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NOTE 4 - DEFERRED REVENUE
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12 Months Ended |
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Dec. 31, 2012
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| Deferred Revenue [Abstract] | |
| NOTE 4 - DEFERRED REVENUE |
NOTE 4 - DEFERRED REVENUE
As part of a debt refinancing in 2000 with Worlds Inc. (formerly Worlds.com), $631,950 of debt was renegotiated to deferred revenue representing future services to be provided by the Company. $355,000 has been amortized into income through December 31, 2010. The balance of $276,950 has been transferred to the Company. During the period presented herein, $50,000 has been amortized into income in 2011 leaving a balance at December 31, 2011 of $226,950. Nothing has been amortized into income in 2012 as no services were performed, leaving the balance unchanged at $226,950 at December 31, 2012. |
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- Details
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- Definition
The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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