QVDX » Topics » Revenue Recognition - Resellers

This excerpt taken from the QVDX 10-Q filed Oct 31, 2006.
Revenue Recognition — Resellers
 
The Company has distribution contracts with third party resellers. The Company relies upon the resellers to report sales of licenses accurately and timely. Third party resellers may not report sales to the Company in a timely manner or the reports may later be found by the Company to be incomplete. In these instances, the Company recognizes revenue in the period the sales are initially reported or later accurately reported to the Company, provided all revenue recognition criteria have been met under Statement of Position (SOP) 97-2 “Software Revenue Recognition.” Under SOP 97-2 revenue should be recognized when there is persuasive evidence of an arrangement, delivery of the software to the reseller, a fixed or determinable fee, and collectibility is probable. Approximately 3% of the Company’s revenue comes from resellers. In June 2006, we received approximately $0.5 million of revenue from a reseller, which according to information provided by the reseller represented installation of our product from the second half of 2005.
 
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