Revenue is basically cash receipts. We had $264,344 hit our bank account from the sale of gas.
The $1.05 is in accounts receivables. We have sold the gas, but the money has not hit our account.
The total for the quarter is $1,314,344, give or take the rounding they used for receivables.
We cannot claim the $1,050,000 as revenue as we don't have it; if we did, we would be paying tax on money we don't have. However, the company now has an asset of $1,050,000 on the books, and we don't own the gas.
This is done in accounting so that when the quarter ends, or the financial year, you don't have to pay tax on the money you have not received in your bank. It shows as an asset, not revenue.
ROG Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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