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Note 3 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)
9 Months Ended
Dec. 31, 2014
Policies  
Revenue Recognition

(e)     Revenue Recognition

 

Revenue is recognized when the four basic criteria of revenue recognition are met:  (1) a contractual agreement exists; (2) transfer of rights has been completed; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. 

 

The Company may enter into product development and other agreements with collaborative partners. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations.

 

The Company recognizes up front license payments as revenue upon delivery of the license only if the license has standalone value to the customer. However, where further performance criteria must be met, revenue is deferred and recognized on a straight line basis over the period the Company is expected to complete its performance obligations.

 

Royalty revenue will be recognized upon the sale of the related products provided the Company has no remaining performance obligations under the agreement.