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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Aug 14, 2006 6:11 PM Flag


    RFID Casino Chips sales for the quarter were $1,197,270 (Note 2 on page 5, or page 11, or page 13).

    On page 7 appears:

    "Note 7 - Significant Transaction

    In June 2006, pursuant to the criteria set forth in Staff Accounting Bulletin (SAB) 104, the Company recognized $1,197,270 in revenue from a �bill and hold� transaction. The transaction was with an international customer, and the goods were held, at the request of the customer. The transaction was determined to have met the SAB 104 criteria for revenue recognition in the current quarter, including the following:

    The risk of ownership had passed to the buyer,

    The customer made a fixed commitment to purchase the goods, in writing,

    The buyer requested that the transaction be on a bill and hold basis, and that the buyer had a substantial business purpose for ordering the goods on a bill and hold basis,

    There was a fixed schedule for delivery of the goods,

    The Company did not retain any specific performance obligations such that the earnings process is not complete,

    The ordered goods were segregated from the Company's inventory and not be subject to being used to fill other orders (because they were manufactured to the customer�s unique specifications), and

    The product was complete and ready for shipment to be completed.

    The product has been shipped to the customer subsequent to June 30, 2006."

    slipped in under the wire!

1.800.00(0.00%)Feb 11 2:43 PMEST