Tuesday, February 25, 2020 1:31:18 PM
Class dismissed."
Call class back quick. Cryptic answer to how to declare revenue which can't be claimed from pre production PM sales is a newly invented entry saying revenue which can't be claimed from PM sale was revenue which can't be claimed used to reduce cost of PP&E. OH yeah, SEC'll buy that un fer sure! Just admit have no idea what you speak so make it up no fact seen at all.
3.5 Pre-production sales There may be a long commissioning period for a mine, sometimes over twelve months, during which production is gradually increased towards design capacity. An entity may have revenue from saleable material produced during this phase. Where the test production is considered necessary to the completion of the asset. THE PROCEEDS FROM SALES ARE USUALLY OFFSET AGAINST THE ASSET COST INSTEAD OF BEING RECOGNIZED AS REVENUE. Judgement is required to determine whether all revenues earned during the commissioning period should be deducted from the cost of developing the mine. IAS 16 defines the costs which qualify for recognition as PP&E as being those which “are directly attributable to bringing the asset to the...condition necessary for it to be capable of operating in the manner intended by management.” Judgement is required as to whether this means only commencement of production or achieving a specified level of production.
https://www.pwc.com/id/en/publications/assets/eumpublications/financial-reporting-in-the-mining-industry.pdf
And one more time here's the Rule changes we are told never happened last year. Musta been a long dream process here to just ignore like old Dallas soap opera Who shot JR. Things like filing time not to be SEC persued for the bother to very SMALL ENTITY corp offices. About like having to scroll past yards of total nonsense to see a posted message each time log on.
FAST Act Modernization and Simplification of Regulation S-K
A Small Entity Compliance Guide
Introduction
On March 20, 2019, the Securities and Exchange Commission voted to adopt amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information.
https://www.sec.gov/info/smallbus/secg/fast-act-modernization-and-simplification-of-regulation-s-k
Now in order to compare GRC and Mexus one probably had a need to visit both sites pre production no SEC approved resources and compare the $40 million plant at Oaxaca needing 3 separate Joint Ventures in a pretty desperate drill program for a follow on resource when the 1 year shallow El Aguila oxide pit expired with no deeper source drilled into. Meant extensive series of mostly 1000 meter deep drills from atop a 5 KM long 500' ridge to very near end of 45KM NW trend claims to SE to find the multi metal sulfide Arista tunnel down 1000s meters even deeper levels last ten years. Gamble paid off very well and it was a RISKY .25 bet in 2002. But will gladly defer judgment to any initial investor in both. As ever simply just had to be there both times then and now.
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