generally accepted accounting principles) which is the standard in the USA.
Example- sale occurs Jan 31st. Walmart pays enzc 90 days later on April 30th. The sale is recorded in January. Revenue is January revenue on financials. When cash is received has no bearing on the date the revenue is reported. A receivable is recorded on the books from Jan 31 through April 30th. On Apr 30 the cash receipt is recorded and the receivable is eliminated.
Exception- a business can elect to report in cash basis which records the revenue when the cash is received or the expense when the cash is paid. This is used by small businesses who do not have accounting staff to accurately record activity in the correct accounting leriod. Enzc should not be reporting on a cash basis.
Its strange that the Bulgarian company has been selling IPF for years and we do not see related revenue on the financials. I think there was approx 200k of revenue reported many quarters ago. Maybe that was for the initial sale from enzc to the Bulgarian co. I’m curious as to why we have not seen additional revenue reported since then. Hopefully the USA sales through OneLavi and Walmart are reported more timely and with more transparency.
No denying there were sales of IPF through OneLavi in December. Many on this board and twitter made purchases in Dec. I expect to see some revenue reported on the year end 2022 financials. The Jan, Feb, Mar sales should be reported on the Q1 financials no matter when payment is made from OneLavi or Walmart.
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