According to its Annual Report filed with the SEC for fiscal year 2014: "Near the conclusion of the second quarter, our United Kingdom subsidiary inadvertently permitted one individual to open a business membership in the name of Iran Air. The transaction has been reversed and the membership was canceled on March 12, 2014. Because of the cancellation the Company has recognized no revenue associated with the transaction."
According to its Annual Report filed with the SEC for fiscal year 2013: "During the second and third fiscal quarters of 2013, we had as cardholders at our subsidiary in Japan four individuals under two business memberships in the name of the Embassy of the Islamic Republic of Iran (“Embassy”). In the same time period, we had as cardholders in our United Kingdom subsidiary two individuals under one business membership in the name of Iran Air. Gross revenue in the second and third quarters of 2013 attributable to the memberships associated with the Iran Embassy was approximately $5,178, and our estimated profit on these transactions was less than $160. The Company recognized no revenue or profit attributable to the Iran Air membership in the second and third quarters of 2013. The Iran Air membership and one of the Iran Embassy memberships were canceled during the second quarter of 2013, and the remaining Iran Embassy membership was canceled in June 2013, prior to which time an additional $319 in revenue and less than $8 in estimated net profits were earned in the fourth quarter of 2013. The Company does not intend to continue these activities."
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Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.