SIONIX CORP - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - August 16, 2011



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v2.3.0.11
Deferred Revenue
9 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Deferred Revenue

Note 5 – Deferred Revenue

 

In June 2010, the Company received an order for a Mobile Water Treatment System (“MWTS”), which required a deposit. As of December 31, 2010, the Company had completed its design and manufacture of the system and has put the unit in place, and as of December 31, 2010 and September 30, 2010, customer deposits were $648,000 and $300,000, respectively. These deposits were classified as deferred revenue and reported net of related deferred costs of $28,168 and $0 at December 31, 2010 and September 30, 2010, respectively.

 

In March 2011, the Company entered into a settlement agreement with the MWTS customer, which included return of the MWTS unit to the Company, forfeiture of customer deposits, and re-pricing of a warrant previously issued to the customer.  Other income of $470,132 was recognized in the nine months ended June 30, 2011, representing the net impact of the above items.

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