Luminart - LUMNF, LUMN-T Message Board

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Microcap & Penny Stocks : Luminart - LUMNF, LUMN-T

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To: Kit H. Lou who wrote (45)	9/27/1996 8:31:00 PM
From: Chuck Bork	of 329

to all ---- as an accountant, the income from sales is recorded when "earned" not when collected. If the auditors believe there is a possiblity that the income will not be collected then it should not be recorded as "earned". The auditors are most likely more concerned about a lawsuit, if the India income is not collected, and then must be wrote off in 1997. So to protect themselves they just leave the income off 96 statement. How much of 1996 income & net income was from the India contract? I'm long lumn, hope to see better mgmt soon.

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