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I see you are now in agreement with me. I told you the other day that BGL is a Development Stage Company.
The auditor's for BGL omitted this on the Financial Statements.
It needs to be noted at the top of each page (the Header) of the financial statements when a company is a "development stage" company.
It also needs to be explained in the footnotes.
BGL's auditors failed to do this. I wish them luck in their next peer review........lol
Junior Mining 101, GAAP 101........maybe it's time for some more advanced course-work.
Looking forward to news from SRGE/MSJ!!!!!!!
Earnest, you were explaining "GAAP 101" the other day (GAAP = Generally Accepted Accounting Principles).
Here's a GAAP 101 rule for you: When a company has no revenues.....they S-U-C-K (see BGL's financial statements for example)....
lol (ja, ja, ja)
Looking forward to SRGE/MSJ moving on from the gnat called BGL
BGL has no revenues. How are they paying their attorneys?
With worthless BGL shares that don't trade?
.....just a few questions to ponder.....
Another 76,000,000 shares issued to a Convertible Loan Note Holder bringing the total issued and outstanding to 499,132,134.
I have one simple question:
When is this going to end? i.e. How many more "Convertible Loan Note Holders" are there to be compensated?
None of this is complicated. MSJ bought SRGE's assets.
BGL is throwing a hissy fit and MSJ will tell us what is going on after they put BGL back into their box for good.
Simple. Not complicated at all.
Sorry, SRGE does not need a business license. The assets of SRGE were purchased by MSJ.
Try again.
The 9/13/13 filing stated that 120,000,000 shares were issued to bring the total shares issued and outstanding to 423,132,134.
What a mess.....there seem to be a lot more shares than this being transacted............especially if about 70% is in the hands of more than 5% shareholders.
Are we missing a Disclosure of Material Stockholding for CASTLEWOOD CAPITAL GROUP? They acquired 30,000,000 shares on 9/13/13.
ARTCO: 40,812,642 (includes 30,000,000 from 9/13/13)
EMERALD: 41,284,702 (includes 30,000,000 from 9/13/13)
HIGHWAVE: 41,284,702 (includes 30,000,000 from 9/13/13)
STREETSIDE: 47,027,048
DIAMOND PEAK: 56,895,570
SEARCHLIGHT: 23,272,000
TED BLOM: 12,000,000
LOWENTHAL: 12,000,000
If you include 30,000,000 shares for Castlewood.....all this adds up to 304,576,664 or 71.98% of the total outstanding shares of 423,132,134.
Varmit, you'd better file a Disclosure of Material Stockholding...or I guess you advise the Company of your holdings and they file one. I'm not sure how it works.
Wow. I have clearly shown through my last post that the Exploration and Evaluation Assets of BGL totaling $14,595,903 have been reported at cost. Not Net Realizable Value.
This "asset" is mostly made up of overhead costs capitalized.
There is no Net Realizable Value.
Net Realizable Value is what something can be sold at.
There is no way to sell a bunch of overhead costs that have been capitalized.
You need to have gone past "GAAP 101" to have this knowledge.
Why is any of this important?
It's important because you have been stating here for the last 6 months that BGL has $15 Million in assets. And, that is true. But let's unveil what those Assets are. 94.35% of total assets is comprised of capitalized costs that the company has not assigned a Fair Market Value to. Can you blame them? there is no way to value these costs.
This asset (costs) will all be written off as a loss once it has been established that the Company does not have the legal rights to the properties it has been assigning costs to.
We will never see that financial statement; there would be no reason to get an audited financial statement for a bankrupt company.....lol
Looking forward to SRGE/MSJ leaving BGL behind on the ash heap of investing
BGL has reported their Exploration and Evaluation assets at cost per Note 14 of the Financial Statements:
"Fair Value as deemed cost
The Company may elect among two options when measuring the value of its assets under IFRS. It may elect, on an asset by asset basis, to use either historical cost as measured under retrospective application of IFRS or fair value of an asset at the opening balance sheet date. THE COMPANY HAS ELECTED TO USE HISTORICAL COST FOR ITS PROPERTY AND EQUIPMENT AND EXPLORATION AND EVALUATION ASSETS."
Like I said, I'm a CPA, reading this stuff is like other people reading the sports page.
Looking forward to SRGE/MSJ getting this BGL mess behind them and going forward.
BGL is going to take a hit for $9,924,305 and go bankrupt imo. It's no wonder there is so much desperation here.
If I were auditing this company, I would have made a reserve for the $9,924,305 hit you are about to take....instead of burying it in the footnotes.
When SRGE/MSJ sorts out this mess with BGL, BGL will have to write-off its Exploration and Evaluation "assets" or Costs associated with Cinco Minas........OUCH!!!!!
That is going to be a bigtime hit!!!!
I see some problems with the Audited Financial Statements of BGL. When you have a company with no revenues (like our good friend BGL), you should note in the title of the statements and in the footnotes that it is a Development Stage company.....It should definitely be in the Auditors Report imo.
I do love the last sentence of Note 9: "Should the ruling be in favour of the defendant, the Company would be required to recognize an impairment charge on the property of for $9,924,305."
lmao........MSJ is the defendant........Go MSJ!!!
I am a CPA, so I can help you out with this. Bandera's "Exploration and Evaluation Assets" of $14,595,903 are reported at Cost. Not Net Realizable Value.
These costs consist mostly of general and administrative costs as noted in Footnote #4.
As I said earlier, this 'asset' can be amortized but has no value to be sold.
Hope the following helps you out:
Read the following from BGL's financial statement Note 2(e) under Significant Accounting Policies:
Note 2
e) Exploration and Evaluation Assets
Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration and evaluation of mineral properties are capitalized by property. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur.
When a project has been established as commercially viable and technically feasible, related development costs are capitalized into development costs on the statement of financial position.
This includes costs incurred in preparing the site for mining operations. Capitalization ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit.
Exploration and evaluation assets are also tested for impairment before the assets are transferred to development costs.
When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written-off to the statement of operations and comprehensive loss.
The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.
I think Gold methodically advances to $1,550 by 12/31/13
Is there still a Chill on FFGO?
In the last few trading sessions, there have been some buys at $.0006. I realize the volume is still low.....but somebody appears to have bought 5 Million shares at $.0006 on Thurs/Friday.
Does somebody have $3,000 to just toss away?
I don't think so.
I think somebody is slowly accumulating shares and trying to stay under the radar.........We will see.
The $15 Million in assets for BGL is comprised mostly of capitalized development costs. ie. Accounting fees, legal fees, concession taxes, drilling and other geology costs.
While these capitalized costs can be amortized over time....they are not assets that can be sold. the total capitalized costs are $13,879,087 at 11/30/11.
I don't know if this "fully reporting" company has issued a financial statement since that time.
I do see the reference to the Cinco Minas project in Note 4. Is there any updated Note about legal proceedings regarding SRGE and MSJ?
The last financial statement I can find for BGL was for the year ended 11/30/11.
Have there been any financial statements issued for BGL after 11/30/11?
Looking forward to the NMGL filing (wow, that's an understatement)...hopefully the reporting is all done and management just needs to 'flip the switch' to file (if they are waiting for a go ahead)!
You guys are right...NMGL will mention FFGO in their filing.
It blows me away how active this board is for a stock that no longer trades................something is still brewing here imo
rangerxlt, do you have any idea when these 'websites'/webpages were set up saying that we will get all the facts?
Thanks
Whoops....I found the post about September. It's supposed to run in September....(not an update)....Maybe the run has started a few weeks early!!
Rockafuller, I have cincominas.com bookmarked and am ready for a September update! Go longs!!!!!!!!!!!!!
p.s......who was it who predicted a September update?
Do we know for certain that a "chill" has been placed on FFGO?
If so, how does this help us longs?
Thanks
AlanC, thank you for your informative post. However, I don't think you answered jufel's question (which is the same question I have). Do we know for certain that the SEC/DTCC/FINRA/FBI is looking into or investigating a naked short-sale problem with FFGO?
If so, how was that knowledge of an investigation obtained? (since the SEC can't comment on these ongoing investigations).
Can somebody please elaborate on the CHILL placed on FFGO and how that is beneficial to us longs !?
(I hold a relatively modest 34.5 Million shares....which is not in the share count done by Vianna). Still very hopeful that a Divvy and Settlement are received!
p.s. Thanks to everyone for their posts here. I took the time to read the posts from the last 3 months.....positive and negative...I read them all.
TomSawyer, I gave your post a double-read and double-consideration but I think you are really reaching here.
There seems to be some personal vendetta with Lumb imo.
We've had a nice little move the last few days. It doesn't take much volume to move it up a tick. Very very nice.
Looks like we may hear something soon.
A while back, one poster mentioned news would come in September. That seemed so far off when he mentioned it. Now, we're just a few weeks away from September!!!!!! Looking for a SEPTEMBER to REMEMBER!!!!
In hindsight, the first dividend was extremely small to test the NSS position.
If anyone here does not believe NSS is out of control vis a vis SRGE.....then they are a fool.
Not true. I'm buying and I'm not 'arranging trades' with anyone.
Time for update is near imo...........................
MagicMoney, thank you for the information.....Looking forward to SRGE's MSJ update!!!!!!!!!!!!!!!!!!!!!!!!
According to other posters, BGL has no volume. At least SRGE has some volume here and there.
Waiting for the SRGE/MSJ news!!!!!!!!!!!!!!!!!!!!