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New words:
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Financial report summary
?Management Discussion
- Licensing revenue was $11,176 for the three months ended September 30, 2023 and $12,395 for the three months ended September 30, 2022, a decrease of $1,219, or 9.8%. The licensing revenue is a result of the license agreement with Reprise. The remainder of minimum royalties due from Reprise for 2023 are due in January 2024. The remainder of the minimum royalties due from Reprise for 2021 have been deferred to 2023. Due to the uncertainty regarding the collectability of the 2021 and 2023 minimum royalties from Reprise, we determined the contract did not meet the requirements of ASC 606; therefore, we did not record revenues or a receivable.
- Cost of goods sold was $125,000 for both the three months ended September 30, 2023 and 2022. Cost of goods sold relates to the minimum royalty due to the University under our license agreement.
- Gross loss was $113,824 for the three months ended September 30, 2023 and $112,605 for the three months ended September 30, 2022, an increase of $1,219, or 1.1%.