Revenue Recognition Date

The date on which the company has met all revenue recognition requirements per GAAP/IFRS as determined by the CFO. This is a change driven by the adoption of ASC 606, which created a new revenue recognition criterion by merging the GAAP and IFRS concepts. Under ASC 606, revenue is recognized when the following criteria are met:  (1) customer contract exists with (2) identifiable performance obligations; (3) transaction price determined and (4) allocated appropriately; and (5) satisfaction of the performance obligation.

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