IMPACT BIOMEDICAL INC.

New language

The Company’s primary performance obligation is the delivery of the product to the customer., Revenue is recognized at a point in time, generally upon shipment or delivery, depending on the applicable terms of sale, when control, title, and risk of loss have transferred to the customer and the Company has a right to payment.

Prior filed

2025-11-07

Prior form

10-Q

Similarity

0.511

Source

revenue recognition note comparison

Threshold

0.6

Why

The revenue recognition policy disclosure changed materially from the previous comparable filing.

Language present now, absent from the prior filing:

• The Company’s primary performance obligation is the delivery of the product to the customer.
• Revenue is recognized at a point in time, generally upon shipment or delivery, depending on the applicable terms of sale, when control, title, and risk of loss have transferred to the customer and the Company has a right to payment.

Adopted

2023-07

Adoption year stated

2024

Caveat

The filing states this standard was adopted in 2024, so this is the first time it has been cited in this series rather than a change of policy in the current period.

Contexts

The Company adopted ASU 2023-07 effective January 1, 2024.

New standards

2023-07, 2025-05

Prior filed

2025-03-28

Prior form

10-K

Restates existing policy

Yes

Source

accounting standards update (ASU) reference comparison

Why

An accounting standard (ASU) appears in this filing that did not appear in the previous comparable one, in a sentence describing it as adopted. That is a change in what the company discloses, which is not always a change of policy in the current period: the filing may state an adoption date years earlier.