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International Baler Corp – ‘10-Q’ for 4/30/20 – ‘R10’

On:  Friday, 6/12/20, at 3:18pm ET   ·   For:  4/30/20   ·   Accession #:  1607062-20-157   ·   File #:  0-14443

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/12/20  International Baler Corp          10-Q        4/30/20   43:1.4M                                   SimpleSEC/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    183K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     20K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     20K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     14K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     14K 
15: R1          Document and Entity Information                     HTML     47K 
29: R2          Condensed Balance Sheets (Unaudited)                HTML    105K 
42: R3          Condensed Balance Sheets (Unaudited)                HTML     35K 
                (Parenthetical)                                                  
20: R4          Condensed Statements of Income (Unaudited)          HTML     82K 
16: R5          Condensed Statements of Stockholders' Equity        HTML     34K 
                (Unaudited)                                                      
30: R6          Condensed Statements of Cash Flows (Unaudited)      HTML     68K 
43: R7          Nature of Business                                  HTML     18K 
21: R8          Basis of Presentation                               HTML     19K 
14: R9          Summary of Significant Accounting Policies          HTML     28K 
34: R10         Revenue from Contracts with Customers               HTML     26K 
38: R11         Related Party Transactions                          HTML     20K 
25: R12         Inventories                                         HTML     19K 
12: R13         Debt                                                HTML     18K 
35: R14         Income Taxes                                        HTML     20K 
39: R15         Commitments and Contingencies                       HTML     21K 
26: R16         Subsequent Events                                   HTML     19K 
13: R17         Summary of Significant Accounting Policies          HTML     43K 
                (Policies)                                                       
36: R18         Summary of Significant Accounting Policies          HTML     20K 
                (Tables)                                                         
37: R19         Revenue from Contracts with Customers (Tables)      HTML     18K 
23: R20         Inventories (Tables)                                HTML     20K 
17: R21         Summary of Significant Accounting Policies -        HTML     24K 
                Warranty Accrual (Details)                                       
27: R22         Summary of Significant Accounting Policies          HTML     16K 
                (Details Narrative)                                              
40: R23         Revenue from Contracts with Customers -             HTML     26K 
                Disaggregated revenue (Details)                                  
24: R24         Revenue from Contracts with Customers (Details      HTML     16K 
                Narrative)                                                       
18: R25         Related Party Transactions (Details Narrative)      HTML     27K 
28: R26         Inventories - Inventories (Details)                 HTML     23K 
41: R27         Debt (Details Narrative)                            HTML     35K 
22: R28         Income Taxes (Details Narrative)                    HTML     16K 
19: R29         Commitment and Contingencies (Details Narrative)    HTML     19K 
31: XML         IDEA XML File -- Filing Summary                      XML     68K 
33: EXCEL       IDEA Workbook of Financial Reports                  XLSX     32K 
 6: EX-101.INS  XBRL Instance -- ibal-20200430                       XML    264K 
 8: EX-101.CAL  XBRL Calculations -- ibal-20200430_cal               XML     97K 
 9: EX-101.DEF  XBRL Definitions -- ibal-20200430_def                XML     86K 
10: EX-101.LAB  XBRL Labels -- ibal-20200430_lab                     XML    327K 
11: EX-101.PRE  XBRL Presentations -- ibal-20200430_pre              XML    242K 
 7: EX-101.SCH  XBRL Schema -- ibal-20200430                         XSD     60K 
32: ZIP         XBRL Zipped Folder -- 0001607062-20-000157-xbrl      Zip     38K

‘R10’   —   Revenue from Contracts with Customers

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.1
Revenue from Contracts with Customers
 6 Months Ended
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

4. Revenue from Contracts with Customers:

 

a) Overview

 

The Company adopted ASC 606 on November 1, 2018. The Company recognizes revenues from the sale of finished products upon shipment and the transfer of control to the customer. The other elements may include installation and, generally, a one-year warranty. Equipment installation revenue is valued based on estimated service person hours to complete installation and is recognized when the labor has been completed and the equipment has been accepted by the customer, which is generally within a couple days of the delivery of the equipment. Warranty revenue, if sold separately, is valued based on estimated service person hours to complete a service and generally is recognized over the contract period.

 

All other product sales with customer specific acceptance provisions are recognized at a point in time upon customer acceptance and the delivery of the parts or service. Revenues related to spare part sales are recognized upon shipment or delivery based on the trade terms.

 

Generally, pricing is fixed and the majority of the Company’s contracts have short duration and a single performance obligation to deliver a configured to order baler and related equipment to the customer. The Company has elected to expense shipping and handling costs as incurred.

 

In the first six months ended in April 30, 2020 deferred revenue of $566,300 from the fiscal year ended October 31, 2019 was recognized.

 

b) Disaggregation of Revenue

 

Disaggregated revenue is by primary geographic market is as follows:

 

Revenue by Geographic Area   Six Months Ended
April 30, 2020
United States   $ 3,807,552  
International     217,652  
Total   $ 4,025,204  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:6/12/20
For Period end:4/30/20
10/31/1910-K
11/1/18
 List all Filings 
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Filing Submission 0001607062-20-000157   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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