Annual report pursuant to Section 13 and 15(d)

Note 3 - Revenue Recognition

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Note 3 - Revenue Recognition
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3.

Revenue recognition

 

The Company has historically generated revenues by recycling lead acid batteries (“LABs”) and selling the recovered lead to its customers. Primary components of the recycling process include sales of recycled lead consisting of lead compounds, ingoted hard lead and ingoted AquaRefined lead as well as plastics. The Company commenced the shipment of products for sale, consisting of lead compounds and plastics, in April 2017, and through March 31, 2018, all revenue was derived from the sale of lead compounds and plastics. In April 2018, the Company began shipping lead bullion in addition to lead compounds and plastics. In June 2018, the Company began shipping high purity lead from its AquaRefining process.

 

The Company was not in commercial production in 2020. The nominal revenue generated during the year ended  December 31, 2020, resulted from the sale of inventory. Revenue from products transferred to customers at a single point in time with the delivery of the Company’s products to customers accounted for 100% of our revenue during the years ended December 31, 2020 and December 31, 2019.