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NOTE 3 - CUSTOMER DEPOSITS
9 Months Ended
Sep. 30, 2022
Notes  
NOTE 3 - CUSTOMER DEPOSITS

NOTE 3 – CUSTOMER DEPOSITS

 

The customers deposit account relates to payments received from customers before product has been shipped. When the product is shipped the Company recognizes the associated revenue by reclassifying the customer deposit to the appropriate revenue account. By contrast, the Contract Liabilities account (see Note 4) relates to long-term contracts where revenue is recognized over the term of the contract. For the periods ended September 30, 2022 and December 31, 2021, the balance due under customer deposits was $231,418 and $170,870, respectively.