Phoenix Associates Land Syndicate (fka PBLSQ)

[quiet]

Thanks for pointing that out. People new to PBLS might not know that the financials do not reflect reality for reserves so IMO the actual asset value is much much more than what is in the financials.

Refer to the July 7 press release (http://www.pbls.biz/pressrelease_content.asp?prid=65)
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The land lease for Murphy Sand & Gravel is carried at acquisition cost. Should a revaluation of this asset occur a new valuation could be considerably higher than what is currently indicated.
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Meaning, of course, that the asset value for the pit is included in the asset figure at the **lease cost** and not the estimated value of the actual minerals. The value in the financials might also include other "aquistion costs" but I don't know what those may be.

Anyway, I think that answers you "why doesn't it show up anywhere in the statement?" question.