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Thursday, October 03, 2019 9:43:09 AM
Our general and administrative expenses consist primarily of expenditures related to employee compensation, legal, accounting and tax, other professional services, and general operating expenses.
The above is from the MarketWatch website referring to, and perhaps copied from, the most recent SmartMetric 10-K.
REGARDING THE DOLLAR AMOUNTS FOR GENERAL AND ADMINISTRATIVE EXPENSES:
In the world of accounting there are two ways of reporting a company's financial situation: 1) the Cash Method--the company writes a check (a credit or reduction from a Balance Sheet item) and the account to which the check is written, let's say Salary, gets charged (a debit or increase in an Income item.) That seems to be your thought here.
2) the Accrual Method--here the company incurs an expense or cost to the company--such as salary. However, there is NO check written, perhaps there is no cash to pay the salary. Under this way of reporting a company's financial situation, which is required for all or many reporting companies, the Salary amount (General and Administrative Expenses in the case of SMME) gets charged as in the Cash Method. The Income statement thus shows an increase in General and Admin Expenses. But since there is no actual payment, the amount due for the salary becomes a Liability and is then Credited on the Balance Sheet as due to the employee.
BOTTOM LINE: SMME is NOT spending as you state. NO ONE is living on $1500-$1800 a day. And much of the amount stated as General and Admin expenses goes not to the CEO but to lawyers--you know what they cost-- accountants and other professionals.
Recent SMME News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 06/10/2024 09:22:17 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/15/2024 01:54:15 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/21/2024 06:41:03 PM
- Credit Card to Prevent Fraudelent Activities • AllPennyStocks.com • 12/21/2023 08:00:00 PM
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- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 08:30:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/07/2023 11:00:48 AM
- Form 253G1 - • Edgar (US Regulatory) • 11/06/2023 04:10:16 PM
- Form QUALIF - Notice of Qualification [Regulation A] • Edgar (US Regulatory) • 11/06/2023 05:15:06 AM
- Form 1-A POS - • Edgar (US Regulatory) • 10/20/2023 07:26:28 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 10/19/2023 08:20:09 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 10/18/2023 09:26:13 PM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 10/16/2023 10:00:11 AM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/13/2023 08:58:03 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/27/2023 07:27:47 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 09/26/2023 11:39:30 AM
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