"I can't see any reason why not, unless somehow in the agreement states that SP takes all the revenue and then divides it according to the ownership of the parties at the end of the fiscal year."

Agreed to an extent. SP should record the revenue related to the products and services they provide to their customers and Poet should record and recognize the products and services they provide and in this case subject to the pricing within the JV agreement. Since these entities operate in multi jurisdictions the issue of transfer pricing becomes prevalent since each jurisdiction will want their part of the pie.

The other complicating issue is the accounting treatment of being involved in a JV. The notes to the financial statements will describe how transactions are reported within Poet which may assist you or quite likely confuse the hell out of you.

At the end of the day, the financial statements are audited annually and I don't have a concern on the transactions with SPX. Let's focus on revenue outside of that JV for this is the only thing that will convince the market of the true and future value of Poet. This has to happen sooner rather than later and is the only thing that will curtail the trader activity that is punishing the share price.