Summary by Moomoo AI
SciSparc Ltd., a company listed on the US stock exchange under the ticker SPRC.US, has responded to a comment from the Securities and Exchange Commission (SEC) regarding its 2022 Form 20-F filing. In a letter addressed to SEC staff members Christine Torney and Daniel Gordon, dated January 5, 2024, SciSparc outlined its future revenue recognition accounting policy as requested. The policy details how the company will handle sales through its online Amazon stores, including the right of return for customers ranging from 30 to 90 days, and the recognition of revenue and refund liabilities. SciSparc also clarified its role as the principal in certain contracts, determining revenue recognition on a gross basis. The company emphasized its responsibility for the accuracy of its disclosures and expressed its readiness to provide further information or discuss the matter with the SEC.