Friday, May 05, 2017 10:00:03 AM
You are wrong. "at cost" doesn't mean what Yasheng paid for it. It means what the sister company paid for it when they were acquired some 15 years ago. Minus accumulated depreciation.
Wrong again. Appraised value and what the company can/must book are 2 different things. Under US GAAP they simply can't book the market (economical) value of the management rights.
There was an amendment, here. They have explained it, somewhere in the filings.
https://www.sec.gov/Archives/edgar/data/1123312/000119983516000659/exhibit_99-1.htm
The intangible assets were booked as 114,479,490.02 by the end of 2014.
In the 10-K, by the end of 2015, it was 100,666,123.
In 10 years or maybe even less, it will be down to zero. Doesn't mean the value will disappear. Because the management rights expire in 2039. Not 10 years from now. Accounting rules. Nothing more, nothing less.
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