GNNX - What the heck does this mean? To me it reads 1.8million (contract receivable) in sales hasn't actually taken place yet, but they are reporting the income in any case.
This from the release;
Note 1. Contract Receivable
In August 1997 Hollywood Showcase Television Network Inc. purchased in a tax free exchange a company named Genesis
Group Inc. One of the assets received is a contract for the sale of certain films. The terms of the contract call for monthly
payments beginning March 1, 1998 in the amount of $100,000 per month for six months and $200,000 per month for the next
24 months totaling $3,000,000. Beginning October 1, 1999 a licensing fee of $100,000 will be paid to the Company monthly,
until September 1, 2002, total of contract being $5,400,000. Analysis of the available records of Genesis Group indicates that
the cost of the 380 films purchased was $2,184,625. This transaction will be treated as an installment sale, and will be reported
for taxation on the same basis.
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