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NOTE 4 - DEFERRED REVENUE
6 Months Ended
Jun. 30, 2012
Revenue Recognition [Abstract]  
NOTE 4 - DEFERRED REVENUE

NOTE 4 – DEFERRED REVENUE

 

Deferred revenue represents advance payments for the license, the design and development of the software, content and related technology for the creation of an interactive, 3D entertainment portal on the internet. As part of a debt refinancing in 2000, $631,950 of debt was renegotiated to deferred revenue representing future services to be provided by the Company. During 2010, $265,000 worth of services was provided leaving a balance of $276,950 at December 31, 2010. As part of the spin off, the deferred revenue agreement was transferred to Worlds Online Inc. as of June 30, 2012, the balance is $0.