"I see another straw man has been created. Or perhaps this one is more of a Red Herring since PR language from another mining company has been referenced to confuse the issue."
Unlike what keeps being posted with no cites as an opinion not fact? There has been no change at all to the old Test Mining Rule Exception. It's shown plainly BY NAME in the Dec SEC filing for GORO spin off became this month FRTT. A new OTC TEST MINER using pvt placements for accredited investor financing. If straw man? Well muscled to disprove all claimed here as impossible for years. An OTC Test miner doing well with NO PROVEN RESOURCES which are to be proven by test mining drills for continued production. Why no change?
"It should be noted that both Guide 7 and the new rules require a registrant to have disclosed mineral reserves in order to describe itself as being either a development or production stage company, regardless of whether the registrant is actively constructing a mine or operating a producing mine. Guide 7 does not discuss the characterization of individual properties, or distinguish between properties of a registrant that are at different stages of development."
"Mexus repeatedly chose to report gold sales as revenue in it's 10-K."
Find me Mexus San Felix gold sales 2013-14 not expensed as construction/exploration cost as you claim. Fact not endless opinions
FORM 10-K
(Mark One)
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2013
n November 1, 2012, Mexus Gold US and Mexus Gold Mining entered into a Joint Venture Agreement, for a term of fifty years, with Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. (“Participants”). The Participants agreed to contribute to the Joint Venture certain mining concessions located in the Municipality of Caborca, Sonora, Mexico. In exchange for the mining concessions described above, the Company agreed to provide $1,500,000 in operating advances to the Joint Venture within 30 days of execution date of the Joint Venture Agreement and issue 1,000,000 shares of Mexus Gold US common stock which were valued at $400,000 ($0.40 per share) to the legal representative of Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. Mexus has accounted for the acquisition of and the Participant’s interest in the mining concession as an asset acquisition. The Joint Venture is consolidated as the Company appoints two of three members of the Administrating Committee of the Joint Venture, serves as the operator of the Joint Venture and receives 60% ownership of net revenue from the mining concessions presently under production and extraction operations. Once the Joint Venture has repaid all debts and provides sufficient net profits in the opinion of the Company, as operator, the interest will revert to 51%.
Exploration and Development Costs
Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.
MEXUS GOLD US
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Audited)
For the Period from
Exploration Stage re-entry
Year Ended
Year Ended
(September 18, 2009) to
March 31, 2013
March 31, 2012
March 31, 2013
REVENUES
Revenues
$ 1,158,742
$ 239,911
$ 1,419,653
Total revenues
1,158,742
239,911
1,419,653
Expenses
General and administrative
898,768
705,080
2,767,763
Bad debt expense - related party
240,673
-
240,673
Exploration costs
3,281,234
561,926
4,110,814
Stock-based expense - consulting services
823,504
303,619
2,486,286
Impairment of mineral property
339,664
-
339,664
Loss on sale of equipment
159,439
128,273
279,317
Gain on settlement of debt
(283,715)
-
(283,715)
Total operating expenses
5,459,567
1,698,898
9,940,802
OTHER INCOME (EXPENSE)
Interest expense
(32,611)
(52,945)
(115,576)
(32,611)
(52,945)
(115,576)
NET LOSS
(4,333,436)
(1,511,932)
(8,636,725)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2014
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Exploration and Development Costs
Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values."
About enough unproven nonsense?
