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Entertainment Gaming Asia Inc. Message Board

  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Dec 8, 2006 7:38 PM Flag

    the dog that didn't bark

    Should one focus on "first" or on "many" in this quote from :

    "...Gordon Yuen, Elixir CEO commented, 'This is the first of many commercial transactions that will....'"

    Will the revenue be booked in 2006?

    a quote from the 2nd quarter 2006 10-Q ( ):

    "The Company also recognizes revenue on bill and hold transactions when the product is completed and is ready to be shipped and the risk of loss is transferred to the customer. In a certain case, at the customers� request, the Company is storing the product for a brief period of time. Management evaluates the criteria set forth in SAB 104 related to "bill-and-hold" transactions, precedent to revenue recognition whenever delivery has not occurred. In the current quarter, the Company recognized $1,197,270 in revenue. 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."

    If this one isn't 2006 revenue, how much RFID chip sale revenue will there be in 2006?

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