SEC Company Response from FOOD TECHNOLOGY SERVICE INC (CIK 0000868267) — Aug 22, 2005
FOOD TECHNOLOGY SERVICE INC (CIK 0000868267)
Date: Aug. 22, 2005 · CIK: 0000868267 · Accession: 0000868267-05-000016
AI Filing Summary & Sentiment
File numbers found in text: 000-19047
Letter
August 16, 2005 VIA U.S. MAIL AND FAX (202)772-9209 Mr. Jose Forgione Staff Accountant Division of Corporation Finance Securities and Exchange Commission 100 F Street NE. Washington, D.C. 20549
Re: Food Technology Service, Inc. Form 10-KSB for the year ended December 31, 2004 File No. 000-19047
Dear Mr. Forgione
This responds to your letter of April 27, 2005 seeking additional explanation On how the recognition of revenue by the Company at the time of processing meets the delivery and performance criteria in SAB 101, as amended by SAB 104. The Company meets these criteria because upon completion of irradiation processing, our service has been rendered and revenue collection is reasonably assured.
You also posed the question as to whether the Company retains any risk after the product is processed but prior to pick-up or shipment to our customer. Any potential loss of customer-owned property on our premises to fire, windstorm, theft or other events is adequately covered by insurance and therefore the Company does not retain any risk.
As requested in your letter, I am confirming that the Company will revise our disclosure in future filings in response to your prior comments 2 and 3.
Sincerely,
/s/ Richard G. Hunter
Richard G. Hunter
President and CEO
Show Raw Text
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FOOD TECHNOLOGY SERVICE, INC.
502 PRAIRIE MINE ROAD
MULBERRY, FL 33860
(863)425-0039
August 16, 2005
VIA U.S. MAIL AND FAX (202)772-9209
Mr. Jose Forgione
Staff Accountant
Division of Corporation Finance
Securities and Exchange Commission
100 F Street NE.
Washington, D.C. 20549
Re: Food Technology Service, Inc.
Form 10-KSB for the year ended December 31, 2004
File No. 000-19047
Dear Mr. Forgione
This responds to your letter of April 27, 2005 seeking additional explanation
On how the recognition of revenue by the Company at the time of processing
meets the delivery and performance criteria in SAB 101, as amended by SAB 104.
The Company meets these criteria because upon completion of irradiation
processing, our service has been rendered and revenue collection is reasonably
assured.
You also posed the question as to whether the Company retains any risk after
the product is processed but prior to pick-up or shipment to our customer. Any
potential loss of customer-owned property on our premises to fire, windstorm,
theft or other events is adequately covered by insurance and therefore the
Company does not retain any risk.
As requested in your letter, I am confirming that the Company will revise our
disclosure in future filings in response to your prior comments 2 and 3.
Sincerely,
/s/ Richard G. Hunter
Richard G. Hunter
President and CEO
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