NOTE 4: SIGNIFICANT ACCOUNTING POLICIES: Research and Development (Policies)
|9 Months Ended|
Sep. 30, 2019
|Research and Development||
Research and Development
The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (ASC 730-10). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $426,665 and $350,588 for the three months ended September 30, 2019 and 2018 respectively. The Company incurred research and development expenses of $1,950,981 and $1,701,986 for the nine months ended September 30, 2019 and 2018 respectively.
Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef