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NOTE 3 - CUSTOMER DEPOSITS
12 Months Ended
Dec. 31, 2023
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 December 31, 2023 and December 31, 2022, the balance due under customer deposits was $310,025 and $231,418, respectively.