Mexus Gold US (MXSG)

[T-Hawk]

Interesting... I took a look back into 2011 & 2012 to see if the gold pictured was sold and reported. The 2012 10-K said this..

Revenue

For the year ended March 31, 2012, we had revenues of $239,911 compared to $21,000 for the year ended March 31, 2011. We recorded revenues of $260,911 for the cumulative period from September 18, 2009 (Exploration Stage Entry) through March 31, 2012. The revenues of $239,911 for the year ended March 31, 2012, are from our mining and salvage operations.

So one would think that solves it, gold was sold, the pictures are undisputable proof. However, here is what's interesting about the
statement in the 10-K. The revenue was from both mining & salvage operations. How much, or if any, revenue came from the mining side of the operations is anyone's guess.

But what is more interesting is that Mexus supposedly showed revenue from gold sales in the 10k. Something we've been told repeatedly over the last year by an accumulator is not permitted.

So either one of two things are true. The revenue shown in the 2012 10-K was all from the salvage operations and the pictures of the gold nuggets mean nothing and possibly not even from the Mexus mine because no gold was sold.

or

We've been given incorrect information from the accumulator regarding how Mexus cannot list gold sales as revenue on the financial statements.

Oh.. I almost forgot, let me add this statment that is in Mexus' 2012 10-K specifically detailing how revenue recognition is defined.

Revenue Recognition

The Company recognizes revenue on an accrual basis. Revenue is generally realized or realizable and earned when all of the following criteria are met: 1) persuasive evidence of an arrangement exists between the Company and our customer(s); 2) services have been rendered; 3) our price to our customer is fixed or determinable; and 4) collectability is reasonably assured.

In otherwords, Mexus will recognize revenue once the gold is sold, not as a deduction in assets until proveable mineral reserves exist.

Mexus' tangled web of contradictory lies once again gets disproven, yet us basement dwellers are the ones accused of wearing tin foil hats and conjuring up conspiracies.