James Kelly Revenue Recognition Experience

COMPANY INDUSTRY PRODUCT or SERVICE REVENUE RECOGNITION

RatePoint (as CFO) Email marketing Monthly recurring service, Software as a Service (SaaS) based software model

Daily revenue recognition of recurring stream, auto billing and collection. Used for revenue recognition; SAB 101, SAB 104, SOP 97-2, SOP 81-1, SFAS #48, EITF 00-21. Pricewaterhouse Coopers used for three year audit.

Top Layer Networks (as CFO)

Internet security, intrusion detection & prevention (IPS)

Network hardware appliance with software, implementation and at times custom code writing and professional services

In addition to using most of the above accounting guidelines, also used VSOE (vendor specific objective evidence), PCS (post contract support) and professional services contracts for recognizing revenue. Multiple element arrangements were the most common revenue recognition deals at the Company. Worked side-by-side with worldwide revenue recognition expert at Pricewaterhouse Coopers who was the partner on all audits of the Company during my tenure. Also, nearly took the Company public in London on the Alternative Investment Market (AIM).

Gold Wire Technology (as CFO)

Internet security appliance with remote control server management

Hardware, software and post contract services

Used many of the same accounting guidelines as the two positions above.

Performaworks (as CFO) Workforce management software focusing on 360 degree goal and employee performance management.

Enterprise software. Typically enterprise license model scaled by number of users.

Baltimore Technologies (as US CFO, public FTSE Company on the London Stock Exchange)

Internet security company providing public key infrastructure (PKI) software

Various software license models, professional services, implementation services, custom code writing

Significant exposure to International Reporting Financial Standards (IFRS). Variety of software models used; seat, enterprise, perpetual, etc. A variety of the accounting guidelines mentioned in item number 1 above were used for revenue recognition.

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James Kelly Revenue Recognition Experience

COMPANY INDUSTRY PRODUCT or SERVICE REVENUE RECOGNITIONCyberTrust Solutions (as CFO)

Internet security industry, with public key infrastructure and digital certificates being the primary focus along with a healthy dose of internet consulting to large corporations and the major telecommunication carriers

Software, professional services, implementation services and custom code writing

Multiple element arrangements, VOE, VSOE, a variety of software licensing arrangements, revenue sharing and a variety of revenue recognition policies and applications.

GTE Internetworking, formerly Genuity and BBN Technologies (as Chief Financial Manager)

Internetworking and application of cutting edge internet applications within the network

Primarily internet consulting provided by some of the world’s most renown internet engineers. I worked with personally some of the engineers who developed the 7 layers of IP and worked with and know the person that developed the “@” sign in email protocol.

Mostly professional and implementation services with some of the world’s largest companies and telecommunication providers. Primarily and time and material (T&M) and/or fixed priced contract revenue recognition model.

The Kellaway Group (as CFO)

Multimodal transportation. Services, which included trucking, container storage, warehousing and multi-modal services. Fourteen companies comprised the group, all offering a variety of services.

Primarily a service revenue recognition model on a pay-as-you-go basis.

Pioneer Medical Systems (as CFO)

Medical alert services primarily for the elderly.

Monthly recurring service fees, including hardware rentals and leases.

Recurring revenue recognition model.

OTHER RELEVANT CORPORATE EXPERIENCEI have deep and broad experience in the internet, telecommunications and high-technology industries. Some of the companies I have worked with include; Verizon, BBN Technologies, Genuity, GTE Internetworking, CyberTrust Solutions, Baltimore Technologies, Top Layer Networks, Afides, Gold Wire Technologies, etc.I am comfortable with all of the latest internet technologies and have had a long and deep relationship with the internet, networks, telecommunications, servers, NOC’s, wirleline and wireless technologies, internet security, PKI and certificate providers.

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