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Financial report summary
?Management Discussion
- We had revenues from subscription in amount of $1,020 and $17,175 for the three and nine months ended July 31, 2019, respectively, compared to the revenues of $8,470 and $35,921 during the three and nine months ended July 31, 2018, respectively.
- Effective November 1, 2018, the Company adopted ASC 606- Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of service contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligations are satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605- Revenue Recognition. Under 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of services has been rendered to the customer or delivery occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.
- There was no impact on the Company’s financial statements as a result of adopting Topic 606 for three and nine months ended July 31, 2019 or on prior periods.